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Old 04-14-2016, 02:09 PM
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Filling out form 4562 with multiple assets and multiple rentals

Maybe this is too dumb a question, but I can't find this anywhere online., and have wasted way too much time on it, so here I am.

I've done my taxes on Tax Act for years, but am learning it'll be easier eventually doing it on paper. But, I am confused on how to fill out form 4562 with 3 rentals and multiple new assets at each.

I learned I just list my prior year depreciations as a sum on 4562. But, my question is when, like this year, I have multiple new assets that I put into service in 2015. The form only has one line for each classification. If I use a separate sheet for each I'll have like seven 4562's! I mean, for example, I have two 5 year items at one property. Two 15 year items at another.

Also, am I right in assuming I fill out a separate 4562 for each address?

The IRS instructions for this are either way too wordy or sorely lacking, when all I need are simple answers Thanks for any help.



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Old 04-14-2016, 04:56 PM
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Quote:
Originally Posted by billybgame View Post
Maybe this is too dumb a question, but I can't find this anywhere online., and have wasted way too much time on it, so here I am.

I've done my taxes on Tax Act for years, but am learning it'll be easier eventually doing it on paper. But, I am confused on how to fill out form 4562 with 3 rentals and multiple new assets at each.

I learned I just list my prior year depreciations as a sum on 4562. But, my question is when, like this year, I have multiple new assets that I put into service in 2015. The form only has one line for each classification. If I use a separate sheet for each I'll have like seven 4562's! I mean, for example, I have two 5 year items at one property. Two 15 year items at another.

Also, am I right in assuming I fill out a separate 4562 for each address?

The IRS instructions for this are either way too wordy or sorely lacking, when all I need are simple answers Thanks for any help.
I am not familiar with taxaxct; however, you may report each asset/rental in asset entry w/s then, Asset Entry Worksheet does the calculations , depending on the type of asset, will automatically carry it to the appropriate part of Form 4562.



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Old 04-15-2016, 09:15 AM
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Originally Posted by Wnhough View Post
I am not familiar with taxaxct; however, you may report each asset/rental in asset entry w/s then, Asset Entry Worksheet does the calculations , depending on the type of asset, will automatically carry it to the appropriate part of Form 4562.

I am not sure what you are talking about. I am trying to do this via paper now, as I no longer get a refund. No hurry.

So, not sure what Asset Entry Worksheet is. How do I do this on paper the old way?



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Old 04-15-2016, 10:32 AM
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Don't see my reply to yours....seems this site isn't working well...also chose instant email notification and didn't get an email.

Anyhow, posting again. I'm doing this on paper. I don't understand your reply. How do I list multiple new assets and multiple rentals on form 4562?



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Old 04-15-2016, 04:01 PM
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Originally Posted by billybgame View Post
Don't see my reply to yours....seems this site isn't working well...also chose instant email notification and didn't get an email.

Anyhow, posting again. I'm doing this on paper. I don't understand your reply. How do I list multiple new assets and multiple rentals on form 4562?
you need to ubmit a seoparate f 4562 for each biz or activity on your return for which f4562 is required;for example a new f 4562 is required for each depreciation /amortization deduction being claimed for different properties. the irs does not require detailed depreciation records to be attached but you need to keep them in order to calculate the depreciation deduction.



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