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Does new york state allow section 179 depreciation

Ny depreciation 2026

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The document is a New York State form IT-398, which provides guidelines for reporting depreciation for property placed in service after May 31, 2003, under IRC Section 168(k). It outlines the necessary information required for calculating New York State and federal depreciation deductions, including sections for detailing property descriptions, dates of service, and methods of disposition. The form also includes instructions on how to adjust income based on differences between state and federal depreciation deductions.

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Click ‘Get Form’ to open the NY Depreciation Schedule (IT-398) in the editor.
Begin by entering your name and identifying number as shown on your tax return in the designated fields.
Mark an X in the box corresponding to the income tax return you are filing (IT-201, IT-203, IT-204, or IT-205).
In Part 1, provide details for each property placed in service after May 31, 2003. Fill in the description of property, date placed in service, depreciable basis, method of depreciation, and New York depreciation deduction.
For each property listed, ensure you enter both New York and federal depreciation deductions accurately.
In Part 2, if applicable, mark if you claimed an investment credit and provide details for any disposed property including method of disposition and total deductions.
Review all entries for accuracy before submitting your completed form with your tax return.

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