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Old 02-28-2014, 04:05 PM
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question about section 179 deductions for a small home business

My wife has a small home business and has about $1000 in purchases that we would like to take a section 179 deduction on. We have no other property to list. How to we fill out the form 4562? Just part I and Part IV, the summary?

We're deducting mileage on schedule C, do we have to put the vehicle info in form 4562 as well?

Thanks.

-Nathan



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Old 02-28-2014, 09:09 PM
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Quote:
Originally Posted by nrandell View Post

#1;My wife has a small home business and has about $1000 in purchases that we would like to take a section 179 deduction on. We have no other property to list. How to we fill out the form 4562? Just part I and Part IV, the summary?

#2;We're deducting mileage on schedule C, do we have to put the vehicle info in form 4562 as well?

Thanks.

-Nathan
#1 A section 179 deduction for the current year or a section 179 carryover from a prior yearin Part I of Form 4562. To elect to take the Sec 179 Deduction, you need to simply fill out Part 1 of IRS form 4562.



#2; You need to complete and attach F4562 to your tax return if you are claiming depre for property placed in service during the current year. Depre on any vehicle or other listed property, regardless of when it was placed in servicein Part V of Form 4562. As you claim a deduction for vehicle expenses for your business, you must provide certain information on the use of your car, truck, van or other vehicle. This information will include the make, model and year of the vehicle, and the date placed in service. It will also include the total number of miles driven for the year including and excluding the business mileage, as well as your verification of keeping and possessing accurate records of mileage and any vehicle expenses. You will provide this information and report your expenses on your Sch C or C-EZ or Form 4562 You must submit a separate Form 4562 for each business or activity on your return for which F4562 is required.



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