Words you may need to know (see Glossary):
- Amortization
- Listed property
- Placed in service
- Standard mileage rate
You must complete and attach Form 4562 to your tax return if you
are claiming any of the following.
- 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.
- A deduction for any vehicle if the deduction is reported on
a form other than Schedule C (Form 1040), Profit or Loss From
Business, or Schedule C-EZ (Form 1040), Net Profit From
Business.
- Amortization of costs that began in the current year.
- Any depreciation on a corporate income tax return (other
than Form 1120S, U.S. Income Tax Return for an S
Corporation.)
Employee.
If you are an employee and you deduct job-related vehicle expenses
using either actual expenses (including depreciation) or the standard
mileage rate, do not use Form 4562. 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.
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