Get Ny Form It-398 2022-2025

The NY Form IT-398 is essential for reporting depreciation information related to IRC Section 168(k) property. This guide will help you navigate the form online, ensuring a smooth filing process.

Follow the steps to complete the NY Form IT-398 online.

1. Click ‘Get Form’ button to access the form and open it for completion.
2. Enter your name and identifying number in the spaces provided at the top of the form, ensuring accuracy for effective processing.
3. Mark an X in the appropriate box indicating the income tax return you are submitting this form with (IT-201, IT-203, IT-204, or IT-205).
4. In Part 1, start with the depreciation information. Describe the property in column A and enter the date it was placed in service in column C.
5. Enter the depreciable basis in column D and specify the method used for depreciation in column E.
6. Fill in your New York depreciation deduction in column F based on the calculations from your chosen method and enter the federal depreciation deduction in column G.
7. Transfer the total amounts from columns F and G to the corresponding lines noted in the instructions at the bottom of Part 1.
8. Proceed to Part 2 if applicable, and follow the same format to input the necessary information regarding year-of-disposition adjustments.
9. Once all sections are completed, ensure all entries are accurate, then save your changes, download the form, and print or share it as required.

Complete your documents online with ease and ensure timely filing.