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Illinois Form IL-4562
2016 Form IL-4562, Special Depreciation - FTP Directory Listing

2016 Form IL-4562, Special Depreciation - FTP Directory Listing-2025

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The document is the IL-4562 Special Depreciation form from the Illinois Department of Revenue, used for tax years ending on or after September 11, 2001. It provides instructions for calculating special depreciation additions and subtractions for various tax forms. Taxpayers must enter their personal information, report special depreciation allowances claimed on federal forms, and follow specific steps to determine their Illinois depreciation adjustments. The form must be attached to the appropriate Illinois tax return.

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Click 'Get Form' to open it in the editor.
Enter your name as shown on your return and provide your Social Security number (SSN) or federal employer identification number (FEIN). Ensure you read the instructions before completing Form IL-4562.
In Step 2, calculate your Illinois special depreciation addition by entering the total amount claimed as a special depreciation allowance from federal Form 4562. Add any amounts from prior year forms as instructed.
Proceed to Step 3 to figure your Illinois special depreciation subtraction. Enter relevant figures from federal Form 4562 and complete the calculations as outlined, ensuring accuracy.
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What is depreciable listed property?

Property Having a Determinable Useful Life To be depreciable, your property must have a determinable useful life. This means that it must be something that wears out, decays, gets used up, becomes obsolete, or loses its value from natural causes.

What is 7 year property for depreciation?

Class life is the number of years over which an asset can be depreciated. The tax law has defined a specific class life for each type of asset. Real Property is 39 year property, office furniture is 7 year property and autos and trucks are 5 year property.

Is form 4562 required every year for rental property?

Every year that you deduct depreciation of that asset, youre required to file Form 4562.

What property type is a computer?

Often, some assets may be classified as more than one type of property. A house is both real property and private property in some instances. A computer can be personal property and government-owned.

What is special depreciation on 4562?

The special depreciation allowance for certain qualified property (other than certain long production period property and certain aircraft) placed in service after December 31, 2023, and before January 1, 2025, is limited to 60% of the depreciable basis of the property.

What goes on form 4562?

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

What is listed property 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.

How does Illinois bonus depreciation work?

Under Illinois law, if you claim a bonus depreciation on an asset on your federal return, you are required to add the bonus depreciation back to your Illinois net income.

2016 Form IL-4562, Special Depreciation - FTP Directory Listing-2025

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What is depreciable listed property?

What is 7 year property for depreciation?

Is form 4562 required every year for rental property?

What property type is a computer?

What is special depreciation on 4562?

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What goes on form 4562?

What is listed property form 4562?

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2016 Form IL-4562, Special Depreciation - FTP Directory Listing-2025

Here's how it works

How to quickly complete the 2016 Form IL-4562, Special Depreciation - FTP Directory Listing for 2025

Complete this form in 5 minutes or less

Got questions?

What is depreciable listed property?

What is 7 year property for depreciation?

Is form 4562 required every year for rental property?

What property type is a computer?

What is special depreciation on 4562?

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People also ask

What goes on form 4562?

What is listed property form 4562?

How does Illinois bonus depreciation work?

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