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 Federal Section of the tax return (Form 1040) select:
- Income
- Schedule C, Schedule E, or Schedule F - Select the schedule where the asset is being depreciated.
- Depreciation
- Assets - Select the asset from the list, or add a new asset.
- Listed Property Information - 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 Part V.
Additional Information:
IRS Pub. 946 - How to Depreciate Property
IRS Instructions for Form 4562 - Depreciation and Amortization