Get Ny Form It-398 2021-2025

NY Form IT-398 is used for detailing depreciation information for property placed in service after May 31, 2003. This guide provides step-by-step instructions on filling out the form online, ensuring users can navigate the process with ease.

Follow the steps to fill out the form with confidence.

1. Click ‘Get Form’ button to access the NY Form IT-398 and open it in your preferred editor.
2. Enter your name as shown on your tax return in the designated field.
3. Provide your identifying number, which can be your Social Security number or employer identification number.
4. Select the appropriate income tax return type by marking an X in the corresponding box (IT-201, IT-203, IT-204, or IT-205).
5. In Part 1, for each property placed in service, describe the property in the provided space. Use an additional sheet if necessary.
6. Record the date the property was placed in service using the mmddyyyy format.
7. Enter the depreciable basis of the property in the designated column.
8. Indicate the method used for depreciation in the specified field.
9. Calculate and enter the New York depreciation deduction based on your selected method.
10. Also, record the federal depreciation deduction for the same property.
11. Total the amounts in columns F and G and transfer these totals to the appropriate lines on Form IT-225.
12. In Part 2, if applicable, mark if you claimed an investment credit and provide details of the disposition of the property.
13. Finally, save your changes, download a copy of the completed form, or print it for submission.

Complete and file your NY Form IT-398 online to ensure accurate reporting and compliance.