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2023 instructions 4562 Form: What You Should Know
IATA.org Note: Your Illinois special depreciation addition begins to phase-in to zero at Year 2. Note: In the first year, this adjustment for calendar years is equal to the adjusted income of the taxpayer. In the second year, the adjustment for calendar years is equal to the adjusted gross income of the taxpayer, including any adjustments (for example, the exclusion of capital losses from the adjusted gross income). IRS Form 4562A Iowa Special Depreciation Adjustments The Special Depreciation Adjustment table allows you to determine the Illinois special depreciation additional depreciation you must apply to property during the tax year in which the property was acquired. This additional depreciation may vary depending upon the type of property provided by your business. To figure the Illinois special depreciation additional depreciation, take the Illinois special depreciation amount, add the Illinois special depreciation amount for the property acquired, plus 1. The result is the Illinois special depreciation additional depreciation for the property acquired. This amount is only used to depreciate or amortize property that is placed in service during the taxable year. When the Illinois special depreciation additional depreciation is the maximum of the Illinois special depreciation amount or the combined Illinois and Federal special depreciation amounts, multiply the total by the Illinois special depreciation percentage. That is, when the total Illinois special depreciation is greater than the Federal or Illinois combined special depreciation amount, only the Illinois special depreciation is used. When the Illinois special depreciation is less than the Federal or Illinois combined special depreciation amount, the Illinois special deprecation is increased in the appropriate direction (for any property acquired after June 30, 2018). Additional Information and Links Important information about the 10-year schedule for the Illinois bonus depreciation rate. This information is not included in the table of special deprecation rates. IRS Form 4562 Iowa Special Depreciation Indicates that a property was placed in service before June 30, 2018, and that it was acquired on or after November 30, 2017. Instructions for Iowa special depreciation add-backs Indicates that any property acquired while the property was placed in service as well as some additional special depreciation additions were computed for that property. Special depreciable property includes certain real property, depreciable tangible personal property, and real property held for use in farming, forestry, fishing, or ranching. It also includes certain depreciable personal property and services.
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