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Federal 4562 instructions 2024 Form: What You Should Know

If you have an adjusted gross income of less than 80,000 for 2017, use Form 4562-T (2021), Schedule A. 2 Enter the basis of the property, determined by adding up to four of the following: 1. Total depreciation to date. 2. Total depreciation to date, plus any depreciation that is not reported in your income tax return. 3. The total capitalized cost to date of the property. 4. The total depreciable period to date (if different) including any depreciation that is not used in the computation of the period. 6. Annual depreciation for property put in service in a prior year. This must be the year for which you are filing the return. If the property is depreciated after 2013, it becomes a depreciable asset in the year you make the tax payment. Use the following guidance to determine the basis to report: the total depreciation to date plus any depreciation that is report to federal Form 4562, line 22. If the property has not been in service for 4 consecutive years, enter any depreciation that may have been claimed as a deduction in prior tax years. This must be the year for which you are filing the return. 2 A. Use the appropriate formula on the last line of the Form 4562: Capitalized Cost to Date (if different) 2,625,000.00 + Federal Depreciation 1,375,000.00 = 4,735,000.00 3 The capitalized cost to date is the amount of depreciation that has been recognized through the payment date. 4 The depreciable period to date includes any depreciation that was not reported in income tax return. B. If you claim a federal depreciation deduction for the entire 2,625,000.00 total depreciation to date, add the following amounts: 1,875,000.00 Federal Depreciation + 3,075,000.00 = 3,575,000.00 5 Add these amounts to the original depreciation amount as follows: Capitalized Cost to Date — (2,750,000.00 Federal Depreciation) + Depreciable Period 1 3,575,000.00 + 3,375,000.00 = 2,325,000.00 6 Add the depreciable period to the original amount as follows: Depreciable Period 1 2,325,000.00 + 2,375,000.

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