Form Instructions 4562 UT 2024-2025

Form Instructions 4562 UT: What You Should Know

Depreciation for Property Place of Sale Depreciation for Property Place of Storage Depreciation for Property Place of Consumption 1 of the following items on the property: • Any capitalized interest in property • Expenses including any real property taxes. You won't be able to claim any depreciation unless the property is placed in service during the tax year. Depreciation does not include: • Interest on money you borrow to purchase a property • Any payments paid by a landlord • Amortization of the cost of land (including the cost of improvements) • Changes in the property's characteristics, such as a new or larger use of the property or a significant change in the property's fair market value. 2 of the following items on the property: • Any capitalized interest in property • Expenses including any real property taxes. You won't be able to claim any depreciation unless you: • Sold (to or through a third party at fair market value) the property and • Made a qualifying sale to a qualified taxpayer (or a qualified partnership) for the same depreciable basis. 3. The section 179 election is: • If your deduction for depreciation of property is 250,000 or less, then the election is made to depreciate the entire value of that property. • If your deduction for depreciation of property is more than 250,000, then the election is made to depreciate your depreciable basis for that property in an amount equal to 50% of the depreciable basis of that property. 4. Your election is made for the entire year for that property. Your election must be filed by January 31 of the following year. 5. If you claimed a depreciation deduction on a property for more than 250,000, then you can't claim any deduction for that property for the remainder of the year. 6. See Taxpayers who file separately under “Special rules for 2018” later in this section. 7. You can't claim a deduction for depreciation for property you placed in service during the year if you choose to have the depreciable basis of the following increase at any time during the year: • Interest on money you borrow to purchase a property • Any payments paid by a landlord • Amortization of the cost of land (including the cost of improvements) • Changes in the property's characteristics, such as a new or larger use of the property or a significant change in the property's fair market value. 8.

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