Form 4562 - Deleting

Form 4562 is generated for a business form (i.e. Schedule C, Schedule F, etc.) only if an asset is entered for that business (including a vehicle even if only the standard mileage rate deduction is taken for that vehicle). All assets entered for that business flow through the appropriate Form 4562 for the business.

If you attempt to delete a Form 4562, you will be warned that deleting the form will also delete the underlying assets. A dialog box will appear that will list all assets/forms which will be deleted by deleting the specific Form 4562. Only if you click Delete Forms will the Form 4562 and the assets be deleted from the return.

Once the form is deleted, any vehicle expense or depreciation expense that flowed through that Form 4562 will no longer appear on the specific business form.