I took a small sec 179 deduction for listed property (computer). My tax software (H&R Block) listed it on the Sched C, but it did not move the numbers to the 4592. In past years it always seemed to do that.
Is there some minimum amount or other rule whereby the Sec 179 can be shown on the Sched C only i.e. I'm not required to file a 4592? Or did it mess up... and I should override the 4592 and file it anyway.
Thanks,
Form 4592???? Maybe you meant 4652?
Yes... sorry... moving too fast and furious :-)
Do I need to file the 4652 for the sec 179 deduction? I could not find anything in the 4652 that identified when you need to file it for a sec 179 deduction, although the Sched C / Line 13 instructions send you there for info.
In a related question on the 4652 - I have a vehicle that I take a standard mileage method deduction for (always have, no depreciation accumulated). What determines if I can just list it on the 4652? Is it merely that I don't need the 4652 for any other purpose ?
Thanks,
Yes. See Lines 1-11 (and for listed property, the back side of the form too).
I believe that the form's instructions adequately address this.
The 4562 is required whenever a new asset is placed in service. No new assets, no 4562. New asset (Sec 179 or NOT) means a 4562 should go with the return. NOT including the 4562 could result in the IRS disallowing the Sec
179 deduction.For the vehicle, there is a place on your Schedule C to report the MILEAGE info. So if there is NO 4562 vehicle mileage goes directly on the Schedule C. BUT if a 4562 is included with the return then vehicle mileage goes on the 4562.
Good luck, Gene E. Utterback, EA, RFC, ABA
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