Form Instructions 4562 for Wyoming 2024-2025

Form Instructions 4562 for Wyoming: What You Should Know

If you use the percentage method (Section 179); Use this form to report the cost of a capital investment for the year to determine your deduction for depreciation under Section 179.  To claim the Section 179 deduction (which is limited to a 500 deduction in any one taxpayer and a 600 deduction in any two or more taxpayers), attach Form 4562 to your tax return as follows. • Complete, sign, and mail Form 4562. • Keep Form 4562 with the other tax forms you filed. If you do not file a Form 4562, the IRS sends you a tax-filing notice. Do not mail this notice. (The IRS also sends you a notice that you must file by the due date of your return.) If you file a Form 4562, you will be subject to the following limitations for the period in which you have filed it: • The amount you deduct for depreciation and amortization that exceeds the maximum amount allowed in the next lower section and does not exceed 500 in the year in which you file. This limit will be reduced by the first 400 of depreciation or amortization in the next lower section. • You do not have to claim more depreciation than the limit in the next lower section. This limitation reduces by 50 for each period in which you have claimed more than the limit in the next lower section. Use this form to claim the deductions for depreciation that cannot be claimed unless you file a tax return. In addition to the other limits described above, the following limitations apply: • Section 179 and the first three sections of Part III; • An aggregate of 200,000 in all the preceding taxable years or the greatest of 2 million and the total adjusted basis of the property being depreciated. However, if you have not made a qualifying sale in the preceding taxable year, claim an additional 200,000 of depreciation in the succeeding taxable year; • An aggregate 250,000 in all the preceding taxable years or more than 15 million in the year in which you file.

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