The following steps will enable you to enter or review rental property related depreciation information to populate IRS Form 4562 Depreciation and Amortization (Including Information on Listed Property) for federal Schedule E Supplemental Income and Loss:
- From within your TaxAct® return (Online or Desktop) click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
- Click Rent or Royalty Income to expand the category and then click Real Estate Rental Income
- Click Add to create a new copy of the form or click Review to review a form already created
- If you have not yet entered any data for Schedule E, on the next screen click the Rental Income button
- Continue to the screen titled Rental Income - Depreciation and then click Yes
Note: If reviewing a form already completed you will be able to move through the screens more quickly if you click No on the screen which asks if you wish to enter or review Expenses.
- Click Yes or No as appropriate on the screen titled Rental Income - Depreciation - Acquired Assets before 1987
- Click Yes on the screen titled Rental Income - MACRS Depreciation - Assets
Note: If you have previously entered an asset, the screen will be titled Rental Income - MACRS Depreciation Review and you would click Add to create a new asset or click Review to review an asset already created
- Click Quick Entry or Step-by-Step-Guidance to enter or review the asset information. If you select Quick Entry, be sure to scroll down to answer all applicable questions for this asset. If you select Step-by-Step-Guidance, the program will proceed with the interview questions for you to enter or review the asset information.