Lets start by adding adding the Sch E form
Depreciation on Sch E
M
Maddie Hoskins
Updated: Feb 20, 2025
Description
Depreciation of the Sch E on taxwise
Steps
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Lets start by adding adding the Sch E form
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Video step
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Add the sch E form to enter the property
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Video step
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Add all the properties you would like to depreciate by entering their address information
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Video step
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Video step
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After the address has been entered, you will need to confirm the property type
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Video step
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Use this list to confirm what code applies to your property
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Video step
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Enter the type of the property once you confirm.
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Video step
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Once that's done, click here to confirm the number of days of your property
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Video step
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Now lets add the depreciation form.
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Video step
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Add the 4562 to start the depreciation process
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Once added, you will want to link it to the Sch E that has the property you want to depreciate
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Enter the activity of the asset you are trying to depreciate
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Video step
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Video step
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Next up, click the gray arrow to add the asset worksheet to depreciate the asset
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Click here.
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Click on "Asset Wkt - Depreciation and Amortization Worksheet". Make sure you are on the New time
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After, click here and enter the description of the asset.
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Video step
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Video step
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Once that's done, click on "Real property residential rental." or whatever makes the most sense for your asset.
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Now, click here to enter the date placed in service.
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Video step
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Video step
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Click on the element and enter the cost or basis of the asset
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Video step
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Video step
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After that, click on the convention you want to use to depreciate your asset.
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Video step
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If you have prior depreciations you will enter the amount here. For this example, we will just toggle to clear the red
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Click here.
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Click here.
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Next, click on the element.
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Click on the element.
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After that, click on the element.
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After that, click on the element.
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Great job! Longer walk through but you have now successful depreciated your asset