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4562 instructions Form: What You Should Know
To complete this Form, complete each item listed in Part I: Item 1: Listed Property List Item 2: Listed Property Location in Georgia Item 3: Name and address of business, and city, state, zip Code, or country If applicable, indicate if the item was previously claimed on the 2023 Form 1040 or Form 1040NR, or used for tax years 2017, 2018, or 2019. Enter 1 on line 14 as an additional deduction up to the amount of the capital cost allowance. Item 4: Type of property List the property's type. For example, if you own a business, use Schedule D-4 and list “business or farm.” If the property is more than one property, fill out Schedule K-1. If item is self-supporting, you should not include any amount on line 14. Item 5: Determination of allowable deductions. Use Schedule K-13. Schedule K-1 can be modified by a maximum and maximum allowable deduction. The allowable deduction is equal to the capital cost allowance (CCA) times any allowable section 179 deduction. 20,000 for new additions. To see what Schedule K-1 to the 2023 or 2023 tax year, see 2023 Schedule of the same item of business information. You may also need Schedule 1040EZ and Schedule 1040. Do not use Schedule 1040EZ to complete this item Items 6 – 11: If applicable, enter the capital cost allowance for the item, including any allowable section 179 deduction: If the expense exceeds 20,000. If the new additions are to an existing business, it applies to the total amount of any additions to the business, rather than to the amount of the new additions. If you have a capital cost allowance of 18,000 with a new addition of 6,000, 7,000 is allowable. If you have a capital cost allowance of 3,000 with a new addition of 2,000, 2,000 is allowable. If the section 179 deduction exceeds 20,000. Enter the capital cost allowance: 20,000 — Taxable amount of 3,000 plus the 18,000 allowable section 179 deduction 0 if no section 179 is allowed If the section 179 deduction exceeds 4,500.
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