Form 4562 – Depreciation and Amortization

Today’s post is about IRS Form 4562 and is a companion piece to an earlier post: IRS Form 4562: Information and Instructions

The purpose of Form 4562 is to allow a business to claim a deduction for depreciation and amortization. This form is also used to expense certain property under Section 179 and list any automobiles or listed property with business or investment use.

The summary form consists of six sections over two pages. A stand-alone fixed asset software package like Bassets eDepreciation can produce all the detail necessary for the supporting schedules and summarize the totals for summary form. Here is an overview of information required on Form 4562:

 

 

Summary Form

  • Page 1
    • Part I – Election to Expense Certain Tangible Property (Section 179)
    • Part II – Special Depreciation Allowance and Other Depreciation
    • Part III – MACRS Depreciation Allowance for Assets Placed in Service During the Current Tax Year
    • Part IV – Summary
  • Page 2
    • Part V – Listed Property
    • Part VI – Amortization

Schedules

  • Part I – Election to Expense Certain Tangible Property (Section 179)
  • Part III – MACRS Depreciation for Asset Placed in Service During Current Tax Year
  • Part V – Listed Property
  • Part VI – Amortization allows deduct part of certain capital costs over a fixed period

 

For more information, visit the following links at the IRS web site.

Detailed Instructions: http://www.irs.gov/pub/irs-pdf/i4562.pdf

Form 4562: http://www.irs.gov/pub/irs-pdf/f4562.pdf

 

Questions or comments about this post? We invite you to respond in the space below.

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.

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