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 Tax Return Summary Page (Form 1040), select:
- Federal Section
- Schedule C, Schedule E, or Schedule F, depending on where you have entered depreciation asset
- 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, page 2, Part V.