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Form 4562 for Raleigh North Carolina: What You Should Know

You are permitted to depreciate your qualified property during a taxable year by reducing its basis by the depreciation deduction limit. Depreciation Limit 26 Aug 2023 — The depreciation limit for a qualified property placed in service during the taxable year is 10,000 (if placed in service on or after 01/01/2017). Depreciation Limitation on Certain Property For Qualified Use In 2017 26 Aug 2023 — The depreciation limit for qualifying property placed in service on or after 01/01/2017 is 10,000. Special Rules for Property Placed in Service After July 31, 2017 26 Aug 2023 — The deduction limit on qualifying property placed in service on or after 01/01/2017 does not apply to property for which the depreciation limitation has been changed, or to property that is subject to a section 179 gain. See Revenue Procedure 2016-8, Section 179 Election Not Included in Qualifying Realty or Section 179 Gain for Property Placed in Service in 2017. Election Period 04 Jan 2023 — The section 179 election may be claimed no sooner than the last day of the fourth month in the tax year for which the taxpayer is claiming the section 179 deduction or the last day of the fourth month in the tax year if the taxpayer is taking the election for 2 or more taxable years. Depreciation Deduction Limit 25 Jul 2023 — A section 179 election on qualifying real property that has been placed in service after 01/01/2004 will not exceed the depreciation deduction limit. See the description of capitalization on the Forms 4562 page. Election Made During Basis Year 04 May 2023 — On electing to depreciate the real property, you may continue to deduct the cost in the year in which you begin to use the property for purposes of making qualified property sales, except that for the remainder of the tax year, you may not deduct more than the cost of qualified property you placed in service during 2013, 2014, and 2015. For more information regarding the application of this election, see Revenue Procedure 2014-21, Exceptions To Deductions for Certain Property Used for Qualifying Purposes.

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