Form Instructions 4562 for Akron Ohio 2024-2025

Form Instructions 4562 for Akron Ohio: What You Should Know

A tax return was filed on the tax return for 2017. This tax return is filed for tax years beginning on or after 1/1/2021 If you are filing for tax years beginning on or after 2/1/2009 (if your tax return was filed on or before 2/1/2009, and you were a U.S. citizen or resident at all times during the entire taxable year) For tax years beginning on or after 2/1/2009 a tax return was filed under Ohio Revised Code Section 4562(A) to claim depreciation or amortization on property acquired before 2025 for which you claimed any non-refundable state tax credit to provide for the cost of qualified capital expenses. These credits are allowed as an adjustment to tax. You cannot take the credit if you have not claimed the same non-refundable credit for any property acquired in the year. A taxpayer can take a deduction for the depreciation expense of property under these circumstances. This does not mean you may not qualify for the credit or that you don't have to claim it when you do. A taxpayer who files a return for a tax year may claim only one non-refundable state tax credit in each of the two calendar years. If a taxpayer claims any state tax credits on any item of property on which the credit under Ohio Revised Code Section 4562(A) was allowed for the period from January 1, 2018, through the 12/31/2029 period, that credit is allowed against the tax imposed. If the taxpayer claims any state tax credits on any property in Ohio for the period after January 1, 2018, through 12/31/2029, those state credits may be used to offset the amount of taxable income for that tax year. In addition, a taxpayer may claim the credit if tax has not been paid with respect to any non-refundable state tax credit for the period from January 1, 2018, through the 12/31/2029 period. For 2017, the non-refundable state tax credits for property qualified by the second exception were: Qualified capital property: 5M-50M Permanent improvements: 10M-20M Construction or alteration costs of qualifying new buildings, structures, etc.: 2M-4M To claim this deduction, fill out Form 4562, Claim for Amortization, on or before October 15, 2017, and include it on your return for the 2025 taxable year. The filing deadline for Ohio is April 18, 2018.

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