2024 Instructions for Form 4562-2025

Show details

4.5 out of 5

44 votes

The document provides detailed instructions for Form 4562, which is used to claim deductions for depreciation and amortization, including information on listed property. It outlines the purpose of the form, who must file it, and recent updates for tax year 2024, such as changes in Section 179 deduction limits and special depreciation allowances. The document explains various types of property eligible for deductions, methods of depreciation (including MACRS), and specific rules regarding listed property. Additionally, it covers amortization of costs related to business startup and other expenses, along with recordkeeping requirements.

Here's how it works

01. Edit your federal tax form 4562 online

Type text, add images, blackout confidential details, add comments, highlights and more.

02. Sign it in a few clicks

Draw your signature, type it, upload its image, or use your mobile device as a signature pad.

03. Share your form with others

Send irs form 4562 instructions via email, link, or fax. You can also download it, export it or print it out.

The best way to modify 2024 Instructions for Form 4562 online

Ease of Setup

DocHub User Ratings on G2

Ease of Use

DocHub User Ratings on G2

With DocHub, making changes to your paperwork requires only a few simple clicks. Make these quick steps to modify the PDF 2024 Instructions for Form 4562 online free of charge:

Sign up and log in to your account. Log in to the editor with your credentials or click on Create free account to examine the tool’s features.
Add the 2024 Instructions for Form 4562 for editing. Click on the New Document button above, then drag and drop the document to the upload area, import it from the cloud, or using a link.
Alter your file. Make any changes required: insert text and photos to your 2024 Instructions for Form 4562, highlight details that matter, erase sections of content and substitute them with new ones, and insert icons, checkmarks, and areas for filling out.
Finish redacting the form. Save the modified document on your device, export it to the cloud, print it right from the editor, or share it with all the people involved.

Our editor is very intuitive and efficient. Give it a try now!

be ready to get more

Complete this form in 5 minutes or less

Get form

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.

What are the new depreciation rules for 2024?

The rules allowed Bonus Depreciation to 100% for all qualified purchases made between September 27, 2017 and January 1, 2023. Bonus Depreciation ramped down to 80% in 2023 and 60% for 2024. Bonus depreciation continues to ramp down for ensuing years: 40% in 2025, 20% in 2026, and 0% beginning in 2027.

What is the depreciation on a business vehicle in 2024?

The Section 179 deduction and depreciation limit on a passenger automobile (including trucks or vans) used for your business and put into service in 2024 is either $20,400 (with special depreciation allowance) or $12,400 (without special depreciation allowance).

Does form 4562 need to be filed every year?

The following shows the number of years different assets can be depreciated. 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).

What qualifies for 100% bonus depreciation?

Not all property qualifies for the 100% bonus depreciation deduction. Several requirements must be met for property to qualify: The property must have a MACRS (Modified Accelerated Cost Recovery System) recovery period of 20 years or fewer for property other than building structures or systems.

What is the Section 179 limit for 2025?

The Section 179 deduction limit for 2025 was raised to $1,250,000 with a capital purchase limit of $3,130,000. This is an increase from the 2024 Section 179 tax deduction which was set at a $1,220,000 limit with a threshold of $3,050,000 in total purchases.

What is the depreciation limit for 2024?

The car depreciation limit for the 2024 financial year is $68,108. The car depreciation limit for the 2025 financial year is $69,764.