2023 Form IL-4562 Instructions - Illinois Department of Revenue: Fill out & sign online

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What is the IL schedule 4562?

The purpose of Form IL-4562 is to reverse the effects of the 30, 40, 50, 60, 80, or 100 percent bonus depreciation allowed by Internal Revenue Code (IRC) Section 168(k). Step 2 of this form figures your Illinois special depreciation addition as required by the Illinois Income Tax Act (IITA).

What is my special depreciation allowance?

The special depreciation allowance is 80% for certain qualified property acquired after September 27, 2017, and placed in service after December 31, 2022, and before January 1, 2024.

Which of the following items would not be reported on form 4562?

IRS Form 4562 is used to claim deductions for the depreciation or amortization of tangible or intangible property. Assets such as buildings, machinery, equipment (tangible), or patents (intangible) qualify. Land cannot depreciate, and so it can not be reported on the form.

How do you fill out form 4562?

To complete Form 4562, youll need to know the cost of assets like machinery and furniture, as well as patents and trademarks. There are six sections on the form, and in each one, youll need to enter information to calculate the amount of depreciation or amortization for that section.

What is the 179 expense deduction for 2023?

For tax years beginning in 2023, the maximum section 179 expense deduction is $1,160,000.

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