2024 Instructions for Form 4562-2025

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The document provides instructions for Form 4562, which is used to claim deductions for depreciation and amortization, including details on the Section 179 expense deduction limits for tax year 2024. It outlines new developments such as the maximum Section 179 deduction of $1,220,000 and special depreciation allowances for certain properties. The document also explains who must file the form, definitions of key terms like depreciation and amortization, and specific instructions for various types of property. Additionally, it includes information on recordkeeping requirements and the implications of using listed property.

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Click ‘Get Form’ to open the 2024 Instructions for Form 4562 in our editor.
Begin by reviewing the purpose of Form 4562, which is used to claim deductions for depreciation and amortization. Familiarize yourself with the sections that apply to your situation.
Fill out Part I to elect the Section 179 expense deduction. Enter the total cost of eligible property placed in service during the tax year and ensure you understand the limits based on your business income.
Proceed to Part II for any special depreciation allowances. Identify qualified property and calculate the additional deductions available based on current regulations.
Complete Parts III through VI as applicable, ensuring you accurately report all necessary information regarding MACRS depreciation, listed property, and amortization costs.
Review your entries carefully using our platform's editing tools before saving or exporting your completed form for submission.

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What is the IRS auto depreciation limit for 2024?

$12,400 for the first year without bonus depreciation. $20,400 for the first year with bonus depreciation. $19,800 for the second year. $11,900 for the third year.

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 qualifies for Section 179 depreciation 2024?

All businesses that purchase, finance, and/or lease new or used business equipment during tax year 2024 should qualify for the Section 179 Deduction (assuming they spend less than $4,270,000).

What are the new depreciation rules for 2024?

Phase down of special depreciation allowance. For property with a long production period and certain aircraft placed in service after December 31, 2024, and before January 1, 2026, the special depreciation allowance is 60%.