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Form Instructions 4562 Illinois: What You Should Know

Depreciate capital assets, provided you meet all the following conditions: • You can use the deduction in each year you have owned the capital asset for 10 or more months, • You have no other deductions, except the deduction allowed under section 179, which is not fully allowable under section 179.7, and • If you pay more than 50% of the cost of the capital asset. Use Form 4562 to claim the deduction on the portion of the capital asset used in the year. • Claim the depreciation deduction on one or more depreciation and amortization schedules that have been approved by the IRS. General Instructions. Purpose of Form 4562. You can use Form 4562 (Rev. April 2020) to claim the tax deduction you have previously claimed for depreciation and amortization on your last year of ownership. Form 4562 (Rev. April 2020) is used to claim your deductions.

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