Form 4562 Requirements

Form 4562 Requirements

Form 4562 is employed for certain situations. The mere presence of depreciation on a tax return does not require Form 4562 to be filed.

Form 4562 is only required for the following:

1. Depreciation for property placed in service during the tax year.
2. A section 179 expense deduction (which may include a carryover from a previous year).
3. Depreciation on any vehicle or other listed property (regardless of when it was placed in service).
4. A deduction for any vehicle reported on a form other than Schedule C (Form 1040), Profit or Loss From Business, Net Profit From Business.
5. Any depreciation on a corporate income tax return (other than Form 1120S).
6. Amortization of costs that begins during the tax year.

If none of the above applies, Form 4562 will not remain a viable form in a tax return.