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Chicago Illinois Form 4562: What You Should Know

To figure the deduction, use the following tables: The special depreciation allowed is the percentage of the depreciation allowance shown on the federal Form 4562, line 17. The “other depreciation” deductions are: a. Deducted expenses for the purpose of replacing equipment owned by you or someone else; or b. For the purpose of the qualified expenses, including any expenses on which you claimed an election under section 179 as provided in section 179 regulations and that you could have claimed under section 179. c. All special depreciation deductions you can claim with respect to the property for a period of more than one year. d. Deducted depreciation to cover the costs of performing scheduled maintenance for the property, unless you claimed an election under section 179 as provided in clause (c) of sub. 2; e. Deducted depreciation to replace property that has a fair market value of no more than the amount used for the replacement. You can claim additional deductions on Schedule SE or Schedule SE-EZ on the applicable federal Form 4562 for amounts deducted as special depreciation. Deducting Special Depreciation The following types of depreciation deductions are permitted: a. An increase in the fair market value of certain equipment (other than qualified business equipment) that you owned and used while you were providing services in connection with the operation of the property; b. An increase in the value of the improvements to the property you constructed or remodeled; c. An increase in the value of your personal residence. The total depreciation deduction allowed in any one year is limited to the amount the property was subject to on January 1 of the calendar year in which it was placed in service. Special depreciation is allowed subject to the limitations described in this paragraph (b). The amounts subject to special depreciation deduction are limited to the amounts as follows: An increase in the fair market value of a computer is limited to 3,000 in 2023 and 1,000 in 2015. An increase in the value of a motor vehicle you acquired when you acquired the first motor vehicle from a person or organization as an interest in that person or organization is limited to 3,000 in 2023 and 1,000 in 2015; and, An increase in the value of any component of qualified farm machinery and qualified motor vehicle equipment with a useful life of 2.5 years or less is limited to 3,000 in 2023 and 1,500 after July 1, 2015.

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