Question: I really need help with completing this tax form. i put the words NEED HELP in the spots I am having issues with I tried

I really need help with completing this tax form. i put the words NEED HELP in the spots I am having issues with

I tried to attach form 4562 but it will not allow me to

Thank you

Modified Accelerated Cost Recovery System (MACRS), Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.4, 8.5)

During 2020, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business:

Item Date Acquired Cost
Manufacturing equipment (7 year) June 2 $50,000
Office furniture September 15 8,000
Office computer November 18 2,000
Passenger automobile (used 85 percent for business) May 31 55,000
Warehouse July 23
Building 170,000
Land 135,000

Pepe uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense and elects out of a bonus depreciation.

Use Form 4562 to report Pepe's depreciation expense for 2020.

(a) Classification of property (b) Month and year placed in service (c) Basis for depreciation (business/investment use onlysee instructions) (d) Recovery period (e) Convention (f) Method (g) Depreciation deduction
19a 3-year property
b 5-year property NEED HELP

5 yrs

HY

200 DB

NEED HELP
c 7-year property NEED HELP

7 yrs.

HY

200 DB

NEED HELP
d 10-year property
e 15-year property
f 20-year property
g 25-year property 25 yrs. S/L
h Residential rental 27.5 yrs. MM S/L
property 27.5 yrs. MM S/L
i Nonresidential real

7/20

NEED HELP 39 yrs. MM S/L NEED HELP

(a) (b) (c) (d) (e) (f) (g) (h) (i)
Type of property (list vehicles first) Date placed in service Business/ investment use percentage Cost or other basis Basis for depreciation (business/ investment use only) Recovery period Method/ Convention Depreciation deduction Elected section 179 cost
25 Special depreciation allowance for qualified listed property placed in service during the tax year and used more than 50% in a qualified business use. See instructions . . . . . . . . . . . 25
26 Property used more than 50% in a qualified business use:
%

Passenger automobile

05/20

85% 55,000.00 46,750.00

5 yrs.

HY

NEED HELP NEED HELP

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