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Alabama Form 4562: What You Should Know

S. Residents (and certain nonresidents) who are not required to file a U.S. tax return to claim a deduction for depreciation and amortization. This is the only method by which the U.S. will recognize a benefit from the federal provision(s) of depreciation, which is normally applied at a constant rate over the life of the property. If this is the only way in which the U.S. will recognize such a benefit, then it is considered to meet the definition of a deductible expense, and a U.S. taxpayer should complete Form 4562, Depreciation and Amortization Department of the Treasury.  Depreciated Apples: A taxpayer that is entitled to a deduction under section 179 for depreciable property that it depreciated and that is a qualified property, is considered a deprecated for purposes of section 179. The amount of such a deduction may be reduced or eliminated if the property was previously qualified property that was not depreciated. This is one reason that a person would use section 179 depreciation for previously depreciated properties. An apple tree qualifies as a depreciable “qualified property” if it has a fair market value of no less than 600.00 per tree or 12,500 for the entire tree, whichever is greater. (Section 179(d)(3)(B)(ii), (iii), and (iv)) However, the cost to a taxpayer of such a tree may not exceed 90 percent of its fair market value. Under section 179, the amount of the depreciation deduction depends on the taxpayer's gross income. To receive the 90% deduction, the taxpayer cannot be in the 25% tax bracket and the income must be less than 62,500.00. For example, if the taxpayer's gross income is 20,000.00, and it would be a qualified property and depreciated on a tree that had a fair market value of 500.00 per apple, the taxpayer could receive no deduction for depreciating the tree. In this case, no deduction would be allowed for the depreciated tree at the time of its acquisition.

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