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Discussion:Form 8825 and Form 4562

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Discussion Forum Index --> Tax Questions --> Form 8825 and Form 4562


PDXCPA (talk|edits) said:

6 February 2007
New client with rental activity (S corp/Non-Residential building) and I'm proseries. Form 8825 line 14 for depreciation is forcing me to use 4562, however, instructions to 4562 state to use 4562 in the first year of the asset acquisition or for listed property. Is this a situation where I need to "override" this field on 8825 in proseries and enter the calculated depreciation or do I go ahead and use 4562? I don't think building is listed property. TIA

Deback (talk|edits) said:

February 6, 2007
Use the asset entry worksheet to add assets....description, cost, original date purchased, type of asset, etc. If no assets were purchased in 2006, then Form 4562 will not be used. On the depreciation line on Form 8825, hit Ctrl-Q to get to the asset entry worksheet.

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