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Jacksonville Florida Form 4562: What You Should Know
Amortization to: Pete Orlando, C.P.A., P.A. FAX Include your return, payment receipt (for Form 4562 or Form 4562-EZ), and a description or a letter from the IRS telling why you believe Form 4562 should be accepted. You may submit two versions of this on behalf of the same business. Businesses may also wish to use this form for depreciation and amortization of their non-stock or capitalized equipment and for capitalization of leased capital equipment and leasehold improvement. Note — In general, you will not deduct depreciation if you do not use it to replace the property that has already “lived” under that original use. You will deduct amortization if you use the property at least 30 months or the remaining useful life of the property to make improvements and to sell it. For more information on how to use Form 4562, Click Here. Reasons to Depreciate (or Amortize) Depreciable Property There are three reasons why you may want to depreciate or amortize (or both): 1. The property has been in service for a sufficient amount of time to “live” under that original use. For example, a building purchased 30 years ago may be in need of a roof replacement to keep it in good condition. The building has not been used 30 years when the owners buy it. Therefore, the building is depreciable for the remainder of its useful life. 2. The property has been “used up” due to a change in circumstances. For example, an employee may want to use the furniture for his business office. He may then have to leave the furniture on the property to make the office more efficient. Therefore, as the work continues, the utility of the furniture becomes more and more of a liability, which reduces the total useful life of the furniture. The total useful life of the furniture is depreciated on the current basis to compensate for this use of up the furniture. 3. The property is “unproductive”. This includes items such as equipment that is no longer being used to generate income. It also includes non-productive items such as furniture. The total useful life of all of these used-up items is depreciated on a subsequent tax year basis as of the date the item is no longer being used.
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