Instructions for IRS Form 4562 Depreciation and Amortization (Including Information on Listed Property)

This document contains official instructions for IRS Form 4562 , Depreciation and Amortization (Including Information on Listed Property) - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury.

FAQ

Q: What is IRS Form 4562?
A: IRS Form 4562 is used to report depreciation and amortization expenses for business assets, including listed property.

Q: What is depreciation?
A: Depreciation is the reduction in value of an asset over time due to its use, wear and tear, or obsolescence. It is an expense that businesses can deduct from their taxable income.

Q: What is amortization?
A: Amortization is the process of spreading the cost of intangible assets, such as patents or copyrights, over a specific period of time. It is also a deductible expense for businesses.

Q: What is listed property?
A: Listed property includes assets that have both business and personal use, such as vehicles, computers, and cameras. Special rules and limitations apply for deducting expenses related to listed property.

Q: Do I need to file IRS Form 4562?
A: You need to file IRS Form 4562 if you have business assets that are subject to depreciation or amortization deductions, including listed property.

Q: What information do I need to complete Form 4562?
A: To complete Form 4562, you will need information about each asset, such as its purchase date, cost, and depreciation method. You should also keep records of any deductions claimed for listed property.