4562: Depreciation and Amortization, Including Information on Listed Property (2024)
Georgia · Georgia DOR · Used for tax years 2024
Georgia Form 4562 reports depreciation deductions, Section 179 expense deductions, and information on listed property for 2024. It includes business and investment use details for vehicles and other listed property and is attached to your return.
What you'll need
Have the information needed for the parts you complete:
- Property details: Description, cost or other basis, date placed in service, business/investment use percentage, and depreciation method and recovery period.
- Prior-year carryover: Line 10 asks for any disallowed Section 179 deduction carried over from line 13 of your 2023 Form 4562.
- Listed property evidence: The form asks whether you have evidence supporting the business/investment use claimed and whether that evidence is written.
- Vehicle use information: Business/investment miles, commuting miles, other personal miles, and information about personal availability and use.
- Amortization details: Description of costs, date amortization begins, amortizable amount, code section, and amortization period or percentage.
How to file
Attach Georgia Form 4562 to your return. Enter the total from Part IV, line 22, on the appropriate lines of your return.
The supplied text does not give a mailing address or e-filing instructions.
Common mistakes
- Putting listed property in the wrong part: Complete Part V before Part I if you have listed property. Do not include listed property in Parts II or III.
- Claiming a special depreciation allowance Georgia does not allow: Lines 14 and 25 state that this allowance is not allowed for Georgia purposes.
- Using the federal business income limitation without adjustment: Recompute Part I, line 11, for Georgia by adjusting for federal tax changes Georgia has not adopted.
- Counting commuting miles as business miles: Line 30 specifically excludes commuting miles. Report them separately on line 31.
- Completing unnecessary vehicle fields: If you use the standard mileage rate or deduct lease expense, complete only lines 24a and 24b, Section A columns (a) through (c), all of Section B, and Section C if applicable.
- Missing an employee-vehicle exception: If you answer “Yes” to any of questions 37 through 41, do not complete Section B for the covered vehicles.
Questions people ask
What are Georgia’s Section 179 amounts for 2024?
The form lists a maximum amount of $1,220,000 and a threshold cost of $3,050,000 before reduction in the limitation. Part I also applies a business income limitation.
Does Georgia allow federal bonus depreciation?
The text says Georgia has not adopted the 30%, 50%, and 100% bonus depreciation rules under I.R.C. Section 168(k). The form marks the special depreciation allowances on lines 14 and 25 as not allowed for Georgia purposes.
What does the form include as listed property?
Part V includes automobiles, certain other vehicles, certain aircraft, certain computers, and property used for entertainment, recreation, or amusement.
Where do I report amortization?
Use Part VI. Line 42 covers amortization of costs that begins during your 2024 tax year. Line 43 covers amortization of costs that began before your 2024 tax year. Line 44 totals the amounts in column (f).