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William-01
Level 3
March 4, 2021
Question

Assets that have depreciated

  • March 4, 2021
  • 2 replies
  • 14 views

Hello,

I have an asset with basis of $826 using MARCS 7-Year S/L put in service 2013. Current depreciation is $0.00 - do I have to continue to list that asset on Form 4562 even though I have previously?

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2 replies

sjrcpa
sjrcpa
Level 15
March 4, 2021

Yes if it is still owned.

The more I know the more I don’t know.
    itonewbie
    itonewbie
    Level 15
    March 4, 2021

    Why would you want to remove it?  F.4562 is filed only if you have assets placed in service during the year.  PTO will, however, still produce depreciation schedules in years F.4562 is not required.  These details help you track the assets in case there's a sale later on and assets fully depreciated before 10 years from the date they were placed in service may still qualify for UBIA.

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