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King Washington Form Instructions 4562: What You Should Know
Complete Form IL-4562, Illinois Special Depreciation Addition (Form 1065). You will need the following information to calculate special depreciation: • Your effective tax rate (determined for the year in which the sale or transfer occurs) • The sales price you paid for the property, plus • The cost of the property when you purchased it. Form IL-4562 (2021) | Internal Revenue Service Summary of Form IL-4562 — Illinois special depreciation addition 2 (2017) The Illinois Income Tax Act (IATA) for Property and Casualty Insurance (PCI): • The first of the two years of depreciation you must claim is the 2025 tax year. The second year's depreciation is calculated for 2017, 2018, and 2019, and for you to claim this depreciation in 2017, you must have the amount of 2025 depreciation included on the Form IL-4562 you are planning to file within the 2018, 2019, or 2025 tax years. IRS 2025 Form 4562 Instructions and Important Information About Special Depreciation Addition for Illinois Property 2021 Form IL-4562 (2021) | Internal Revenue Service Schedule CS. See Schedule C (Form 1065) for information about the cost at which property was placed in service as of December 31 of each tax year. The first of the two years of depreciation you must include on Schedule CS is the 2025 tax year. The second year's depreciation is calculated for 2017, 2018, and 2019, and for you to claim this depreciation in 2017, you must have the amount of 2025 depreciation included on the Form IL-4562 you are filing within the 2018, 2019, or 2025 tax years. IRS Form 4562 Instructions and Important Information About Special Depreciation Addition for Illinois Property Schedule CS. See Schedule C (Form 1065) for information about the cost at which property was placed in service as of December 31 of each tax year. The first of the two years of depreciation you must use on Schedule CS are the 2025 tax years. The second year's depreciation is calculated for 2017, 2018, and 2019, and for you to claim the special depreciation in 2017, you must have the amount of special depreciation included on the Form 4562 you filed for the 2025 tax year.
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