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:
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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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