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  • Ny Form It-398 2021

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Department of Taxation and FinanceNew York State Depreciation Schedule for IRC Section 168(k) PropertyIT398Use this form only for property placed in service inside or outside New York State after.

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Related content

Form IT-398 New York State Depreciation Schedule...
Use this form to compute your NYS adjustments for NYS depreciation and federal...
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IT-201-I:2013:Instructions for Form IT-201...
Dec 31, 2012 — Form IT-398, New York State Depreciation. Schedule for IRC Section 168(k)...
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Form IT-203-I:2017:Instructions for From IT-203...
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New York State does not allow the federal ACRS depreciation deduction for property (except for property classified as IRC section 280F property) placed in service inside or outside New York State during tax years 1981, 1982, 1983, 1984, and fiscal years beginning in 1984.

Normal MACRS uses a straight-line method for real estate, which is property in the 27.5- or 39-year class. However, you can also choose to use straight-line depreciation for any other property, if you wish.

The rules allow Bonus Depreciation to 100% for all qualified purchases made between September 27, 2017 and January 1, 2023. Bonus Depreciation now ramps down to 80%, starting in 2023. Bonus depreciation will continue to ramp down for ensuing years: 60% for 2024, 40% for 2025, 20% for 2026, and 0% beginning in 2027.

Most tangible goods qualify for the Section 179 Deduction, including (but not limited to): Equipment (machines, etc) purchased for business use. Tangible personal property used in business. Business Vehicles with a gross vehicle weight in excess of 6,000 lbs.

As applicable, the depreciation modifications disallow the IRC section 168 ACRS/MACRS depreciation deduction and allow a New York State depreciation deduction using any method permitted under IRC section 167.

Bonus deductions are available until 2022 for equipment that exceeds the deduction limit. The deduction is taken before the bonus. The Section 179 Deduction covers new and used equipment. The bonus depreciation covers only new equipment.

How Do State Laws on Section 179 Affect My Business Taxes? No tax, no deductions: Nevada, South Dakota, Wyoming, and Washington have no corporate income tax, so section 179 deductions and bonus depreciation don't apply. Section 179: All U.S. states and the District of Columbia except Ohio allow section 179 deductions.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232