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Form Instructions 4562 for Pittsburgh Pennsylvania: What You Should Know
You can do this only if you have your Illinois tax return. If you are claiming additional depreciation, the number of months that you elect to treat as a year will be multiplied by the cost of the equipment to get your total expense for the year. Example: Say you placed your inventory in service during February 2025 with an increase of 50,000 in sales price. You purchased the equipment from December 2025 sales price (2,000). At the end of the year, the total value of the equipment would have been 10,000. The sales price is 2,000 multiplied by 30 months, or 18 months per the table in the attached Schedule S. This amount, 10,000 × 30 months, equals 200,000. The next step shows the amount you will claim for depreciation on your February 2025 inventory. The cost of the equipment, 2,000, was 100,000 in December 2007. This means your adjusted basis in the equipment would be 300,000. The amount that appears in the last column of this table is 200,000 multiplied by 18 months. This calculation gives you 30,000 of depreciation on your August 2025 inventory. The second step of the application is to figure your Illinois special depreciation addition. First estimate the total amount of the expense you will claim for each month. Then multiply the amount of depreciation you will claim by this total and enter this result in the column for the month you are claiming the depreciation. The total expense for the month you are claiming the depreciation is 20,000 per unit of time. Your adjusted basis is 20,000 multiplied by 18 months per the column for the calculation above. This shows that you claim 20,000 of depreciation on your entire inventory for your August 2025 inventory. Please consult your tax advisor to understand the various forms you will need to provide when completing Form 4562.
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