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TN Form 4562: What You Should Know
Details on Depreciation Federal Form 4562 Part II, Line 14 and Part V, Line 25. The depreciation is allowed on the basis that each motor vehicle is expected to last 25 years. Chapter 12 — State Taxes — September 2023 — TN.gov Federal Form 4562 Part II, Line 14 and Part V, Line 25. Motor Vehicle Depreciation (Depreciation allowed on a first year basis) Page 6 — Voluntary Deduction of the Excise Tax on Motor Vehicles (Including Sales of Vehicles to Certain Excluded Groups) (100) Voluntary Deduction of Excise Tax on Motor Vehicles. (100) Voluntary Reducibility of the Excise Tax on New Motor Vehicles. (101) In order to be eligible to claim the deduction, the vehicle must be placed in service after April 1, 2018. The sale of new motor vehicles is exempt from the excise tax. (101) To be eligible the vehicle must be placed in service after October 1, 2019. Taxable motor vehicles, the cost of which exceeds a threshold determined after May 15, 2018, or the latter of the following three dates, are exempt from the excise tax.
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