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 (Form 1040) Supplemental Income and Loss.
To enter or review rental property related depreciation information:
- From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
- Click Rent or Royalty Income in the Federal Quick Q&A Topics menu to expand, then click Real estate rental income.
- Click + Add Schedule E, Pg 1 to create a new copy of the form or click Edit to review a form already created.
- Continue with the interview process to enter all of the appropriate information.
- On the screen titled Rental and Royalty Income - Property Type, select "8 Other (describe)" from the Property type drop-down, then click Continue.
- On the screen titled Rental Income - Property Type Description, enter "Rental Income" for the Other type description, then click Continue.
- On the screen titled Rental Income - Depreciation, click Yes.
- On the screen titled Rental Income - Depreciation - Acquired Assets before 1987, click Yes or No as appropriate.
- On the screen titled Rental Income - MACRS Depreciation - Assets, click Yes.
- Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.