How to Claim Depreciation on Schedule C

Do the following to claim depreciation if you are a Schedule C (or Schedule F) filer:

  • Complete Form 4562.
  • Enter the depreciation deduction on Line 13 of Schedule C for tax year 2012 and 2013.
  • Attach Schedule C and Form 4562 to your Form 1040.

When You Must File Form 4562

You must file Form 4562 if ANY ONE of the following applies to you in tax year 2013:

  • You're claiming first-year expensing (Section 179).
  • You're claiming a first-year expensing carryover.
  • You're depreciating listed property, regardless of the year it was placed in service. In other words, you always file Form 4562 when depreciating listed property.
  • You're depreciating property that was placed in service in 2013 for the first time. In any year you place depreciable property in service for the first time, you must file Form 4562.

For property that you already claimed depreciation on in a prior year that was listed on Form 4562, you do not have to list that same property again on Form 4562 in any future year. However, for property classified as listed property, you must file Form 4562 regardless of when it was first placed in service.

File your personal and small business taxes (Schedule C)