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This version of the form is not currently in use and is provided for reference only. Download this version of
Form IT-398
for the current year.
Form IT-398 New York State Depreciation Schedule for IRC Section 168(K) Property - New York
What Is Form IT-398?
This is a legal form that was released by the New York State Department of Taxation and Finance - a government authority operating within New York. As of today, no separate filing guidelines for the form are provided by the issuing department.
FAQ
Q: What is Form IT-398?
A: Form IT-398 is the New York State Depreciation Schedule for IRC Section 168(K) Property.
Q: What is IRC Section 168(K) Property?
A: IRC Section 168(K) property refers to property that qualifies for special depreciation deductions under the Internal Revenue Code Section 168(K).
Q: Who needs to file Form IT-398?
A: Taxpayers in New York State who own IRC Section 168(K) property and want to claim special depreciation deductions need to file Form IT-398.
Q: What information is required on Form IT-398?
A: Form IT-398 requires the taxpayer to provide information about the IRC Section 168(K) property, including the property description, acquisition date, and depreciation schedule.
Q: When is the deadline to file Form IT-398?
A: The deadline to file Form IT-398 is the same as the deadline for filing the New York State personal income tax return, which is generally April 15th.
Q: Are there any penalties for not filing Form IT-398?
A: Yes, there are penalties for not filing Form IT-398 or for filing it late. The specific penalties depend on the circumstances, so it's best to consult with a tax professional or the New York State Department of Taxation and Finance for more information.
Q: Can I e-file Form IT-398?
A: Yes, Form IT-398 can be e-filed for convenience and faster processing.
Q: Do I need to attach any supporting documents with Form IT-398?
A: Yes, taxpayers need to attach a copy of the federal Form 4562 that was filed with their federal income tax return, as well as any other supporting documents that are required.
Q: What should I do if I made an error on my filed Form IT-398?
A: If you made an error on your filed Form IT-398, you need to file an amended Form IT-398-C, along with an explanation of the error and the corrected information.
Q: Can I claim special depreciation deductions on my federal income tax return?
A: Yes, taxpayers can claim special depreciation deductions on their federal income tax return using federal Form 4562.
Q: Is Form IT-398 applicable only to New York State residents?
A: No, Form IT-398 is applicable to anyone who owns IRC Section 168(K) property in New York State, regardless of their residency status.
Q: What is the purpose of Form IT-398?
A: The purpose of Form IT-398 is to report and calculate the New York State depreciation deductions for IRC Section 168(K) property.
Form Details:
- The latest edition provided by the New York State Department of Taxation and Finance;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form IT-398 by clicking the link below or browse more documents and templates provided by the New York State Department of Taxation and Finance.
Download Form IT-398 New York State Depreciation Schedule for IRC Section 168(K) Property - New York
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