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Depreciation

Print Form 4562

UltraTax CS only prints Form 4562 if it meets the criteria for filing discussed in the instructions to the form. You need to file this form if the taxpayer is claiming any of the following:
  • Depreciation for property placed in service in the current tax year
  • A section 179 expense deduction, which may include a carryover from a prior year
  • Depreciation on a vehicle or other listed property
  • Amortization of costs that began in the current tax year
  • A deduction for any vehicle reported on a form other than Schedule C or Form 2106
UltraTax CS prints the form if any of the 1st 4 situations are true. UltraTax CS still prints the Form 4562 if you've only entered a depreciation deduction for a vehicle reported on Schedule C. If you don't want Form 4562 to print in this situation, enter depreciation, vehicle rental, and vehicle expenses in the C screen, and enter the mileage information on the related Auto screen. The form also prints if you make any entry for property subject to the section 168(f)(1) election.
If you want to print Form 4562 every time amounts are included on the form, select
Setup
,
1040 Individual
,
Tax Return
,
Form 4562
, then
Always If Data
.

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