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Form 4562 Illinois Cook: What You Should Know

Business Incentive Expo Resource Guide — Cook County.org The Form IL-4562 is not filed by individuals who have other state income tax withholding due, such as sales of stock, dividends, or other income. This is an annual return of interest or other expense due to the special depreciation allowance which is allowed by the Illinois Income Tax Act (IATA). You cannot use the Form IL-4562 to take depreciation from property acquired in another state. If you claim the special depreciation allowance, you must pay income taxes on the income earned using your special depreciation deduction. Special Depreciation (IL-4562) — Department of Revenue Download Special Depreciation (IL-4562) — Department of Revenue (Illinois) form. Form IL-4562 Instructions Step 2 uses the federal Form 4562, Lines 17(b) and 17(c), to figure your special depreciation on business equipment or buildings acquired in Illinois by a taxpayer who has other state income tax withholding due, such as sales of stock, dividends, or other income. Special Depreciation (IL-4562) — Department of Revenue Download Special Depreciation (IL-4562) — Department of Revenue (Illinois) form. Calculating special depreciation on business equipment. 1 In order to compute special depreciation, the federal Form 4562 must be followed. The federal 4562 form asks whether the equipment or building is of a type manufactured outside the United States or whether the equipment or building is designed or constructed to function inside an existing building. 2 If the equipment or building is of a type manufactured outside the United States, enter the adjusted basis of the property. If the equipment or building is designed or constructed to function inside an existing building, enter the adjusted basis of the building. 3 Enter the special depreciation allowance at which you are allowed to deduct depreciation during any one year to the nearest 100. See Publication 571, Depreciation with Respect to the Special Depreciation Allowance for more information. 4 If the equipment or building is of a type constructed to function inside an existing building, enter the Adjusted Basis of the item. If, at the end of the current tax year, you have not reported any depreciation expense, you are not entitled to a special depreciation allowance. 5 You may not reduce or deduct the special depreciation allowance by more than 5% of the qualified part of equipment, or 5% of the qualified part of building, or 7% of the qualified part of the operating expenses.

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