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How do I correctly complete Tax form 4562 off of previous year information?

Asked by: megan 823 views YA Discussion

What specific information do I take from previous year tax form 4562 and put onto current year tax form 4562? Where in the previous year’s tax form 4562 do I gather that information? Also what is MACRS and what does it stand for?

2 Answers

  1. Bobbie on Nov 18, 2012 Reply

    Instructions for Form 4562 (HTML)


    Specific Instructions


    Part III. MACRS Depreciation


    The term “Modified Accelerated Cost Recovery System” (MACRS) includes the General Depreciation System and the Alternative Depreciation System. Generally, MACRS is used to depreciate any tangible property placed in service after 1986. However, MACRS does not apply to films, videotapes, and sound recordings. For more details and exceptions, see Pub. 946.

    Publication 946 (2011), How To Depreciate Property


    Hope that you find the above enclosed information useful. 11/18/2012

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  2. Tax Chopper on Nov 18, 2012 Reply

    This is very tricky issue where you need to have all of the work sheets which will guide you in your preparation of this form. If you started depreciation any items previously, you need to know what was the balance of the value of that item last year per your tax return. Since it is difficult for you to do it, I suggest that you use the same software you did last year and figure out the work sheets data which should be transferred in to 2012 tax return. I am including to you the following information from IRS to give you complete knowledge about what you need to do and how to file your form.
    If you did the return last year using professional tax software, simply asking kindly to give you copy of your tax return for 2011 including all work sheets which will generate the tax form.
    Good luck

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