Depreciation - Number of Assets Allowed for Form 4562

The number of assets which TaxAct supports is as follows:

  • TaxAct supports 1,000 MACRS assets and 1,000 ACRS assets (ACRS assets are pre-1987 assets, such as residential rental property).
  • TaxAct supports up to eight Schedule Cs for e-filing. The number of depreciable assets on Schedule C (Form 1040) Profit or Loss From Business are not limited except as explained below.
  • TaxAct allows 42 vehicles (Cars and Light/Trucks) for e-filing and printing per Form 4562 Depreciation and Amortization.
  • TaxAct allows 52 listed assets with greater than 50% business use, and 52 listed assets with 50% or less business use. Listed property generally refers to property that could be used for personal and business purposes - such as cars, light trucks, computers, etc.

For electronic filing purposes:

  • 40 NEW assets are allowed in EACH class of property reported on Line 19 of Form 4562: 3-year, 5-year, 7-year, 10-year, 15-year, 20-year, 25-year.
  • For NEW assets in the 27.5- and 39-year life categories, the maximum is 15 for e-filing per Form 4562.
  • For NEW assets in the ADS (Section C, 20a – 20c), the maximum is six for e-filing per Form 4562.
  • For NEW assets in the Section 179 category, the limit is 50 assets for e-filing.
  • NEW means brand new and placed in service in current tax year per Form 4562.

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.