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, including information on listed property.

Q: What is depreciation?
A: Depreciation is the method used to deduct the cost of an asset over its useful life.

Q: What is amortization?
A: Amortization is the method used to deduct the cost of intangible assets, like patents or copyrights, over their useful life.

Q: What is listed property?
A: Listed property refers to certain business assets, such as vehicles or computers, that have both personal and business use.

Q: Who should file IRS Form 4562?
A: Individuals or businesses who own depreciable assets or have incurred amortization expenses should file Form 4562.

Q: How do I complete IRS Form 4562?
A: You should provide detailed information about the assets, their costs, and the method of depreciation or amortization used.

Q: What are the rules for using listed property?
A: Listed property must meet specific requirements to be eligible for depreciation or amortization deductions.

Q: Are there any special rules for vehicles?
A: Yes, there are additional rules and restrictions for claiming depreciation on vehicles used for both business and personal purposes.

Q: What happens if I don't file IRS Form 4562?
A: Failure to file Form 4562 may result in the disallowance of your depreciation or amortization deductions.