Words you may need to know (see Glossary)
- Listed property
- Placed in service
- Standard mileage rate
Use Form 4562 to figure your deduction for depreciation and amortization. Attach Form 4562 to your tax return for the current tax year if you are claiming any of the following items.
- A section 179 deduction for the current year or a section 179 carryover from a prior year. See chapter 2 for information on the section 179 deduction.
- Depreciation for property placed in service during the current year.
- Depreciation on any vehicle or other listed property, regardless of when it was placed in service. See chapter 5 for information on listed property.
- A deduction for any vehicle if the deduction is reported on a form other than Schedule C (Form 1040) or Schedule C-EZ (Form 1040).
- Amortization of costs if the current year is the first year of the amortization period.
- Depreciation or amortization on any asset on a corporate income tax return (other than Form 1120S, U.S. Income Tax Return for an S Corporation) regardless of when it was placed in service.
You must submit a separate Form 4562 for each business or activity on your return for which a Form 4562 is required.
Table 1-1 presents an overview of the purpose of the various parts of Form 4562.taxmap/pubs/p946-007.htm#en_us_publink1000107383
Do not use Form 4562 if you are an employee and you deduct job-related vehicle expenses using either actual expenses (including depreciation) or the standard mileage rate. Instead, use either Form 2106 or Form 2106-EZ. Use Form 2106-EZ if you are claiming the standard mileage rate and you are not reimbursed by your employer for any expenses.