Where can I find the depreciation schedule for fixed assets in my 2025 tax return?

I acquired two business assets back in 2022 (some manufacturing equipment and specialized lighting) that we've been depreciating. I'm trying to prepare for this year's tax filing and I can't figure out where in my tax return paperwork I'm supposed to find the depreciation schedule for these items. I've looked through my previous returns but I'm totally lost. Extra challenge: I recently started using QuickBooks Online for my business but never entered these older depreciable assets since we weren't using any accounting software back in 2022. How do I properly enter these assets in QBO now to keep everything consistent for the 2025 tax year? The equipment cost about $12,500 and the lighting system was around $4,200 if that matters.

0 coins

20 comments

Giovanni Ricci

•8M

The depreciation schedule for your fixed assets will be on Form 4562 (Depreciation and Amortization) that should have been included with your tax returns. If you filed Schedule C as a sole proprietor, the total depreciation amount would also appear on line 13 of your Schedule C, but the detailed breakdown of each asset would be on the 4562. As for entering these assets in QuickBooks Online now, you'll need to: 1. Go to the Accounting menu and select "Chart of Accounts" 2. Create fixed asset accounts for each asset category if you don't have them 3. Add the assets with their original purchase dates and costs 4. Enter the accumulated depreciation taken to date as a separate transaction You'll need to know what depreciation method was used originally (likely MACRS or Section 179 if you took bonus depreciation) and how much has already been depreciated over the past few years.

0 coins

Giovanni Ricci

•8M

You can get copies of your previous tax returns by requesting them from the IRS using Form 4506. Alternatively, if you used tax software or a tax preparer, they should be able to provide copies of your previous returns including the Form 4562. For QuickBooks, you'll need to manually enter the accumulated depreciation up to your start date in QBO. Enter the original cost as the asset value, then enter a separate transaction for the accumulated depreciation taken to date. Once that's set up correctly, QBO can calculate current and future depreciation automatically if you set up the depreciation schedule correctly.

0 coins

Fatima Al-Hashemi

•8M

It absolutely works with multiple tax preparers - that's actually one of its strengths. The tool compares your previous returns to identify any inconsistencies between how different accountants handled your depreciation and helps standardize everything. Regarding complex situations, I was surprised at how sophisticated it is. My situation included both bonus depreciation assets and regular depreciation, and it handled everything correctly. It even flagged where one of my previous accountants had used an incorrect recovery period for some fixtures and helped me understand how to correct it.

0 coins

Dylan Mitchell

•8M

Just wanted to update after trying taxr.ai that the other person recommended. It actually worked really well for my depreciation mess! I uploaded my previous tax returns (which were prepared by different accountants), and it created a comprehensive depreciation schedule showing exactly what methods were used for each asset and how much had been depreciated each year. It even generated a report showing exactly how to enter everything in QuickBooks with the right asset classes and accumulated depreciation. Honestly surprised at how easy it made everything - I was dreading this project for months!

0 coins

Dmitry Volkov

•8M

Has anyone else had issues getting answers from the IRS about depreciation questions? I've been trying to call them for two weeks about a similar depreciation issue and can't get through. Tried their website but couldn't find anything specific to my situation. I finally tried Claimyr (https://claimyr.com) after seeing their demo video (https://youtu.be/_kiP6q8DX5c) and they actually got me connected to an IRS agent in about 20 minutes. The agent was super helpful and explained exactly how to handle depreciation for assets that were partially business-use during some years and fully business-use in others.

0 coins

Dmitry Volkov

•8M

It's not a priority line - they use technology that continuously calls the IRS for you until they get through, then they call you once they have an agent on the line. So instead of you personally waiting on hold for hours, their system does the waiting. I was definitely skeptical too before trying it. I had spent nearly 15 hours over two weeks trying to get through myself with no luck. But they got me connected in about 20 minutes after I started their process. The IRS agent I spoke with answered all my depreciation questions and even sent me some helpful documentation afterward.

0 coins

CyberSiren

•8M

Wow, I need to eat my words. I tried Claimyr after posting my skeptical comment because I was desperate to resolve an issue with a missing Form 4562 from my 2023 return. They actually got me through to an IRS representative in about 30 minutes! The agent helped me understand exactly how my depreciation had been calculated and what forms I needed to request. They even explained how to handle the transition to QBO for previously depreciated assets. Honestly shocked this actually worked after months of frustration trying to get through on my own.

0 coins

Miguel Alvarez

•8M

Look at your Form 4562 from the year you acquired the assets (2022 in your case). Section 179 deductions would be listed in Part I of the form, while regular depreciation would be in Part III. Bonus depreciation is different - it would appear in Part II of Form 4562 as "Special allowance." If you took either Section 179 or bonus depreciation, you may have already deducted most or all of the cost in the first year, which is why you might not see much of a "schedule" for subsequent years. For QBO setup, you'd still enter the full asset value, but you'd also enter the full accumulated depreciation so the net book value would be whatever remains undepreciated.

0 coins

StardustSeeker

•5M

For QuickBooks Online specifically, there's a helpful workaround if you're struggling with the manual depreciation entry process. You can create a "catch-up" journal entry to record all the accumulated depreciation from 2022-2024, then set up the assets going forward with their remaining basis. Here's what worked for me: Go to the "+" menu > Journal Entry, then debit your Depreciation Expense account and credit Accumulated Depreciation for each asset. Use the memo field to note "Catch-up depreciation 2022-2024 for [asset name]" so it's clear in your records. Once that's done, you can set up the depreciation schedule in QBO for the remaining book value going forward. For your equipment ($12,500) and lighting ($4,200), you'll need to calculate how much depreciation you've already taken based on the method used (5-year MACRS is common for equipment, 7-year for fixtures). The remaining undepreciated amount is what QBO will work with for future years. This approach keeps your books clean and makes the 2025 tax prep much easier since everything will be properly tracked going forward.

0 coins