Mark an Asset as Listed Property?

Mark an Asset as Listed Property?

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
  • Income 
  • Schedule C, Schedule E, or Schedule F, depending on where you have entered depreciation asset
  • 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, page 2, Part V. 

    • Related Articles

    • Sale of Inherited Property

      To determine if the sale of inherited property is taxable, you must first determine the taxpayer's basis in the property. The basis of property inherited is generally the fair market value (FMV) of the property on the date of the decedent's death, ...

    • Prior Year Loss on Real Estate Rental Property

      Rental activity is normally considered a passive activity. Because of this, any losses on rental property that cannot be offset by rental property income are disallowed (“unallowed”). Unallowed losses are not deductible in the current year but can be ...

    • Form 8949 - Sales and Dispositions of Capital Assets

      Form 8949 is used to report the following information: The sale or exchange of a capital asset not reported elsewhere in the tax return. Gain from involuntary conversion (other than from casualty or theft) of a nonbusiness capital asset. Nonbusiness ...

    • Schedule C - Reporting Vehicle Actual Expenses

      If the taxpayer used their personal vehicle for business purposes, they can generally deduct expenses related to the business use of the vehicle. Caveats: If they chose to use standard deduction in the vehicle's first year, they can switch to ...

    • Form 8283 - Noncash Charitable Contributions

      Charitable contributions are deductible when the taxpayer itemizes deductions on Schedule A, Form 1040. To be deductible, a charitable contribution must be made to a qualified organization. Refer to Publication 526 for the definition of "qualified ...