×
tax forms found in
Tax Form Code
Tax Form Name

Georgia Free Printable Form4562 for 2020 Georgia Depreciation and Amortization

It appears you don't have a PDF plugin for this browser. Please use the link below to download 2019-georgia-form-4562.pdf, and you can print it directly from your computer.

Depreciation and Amortization
Form4562

PRINT 2019 (Rev. 05/02/19) CLEAR Georgia Department of Revenue Instructions for Form 4562 Georgia Depreciation and Amortization (Including Information on Listed Property) Assets Placed in Service during Tax Years Beginning on or after January 1, 2008. Georgia’s I.R.C. Section 179 deduction is $250,000 for 2008 through 2013, $500,000 for 2014 through 2016, $510,000 for 2017, $1,000,000 for 2018 and $1,020,000 for 2019. The related phase out is $800,000 for 2008 through 2013, $2,000,000 for 2014 through 2015, $2,010,000 for 2016, $2,030,000 for 2017, $2,500,000 for 2018 and $2,550,000 for 2019. Georgia has not adopted the Section 179 deduction for certain real property. Georgia has not adopted the following depreciation provisions: • • • • • • • • • • • The 30%, 50% and 100% bonus depreciation rules of I.R.C. Section 168(k). New York Liberty Zone Benefits, I.R.C. Section 1400L. 50% first year depreciation for post 8/28/2006 Gulf Opportunity Zone property, I.R.C. Section 1400N(d)(1) 50% bonus depreciation for most tangible property and computer software bought after May 4, 2007 and placed in service in the Kansas Disaster Area, I.R.C. Section 1400N(d)(1). 50% bonus depreciation for “qualified reuse and recycling property”, I.R.C. Section 168(m). 50% bonus depreciation in connection with disasters federally declared after 2007, I.R.C. Section 168(n). Increased ($8,000) first-year depreciation limit for passenger automobiles if the passenger automobile is “qualified property”, I.R.C. Section 168(k). For assets placed in service on or before December 31, 2017, 15 year straight-line cost recovery period for certain improvements to retail space, I.R.C. Sections 168(e)(3) (E)(ix), 168(e)(8), and 168(b)(3)(I). For assets placed in service on or before December 31, 2017, modified rules relating to the 15 year straight-line cost recovery for qualified restaurant property (allowing buildings to now be included) I.R.C. Section 168(e)(7). 5 year depreciation life for most new farming machinery and equipment, I.R.C. Section 168(e)(3)(B)(vii). Temporary tax relief provisions relating to the Midwestern disaster area, I.R.C. Sections 1400N(f). The Part I, Line 11 Business Income Limitation should be recomputed for Georgia purposes by adjusting the amount for Federal tax changes Georgia has not adopted. Please see the Federal tax changes section of the Georgia income tax booklets for more information. Assets Placed in Service during Tax Years Beginning on or after January 1, 2005 and before January 1, 2008. For tax years beginning on or after January 1, 2005 and before January 1, 2008, Georgia did adopt the increased I.R.C. Section 179 deduction amounts and the related phase outs that were enacted as part of Federal Acts passed on or before January 1, 2008. As such, for assets placed in service during 2005 through 2007, the only Georgia depreciation differences are due to I.R.C Section 168(k) (30% and 50% bonus depreciation), I.R.C. Section 1400L (tax benefits for the New York Liberty Zone), and I.R.C. Section 1400(d)(1) (post 8/28/2006 Gulf Opportunity (GOZ) property). Assets Placed in Service during Tax Years Beginning before January 1, 2005. For tax years beginning before January 1, 2005, Georgia did not adopt I.R.C. Section 168(k) (30% and 50% bonus depreciation), Section 1400L (tax benefits for the New York Liberty Zone), and I.R.C. 1400N(d)(1) (post 8/28/2006 Gulf Opportunity Zone (GOZ) property). Further, Georgia treated I.R.C. Section 179(b) as it was in effect before enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003. As such, Georgia continued to use a $25,000 limit for the Section 179 deduction and a $200,000 limit for the phase out of the Section 179 deduction. Assets placed in service during tax years beginning before January 1, 2005, should continue to be depreciated using the assumption that the bonus depreciation was not allowed and a lower Section 179 amount was used. PRINT Form 4562 CLEAR Georgia Depreciation and Amortization (Rev. 05/02/19) GEORGIA (Including Information on Listed Property) Note: Georgia does not allow any additional depreciation benefits provided by I.R.C. Section 168(k), 1400L, 1400N(d)(1) , and certain other provisions. Names(s) shown on return See separate instructions. Attach to your return. Business or activity to which this form relates 2019 Identification number Part I 1 2 3 4 5 Election To Expense Certain Tangible Property Under Section 179 Note: If you have any listed property, complete Part V before you complete Part I. Maximum amount. See IRS instructions for a higher limit for certain businesses ................... Total cost of IRC Section 179 property placed in service (see IRS instructions) ...................... Threshold cost of IRC Section 179 property before reduction in limitation ............................... Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0- ............................ Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If married filing separately, see IRS instructions ................................................................................................... (a) Description of property (c) Elected cost (b) Cost (business use only) 1 2 3 4 $ 1,020,000 $ 2,550,000 5 6 7 Listed property. Enter the amount from line 29. ........................................... 7 8 8 Total elected cost of IRC Section 179 property. Add amounts in column (c), lines 6 and 7 .... 9 9 Tentative deduction. Enter the smaller of line 5 or line 8 ......................................................... 10 Carryover of disallowed deduction from line 13 of your 2018 Form 4562 .................................. 10 11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5 ........ 11 12 12 IRC Section 179 expense deduction. Add lines 9 and 10, but do not enter more than line 11 13 13 Carryover of disallowed deduction to 2020. Add lines 9 and 10, less line 12 Note: Do not use Part II or Part III below for listed property. Instead, use Part V. Part II Special Depreciation Allowance and Other Depreciation (Do not include listed property.) 14 Special depreciation allowance for qualified property (see instructions)....................................... (other than listed property) placed in service during the tax year ............................................... 14 15 Property subject to IRC Section 168(f)(1) election ...................................................................... 15 16 Other depreciation (including ACRS) ........................................................................................... 16 Part III Not allowed for Georgia purposes MACRS Depreciation (Do not include listed property.) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2019 ............. 17 18 If you are electing under IRC Section 168(i)(4) to group any assets placed in service during the tax year into one or more general asset accounts, check here ...................................... Section B--Assets Placed in Service During 2019 Tax Year Using the General Depreciation System (a) Classification of property 19a 3-year property b 5-year property c 7-year property d 10-year property e 15-year property f 20-year property g 25-year property h Residential rental property i Nonresidential real property (b) Month and year (c) Basis for depreciation placed in service (business/investment use only.) See IRS instructions (d) Recovery period 25 yrs 27.5 yrs. 27.5 yrs. 39 yrs (e) Convention MM MM MM MM (f) Method S/L S/L S/L S/L S/L (g) Depreciation deduction Section C--Assets Placed in Service During 2019 Tax Year Using the Alternative Depreciation System Part IV 20a Class life S/L b 12-year 12 yrs S/L c 30-year 30 yrs MM S/L 40 yrs S/L MM d 40-year PRINT CLEAR Page 2 Form 4562 (2019) Summary (See IRS instructions) 21 Listed property. Enter amount from line 28 ................................................................................ 21 22 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21 Enter here and on the appropriate lines of your return ........................................................................ 22 23 For assets shown above and placed in service during the current year, enter the portion of the basis attributable to IRC Section 263A costs .................................. 23 Part V Listed Property (Include automobiles, certain other vehicles, certain aircraft, certain computers, and property used for entertainment, recreation, or amusement.) Note: For any vehicle for which you are using the standard mileage rate or deducting lease expense, complete only 24a, 24b, columns (a) through (c) of Section A, all of Section B, and Section C if applicable. Section A--Depreciation and Other Information (Caution: See IRS instructions for limits for passenger automobiles.) 24a Do you have evidence to support the business/investment use claimed? Yes (a) Type of property (list vehicles first) (b) Date placed in service (c) Business/ investment use percentage (d) Cost or other basis No 24b If “Yes”, is the evidence written? Yes (e) (f) Recovery period Basis for depreciation (business/investment use only) (g) Method/ Convention 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) (h) No (i) Elected section 179 cost Depreciation deduction Not Allowed for 25 Georgia Purposes 26 Property used more than 50% in a qualified business use: % % % 27 Property used 50% or less in a qualified business use: % S/L- % S/L- % S/L- 28 Add amounts in column (h), lines 25 through 27. Enter here and on line 21, page 1 ........... 28 29 Add amounts in column (i), line 26. Enter here and on line 7, page 1 .......................................................... 29 Section B--Information on Use of Vehicles Complete this section for vehicles used by a sole proprietor, partner, or other “more than 5% owner,” or related person. If you provided vehicles to your employees, first answer the questions in Section C to see if you meet an exception to completing this section for those vehicles. 30 Total business/investment miles driven during the year (do not include commuting miles)....................................................... (a) Vehicle 1 (b) (c) (d) Vehicle 2 Vehicle 3 Vehicle 4 (e) (f) Vehicle 5 Vehicle 6 31 Total commuting miles driven during the year 32 Total other personal (noncommuting) miles driven ........................................... 33 Total miles driven during the year. Add lines 30 through 32 ........................ 34 Was the vehicle available for personal use during off-duty hours? ........................... 35 Was the vehicle used primarily by a more than 5% owner or related person? ........ 36 Is another vehicle available for personal use? ....................................................... Yes No Yes No Yes No Yes No Yes No Yes No PRINT CLEAR Page 3 Form 4562 (2019) Section C--Questions for Employers Who Provide Vehicles for Use by Their Employees Answer these questions to determine if you meet an exception to completing Section B for vehicles used by employees who are not more than 5% owners or related persons. 37 Do you maintain a written policy statement that prohibits all personal use of vehicles, including commuting, by your employees? ................................................................................................................................................ 38 Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting, by your employees? See IRS instructions for vehicles used by corporate officers, directors, or 1% or more owners .......................... 39 Do you treat all use of vehicles by employees as personal use? ........................................................................ 40 Do you provide more than five vehicles to your employees, obtain information from your employees about the use of the vehicles, and retain the information received? .................................................................................... 41 Do you meet the requirements concerning qualified automobile demonstration use? ................................................... Note: If your answer to 37, 38, 39, 40, or 41 is “Yes,” do not complete Section B for the covered vehicles. Part VI Amortization (a) Description of costs (b) Date amortization begins (c) Amortizable amount (d) Code section (e) Amortization period or percentage 42 Amortization of costs that begins during your 2019 tax year (See IRS instructions): 43 Amortization of costs that began before your 2019 tax year ..................................................... 43 44 Total. Add amounts in column (f) ................................................................................................... 44 Yes No (f) Amortization for this year
Extracted from PDF file 2019-georgia-form-4562.pdf, last modified November 2009

More about the Georgia Form 4562 Individual Income Tax TY 2019

We last updated the Depreciation and Amortization in March 2020, so this is the latest version of Form 4562, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 4562 directly from TaxFormFinder. You can print other Georgia tax forms here.

Other Georgia Individual Income Tax Forms:

TaxFormFinder has an additional 30 Georgia income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 500 Individual Income Tax Return
Form 500-EZ Individual Income Tax Return
Form IT-511 Individual Income Tax Booklet
Form 500-ES Estimated Quarterly Tax Return
Form 525-TV Individual Tax Payment Voucher

Download all GA tax forms View all 31 Georgia Income Tax Forms


Form Sources:

Georgia usually releases forms for the current tax year between January and April. We last updated Georgia Form 4562 from the Department of Revenue in March 2020.

Show Sources >

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Georgia Form 4562

We have a total of nine past-year versions of Form 4562 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


Form 4562 Depreciation and Amortization (rev. 7/13) 2013 Form 4562

TSD_Depreciation_Amortization_Including_Information_Listed_Property_4562

082604.iForm4562 2012 Form 4562

082604.iForm4562

082604.iForm4562 2011 Form 4562

082604.iForm4562


TaxFormFinder Disclaimer:

While we do our best to keep our list of Georgia Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

** This Document Provided By TaxFormFinder.org **
Source: http://www.taxformfinder.org/georgia/form-4562