AK Form 5329 2024-2025

AK Form 5329: What You Should Know

To determine the amount of depreciation deducted, you must: 1. First determine the total allowable special depreciation allowance claimed on federal Form 4562 between, (A) the beginning date of the first depreciation period, and (B) the date of the most recent depreciation expense. 2. Subtract the amount of depreciation which would have been allowable by reason of this section (calculated based on a straight-line method or another method permitted by the Internal Revenue Code) from the total amount of allowable depreciation, and subtract the amount of depreciation of any new property which has been added under the rules in paragraph (b). If the excess over the allowable amount is more than one hundred per cent or more, you may disregard the entire excess and treat the excess as property for which there is no special depreciation allowance. 3. A special depreciation allowance is claimed on federal Form 4562, line 17, because a replacement property was added between the beginning and the end of the second or subsequent depreciation period. 2021 Form IL-4562, Special Depreciation — Illinois.gov When you figure the amount of depreciation allowed by reason of section 168(k) you do not need a special depreciation deduction claim for special depreciation allowed before that date. You must use Form IL-4562 as indicated above, and you should enter on line 17 whether the special depreciation allowance was claimed for the first depreciation period that ended in the year in which such depreciation occurred, or for the full 2-year period following the first depreciation period, depending on the method you used to figure the depreciation allowance shown on the federal Form 4562. The use of Form IL-4562 is optional. You can figure special depreciation on your federal income tax return that includes Form 4562 if you elect to use the methods shown below. FAST RAS, for most taxpayers, use the following method. Form IL-4562 Instructions If you did not use FAST RAS, enter the following amount. Include all applicable interest. Step 1: Calculate your Illinois special depreciation allowance. Enter on form IL-4562 all the following. Deduct the least of the following amounts: a. Your state and federal adjusted basis of the replacement property used for a period not exceeding the year of depreciation. b.

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