IRS Form 4562 (Depreciation & Amortization) - Bonus Depreciation for 2023

[@ballakoroma2113]

As always you are the best at this. I've looked through 32 videos, and you explained this so well!!!! I hope in the future you can provide a service where people can book a paid call for your knowledge on videos we may not see on your page.

[@Betty-b6c]

Thank you for this great video. Your illustration and the IRS form together make much sense! Very practical examples

[@texasRoofDoctor]

Thank you for this. I have watched multiple videos on this and yours was by far the most comprehensive. My son Bought an suv for his agricultural business since the property is accessible only via a “seasonal ranch road” meaning without the 4WD, it would be impossible to access the crops from November through May.

[@JasonDKnott]

Glad to hear it was helpful!

[@hakimmessaoudi1805]

thank you for this amazing video.

[@JasonDKnott]

You're very welcome!

[@wandamaldonado8534]

Thank you very much for such a detailed video showing how to obtain the final figures and where to locate them on the form 1120 S.

[@texasRoofDoctor]

The beauty of GVWR is the most important part. The car manufacturers have geared almost all of the expensive SUV’s to a gvwr of 6,201 or greater. Genius.

[@WABoothPlumbing]

Great video! Thanks for the information!

[@brandonbranco1]

Curious where and how you would list a work vehicle that was sold after a few years of deductions. Appreciated!

[@mariasherilynpajal]

Question: What if the start-up cost did not match the general ledger? (that's what I worked on now, I can't find the exact amount from the amortizable amount under start-up expense vs profit and loss vs general ledger)

[@longbai4017]

Hi Jason, I have a question about the special deduction on GMC Yukong. Was the max depreciation deduction for passenger autos limited to $20200 in 2023? I noticed you put 50400 there, and it confused me. Can you please advise if I missed anything? Thanks!!

[@BrendaGerlitz]

Great video. I am hoping you can help me with this question. In 2022 I had a $3,776 5 year property deduction (Line 19b) . I did the HY with the 200 DB method for a total of $755. Where do I claim the remainder of the deduction this year and future years until it is depleted? Thanks

[@BrendaGerlitz]

Thanks for the great video. I had a deduction last year of $3,776 5-year property Line 19b. I did the HY and 200 DB for a deduction of $755. Where do I claim my deduction for this year and the following years until depleted? Thanks

[@craigfuller1424]

In this example does the Yukon qualify as more than 6000 lbs? Is it empty weight or gross max load? Thank you. I found this vid very useful.

[@note4shawn]

Great video! Exactly what I was looking for. It cleared up a lot. I do have one question about the Startup Costs you mentioned. I was under the impression that you only include the Amortized part on Form 4562 and the deduction part (

[@craigfuller1424]

Wait. I can get the bonus depreciation PLUS regular depreciation for the same year using adjusted basis? Clever.

[@anneg2361]

Question - can anyone answer? I have an auto depreciation example from Checkpoint RIA that states if an employee's personal use of an auto is taxed to the employee on the employees W-2, then for depreciation purposes that use is NOT considered personal use and the business/investment use % is 100% for depreciation calculation (Form 4562, Part V, page 2, line 26(c)). The question is: if a > 5% owner uses a company vehicle for personal use AND is taxed for the personal use in his W-2 each year, does Form 4562, page 2, Part V, Section B - Information on Use of Vehicles - by > 5% owners need to be completed??

[@rcojrpc2085]

anne, our firm includes all personal usage on the driver's w2, allowing a 100% depreciation deduction. bob

[@samkeino6810]

Great video. If claiming bonus depreciation and 179 for a heavy truck ( I realize it does not work for this company), do you first apply the section 179 and then the bonus depreciation?

[@Bojerthe]

Yes. You apply the section 179 first and then anything left over the 179 limit goes to bonus depreciation. Hope this helps. Edit: One thing I forgot to add is that you can also (after taking both the former depreciations) also take normal depreciation for what's left over.

[@jameskwak1673]

Thank you for very informative video. Are we able to take both Bonus and Sec. 179 on the same property?

[@Bojerthe]

As far as I know, yes you can. But it would have to be real expensive as per the limits stated in the video. Additional if that property is of a particular class and you have properties that are also of that class, you must take the depreciation on all those same classes uniformly as far as I understand.