Get Form It-398 New York State Depreciation Schedule For Irc Section 168(k) Property Tax Year 2023

Filling out the Form IT-398 is crucial for accurately reporting depreciation for properties placed in service in New York State. This guide provides clear, step-by-step instructions to help users navigate the form online and ensure compliance with tax regulations.

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

1. Use the ‘Get Form’ button to access the form and open it in your editor of choice.
2. Enter your name and identifying number as shown on your tax return in the designated fields.
3. Select the appropriate box to indicate which income tax return you are filing, such as IT-201 for residents or IT-203 for non-residents.
4. In Part 1, provide the depreciation information for your IRC Section 168(k) property: enter the description of the property and the date it was placed in service.
5. Fill in the depreciable basis of the property in Column C, followed by the applicable convention in Column D, and the depreciation method in Column E.
6. Calculate and enter the New York depreciation deduction in Column F and the federal depreciation deduction in Column G.
7. Transfer the total amounts from Columns F and G as instructed to the appropriate form lines.
8. In Part 2, mark the box if you claimed an investment credit and provide details of the property being disposed of, as well as the date of disposition.
9. Complete Column D with the total New York depreciation deduction and Column E with the total federal depreciation deduction for disposed properties.
10. Make any necessary adjustments and ensure all entries are accurate before saving your form.
11. Once completed, you can save your changes, download, print, or share the form as needed.

Take the first step towards accurate tax reporting by completing your Form IT-398 online today.