Delay w/form 4562

[AZ-Tax]

My software vendor tells me that form 4562 release date has been delayed till late Feb or early Mar. Is your software vendor giving you the same message?

[Lion]

The IRS has Form 4562 on its list of forms that will be released in late February to mid-March.

[Jiggers]

My software vendor tells me that form 4562 release date has been delayed till late Feb or early Mar. Is your software vendor giving you the same message?

It is delayed for e-filing. However, I believe my software has or will have shortly the approved form.

[wildbill]

heard in a meeting

I Heard in a meeting that IRS will not process mail in return with delayed form till after they can be e-filed because they will not be ready for any type of dealing with those forms.

[ddoshan]

Not sure this makes sense to me but . according to HRB form 4562 is only required if you have one of the following situations:

Property was placed in service during the 2012 tax year
You have carryover 179 deduction disallowed from a previous year
To claim depreciation for listed property regardless of the year it was placed in service
To claim a deduction for a vehicle (does not apply if you are filing a Schedule C or form 2106)

So if I read this right form 4562 would not be a factor if one were only claiming mileage for business expense. Or filing form 8829 for home office. Or have items being depreciated from previous years on depreciation schedule but nothing placed in service during the current tax year. But would not form 4562 be needed or generated in at least the latter situation.

Goes on to say that for those returns that are only reporting depreciation from property placed in service in prior years, Form 4562 is not required and the return can be filed without it.

[taxea]

Not sure this makes sense to me but . according to HRB form 4562 is only required if you have one of the following situations:

Property was placed in service during the 2012 tax year
You have carryover 179 deduction disallowed from a previous year
To claim depreciation for listed property regardless of the year it was placed in service
To claim a deduction for a vehicle (does not apply if you are filing a Schedule C or form 2106)

So if I read this right form 4562 would not be a factor if one were only claiming mileage for business expense. Or filing form 8829 for home office. Or have items being depreciated from previous years on depreciation schedule but nothing placed in service during the current tax year. But would not form 4562 be needed or generated in at least the latter situation.

Goes on to say that for those returns that are only reporting depreciation from property placed in service in prior years, Form 4562 is not required and the return can be filed without it.

How can that be when the total depreciation in current year from property placed in service in prior years is on a line on the F4562.

[Traveling EA]

4562

ddoshan is correct about not needed form 4562 if there are no new assets place in service in 2012. The amount of deprecion is on the line of the for depreciation expense on the correct line of the tax return ie schedule C, F, E etc. It has been this way as long as I have been preparing tax returns - in excess of 30 years.
Don

[David1980]

How can that be when the total depreciation in current year from property placed in service in prior years is on a line on the F4562.

And if you had a filing requirement that line would contain that amount, but if you don't have to file the form it's pointless. The situations in which a 4562 must be filed are indicated pretty simply in the 4562 instructions. No assets placed in service in current year, no listed property, etc... and no 4562 is necessary.

[joanmcq]

If you are taking actual expenses for an auto for a Sch C, 4562 has to be filed.