Il 4562-2025

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The document is the Illinois Form IL-4562 for Special Depreciation, which provides instructions for taxpayers to report special depreciation additions and subtractions on their Illinois tax returns for tax years ending on or after December 31, 2021. It outlines the necessary steps and calculations required to complete the form, including entering personal information, calculating special depreciation allowances based on federal forms, and attaching the completed form to various Illinois tax returns.

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Click ‘Get Form’ to open the IL-4562 in the editor.
Begin by entering your name and Social Security number (SSN) or federal employer identification number (FEIN) in the designated fields. Ensure accuracy as this information is crucial for your tax return.
Proceed to calculate your Illinois special depreciation addition. Fill in the amounts from your current federal Form 4562, specifically Lines 14 and 25, for property acquired after September 10, 2001. Add these values together as instructed.
Next, figure your Illinois special depreciation subtraction. Enter the relevant figures from federal Form 4562 and complete the calculations as outlined in Steps 5 through 11 of the form.
Review all entries for accuracy before finalizing. Once completed, you can easily save or print your form directly from our platform.

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Versions	Form popularity	Fillable & printable
2023	4.9 Satisfied (54 Votes)
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2021	4.8 Satisfied (106 Votes)
2020	4.4 Satisfied (130 Votes)

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Do you need a depreciation schedule every year?

Do I Need a Depreciation Schedule Every Year? A single tax depreciation schedule covers a specific investment property and is valid for up to 40 years, which means you can claim tax deductions each year with the same report.

Can I skip depreciation on my rental property?

There is no law that states that you have to depreciate your rental property. This is a tax advantage to lower the income tax you pay on the rental income. If you do not take the standard depreciation, then you just pay more income tax each year.

What is the bonus depreciation for 2025 in Illinois?

For property acquired and placed in service after January 19, 2025, the federal bonus depreciation is 100% of the basis of the property. In addition, for property placed in service during the first taxable year ending after January 19, 2025, taxpayers may elect to apply a federal bonus depreciation of 40% or 60%.

What is IL 941 return?

You must file Form IL-941, Illinois Withholding Income Tax Return, if you paid amounts subject to Illinois withholding income tax (either required or by voluntary agreement), such as: Wages and other employee compensation including bonus, overtime, and commission pay, usually reported to the recipient on a Form W-2.

Do I have to depreciate my rental property every year?

Under the IRS rules, residential rental properties are depreciated over 27.5 years using the General Depreciation System (GDS). This means each year, you can deduct 3.636% of the buildings value from your taxable income. Heres how the depreciation calculation works: Building Value Eligible for Depreciation: $225,000.

form 4562

Il 4562 pdf il-4562 example Form 4562 4562 instructions IL-4562 2023 Form 4562 PDF IL FORM 45 Does Illinois allow 179 depreciation

Does depreciation have to be taken every year?

Depreciation is the recovery of the cost of the property over a number of years. You deduct a part of the cost every year until you fully recover its cost.

Do I need to file form 4562 every year for rental property?

Form 4562 is required for the first year that a depreciable asset is placed into service. If no new assets have been placed into service in subsequent years, Form 4562 is not required unless you file Form 1120 (corporate tax return). Form 4562 must also be filed for each asset.

What is the purpose of form 4562?

Use Form 4562 to: Claim your deduction for depreciation and amortization. Make the election under section 179 to expense certain property. Provide information on the business/investment use of automobiles and other listed property.