- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
How do I fill out Form 4562 for a musical instrument?
I have a cello that I have been claiming on taxes for several years as a depreciating cost.
I did a Canadian tax return last year and the only numbers I have from that return are the amount I deducted last year and the amount that is remaining (I think that is the undepreciated capital cost).
I am trying to fill out my American tax return this year and I am not sure where to put the only numbers I have. I need to enter the prior-year section 179 deduction, the prior year bonus depreciation, and the prior year accumulated depreciation.
Can anyone help me?!
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
How do I fill out Form 4562 for a musical instrument?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
How do I fill out Form 4562 for a musical instrument?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
How do I fill out Form 4562 for a musical instrument?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
How do I fill out Form 4562 for a musical instrument?
To set up your cello for depreciation:
1. Click Federal on the left-hand side menu.
2. Click Income across the top.
3. Scroll down to Self-Employment and click Show more.
4. Click Start or Revisit by Income and Expenses.
Click Edit to the right of your business.
Scroll down and either click Edit by Assets or Add expenses for this work.
To set up a new asset (your cello) for depreciation:
- Click +Add an Asset.
- Select Tools, Machinery, Equipment, Furniture, then Continue.
- Select General purpose tools, machinery, and equipment, then Continue.
- Fill out the Tell Us About This Asset page, then Continue. Make sure you put the date you originally acquired it.
- Enter the usage percentage on the next Tell Us More…page, then Continue.
- Enter your Section 179 Deduction in the prior year's box, then Continue.
- After your state's 179 info, choose the correct MACRS convention. If you need help determining that, see the blue Half-Year or Mid-Quarter.
- Put your prior depreciation taken (if the figure is incorrect), then Continue.
- You'll be at the Asset Summary page, and finished.