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Depreciation and Amortization (Including Information on Listed Property) - Form 4562

Form 4562 allows you to claim a variety of deductions related to depreciation and amortization including

  • Depreciation of property placed in service during the tax year - the depreciation deduction allows you to recover the costs or other basis of business or investment property over a number of years.


  • A section 179 expense deduction, including carryover from a previous year - you can choose to expense part or all of the cost of section 179 property which you placed in service during the tax year and used mostly for business.


  • Depreciation on a vehicle or other listed property, which includes property used for transportation, property used for entertainment or recreational purposes, and computers or peripheral equipment.


  • A deduction for any vehicle reported on a form other than Schedule C or C-EZ - if you are claiming the standard mileage rate or actual vehicle expenses, aside from depreciation, you can report vehicle information on the Schedule C or C-EZ.


  • Depreciation on a corporate income tax return


  • Amortization of costs beginning in the tax year - amortization, similar to straight line depreciation, allows you an annual deduction to recover certain costs of starting a business, goodwill, and other intangibles.