How Do I Mark an Asset as Listed Property?

Many items count as property. Our computers, cars, appliances, cameras, TVs, and other types of equipment are all property. These items are utilized for our personal and professional lives. Special recordkeeping concerning taxes helps comply with requirements on expensing or depreciation.

List your property on the Summary Page of Form 1040. To get there:

• Select the Federal Section.
• Click on Income. 
• Click the correct Schedule, based on the depreciation asset.
• Select your assets or create a new asset.
• Add the important information about all of the listed property items.
• For vehicles, list the information and review it on the property page.

For more information, check out Form 4562.