Vehicles, photographic equipment, audio, and video equipment, and other types of property that are often used for both personal and business purposes, also referred to as listed property are subject to special recordkeeping requirements and restrictions on depreciation and expensing.
To mark an asset as listed property, from the main menu of the tax return (Form 1040), select:
- Income
- Business Income/Loss (Sch C), Rents, Royalties, Entities (Sch E), or Farm Income (Sch F) depending on where you have entered depreciation assets
- Expenses
- Depreciation
- Depreciation Module - Select the asset from the list, or add a new asset
- Listed Property - Select Yes, then select the type of listed property from the list
- For autos and trucks, fill in all information as prompted, then review the information and questions on the listed property menu
Listed property information prints on Form 4562, page 2, Part V.
Additional Information:
IRS Pub. 946 - How to Depreciate Property
IRS Instructions for Form 4562 - Depreciation and Amortization
