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Form Instructions 4562 Florida Hillsborough: What You Should Know
A total of 1,500 will be deducted for each property in Part I of the form. If your property has negative amounts of depreciation, your deduction will be reduced by the amount of your deficiency. In order to calculate the amount of that depreciation, simply add the following amounts : 500 x negative 750 = 600 600 + 500 = 600 + 125 Use part-whole-of (whole-half or whole-) of: 125 x negative 0 = positive 500 = negative 125 = positive In part-whole-of, the entire basis for the taxpayer's property is subtracted. Step 3: Add your Illinois special depreciation amount to your Part I amount.
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