Instructions 4562 Form 2023-2024

Instructions 4562 Form: What You Should Know

PDF — Illinois Department of Revenue Administration keep it in section A. This step is only necessary if you're transferring from a covered property to a qualified property that doesn't have that section's special depreciation rule. The state determines whether you need this step or not, so you'll want to read it carefully. 2021 Form IL-4562 Instructions, “5“ — Department of Revenue Administration. Section A. Determination of the special depreciation addendum. Determine the amount you may deduct as your Illinois special depreciation deduction. You may not deduct more than your Illinois adjusted basis. For more information see §1.832-1, Tax on Property. 2021 Form IL-4562 Instructions, §11(a). 2021 Form IL-4562 Instructions, §11(b). 2021 Form IL-4562 Instructions, §11(c). 2021 Form IL-4562 Instructions, §11(d). 2021 Form IL-4562 Instructions, §11(e). Use the special depreciation addendum. If the Illinois special depreciation addendum is less than 100, you don't have to allocate your Illinois special depreciation deduction for the year. (A special depreciation addendum is the amount by which the purchase price of the property more than doubles). Also, apply the Illinois special depreciation addendum to the Illinois general and local taxes paid on your property, including state income tax and municipal income tax, but not the federal alternative minimum tax. 2021 Form IL-4562 Instructions, §11(f) — Department of Revenue Administration. 2021 Form IL-4562 Instructions, §19(b). 2021 Form IL-4562 Instructions, §19(c). 2021 Form IL-4562 Instructions, §19(d). 2021 Form IL-4562, Form 4565, §2021-b, Part 10, Step 2A, Special Depreciation Addendum, and §1.832-3, Tax on Property, if you've been taxed with Form 4562. Apply the special depreciation addendum to the total depreciation for the whole property. Do not allocate the special depreciation deduction to each individual unit of depreciable property. For more information and to figure the added tax, see Notice 2002-50, 2001-49 I.R.B. 892.

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