Part 1 Line 6 to Line 10 Form 4562
Line 6: if you choose to claim section 179 on listed property (property used for personal and business) don’t include them on line 6. They would go on line 26 Part V column i
Line 6 a: enter a descriptive name for the property (truck, furniture) used solely for business
Line 6 b: Enter the cost of the property or the basis at the time you started to use it in your business.
Line 6 d: Enter the portion of the cost you want to expense under section 179. You could choose to expense the full amount or part of it. If you expense a part of it, the rest could be depreciated.
If you received schedule K-1 from your S corporation or LLC, and there is section 179 expense to report on form 4562, write “From Schedule K-1 (Form 1065)” or “From Schedule K-1 (Form 1120S)” on line 6 columns a, and b. 2019 Instructions to form 4562 page 4.
Line 7: the portion of listed properties you want to claim section 179 for on line 29, should be entered on Line 7.
Line 8: Line 6 d + line 7. Total amount of section 179 properties that are not listed properties and the ones that are listed properties.
Line 9: enter the lesser of line 5 and line 8.
Line 10: if you chose to claim section 179 in a prior year but didn’t claim all because your business income was limited, put the remaining amount carryover disallowed here.
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