Property Details;Description of Property - Form 4562

Description of Property Enter a brief description of the property you elect to expense (e.g., truck, office furniture, etc.). Enter the cost of the property. If you acquired the property through a trade-in, do not include any carryover basis of the property traded in. Include only the excess of the cost of the property over the value of the property traded in. Enter the amount you elect to [...]

Section 179 Deduction and Special Allowance - Form 4562

Section 179 Property https://www.irs.gov/pub/irs-pdf/i4562.pdf?_ga=1.247664839.1715192775.1473785521 Section 179 property is property that you acquire by purchase for use in the active conduct of your trade or business, and is one of the following. Qualified section 179 real property. For more information, see Special rules for qualified section 179 real property, later. Tangible personal [...]

Section 179 Property - Form 4562

Section 179 property is property that you acquired by purchase for use in the active conduct of your trade or business, and is one of the following: Tangible personal property or Other tangible property (except buildings and their structural components) used as: An integral part of manufacturing, production, or extraction or of furnishing transportation, communications, [...]

Business -Investment Use - Form 4562

Qualified Business Use To determine if you can depreciate property, you must determine the percentage of qualified business use for each property. Generally, a qualified business use is any use in your trade or business. However, it does not include any of the following: Investment use Leasing the property to a 5% owner or related person The use of the property as compensation for [...]

Classification of Property - Form 4562

Use the following rules to determine the classification of the property under ADS. Under ADS, the depreciation deduction for most property is based on the property's class life. See section 168(g)(3) for special rules for determining the class life for certain property. See Pub. 946 for information on recovery periods for ADS and the Table of Class Lives and Recovery Periods. Use line 20a for [...]