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Form 4562 - Schedule F Depreciation and Amortization

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Form 4562 - Schedule F Depreciation and Amortization


Use Form 4562 to:

• Claim your deduction for depreciation and amortization,

• Make the election under section 179 to expense certain property, and

• Provide information on the business/investment use of automobiles and other listed property.

Who Must File Form 4562

Except as otherwise noted, complete and file Form 4562 if you are claiming any of the following:

• Depreciation for property placed in service during the tax year.

• A section 179 expense deduction (which may include a carry-over from a previous year).

• Depreciation on any vehicle or other listed property (regardless of when it was placed in service).

• A deduction for any vehicle reported on a form other than Schedule C (Form 1040), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business.

• Any depreciation on a corporate income tax return (other than Form 1120S).

• Amortization of costs that begins during the tax year.

However, if you are an employee deducting job-related vehicle expenses using either the standard mileage rate or actual expenses, use Form 2106, Employee Business Expenses, or Form 2106-EZ, Unreimbursed Employee Business Expenses, for this purpose.

File a separate Form 4562 for each business or activity on your return for which Form 4562 is required. If you need more space, attach additional sheets. However, complete only one Part I in its entirety when computing your section 179 expense deduction.

For more information see Form 4562 instructions

Schedule F - Depreciation and Amortization

You can deduct depreciation of buildings, improvements, cars and trucks, machinery, and other farm equipment of a permanent nature. Do not deduct depreciation on your home, furniture or other personal items, land, livestock you bought or raised for resale, or other property in your inventory.  You can also elect under section 179 to expense a portion of the cost of certain property you bought in for use in your farming business.

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Views: 1150 Created on: Jun 15, 2013
Date updated: Sep 14, 2015

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