Get Form It-398: 2007: New York State Depreciation Schedule For Irc ...

Filling out the Form IT-398 is essential for individuals and organizations making depreciation claims for specific properties. This guide provides clear instructions to help users navigate the form easily and accurately.

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

1. Click ‘Get Form’ button to obtain the form and open it in the online editor.
2. Enter your identifying number as shown on your tax return, along with your name in the designated spaces at the top of the form.
3. Mark an X in the box corresponding to the type of income tax return you are filing: IT-201, IT-203, IT-204, or IT-205. Ensure to attach Form IT-398 to that return.
4. In Part 1, provide depreciation information for IRC section 168(k) property. Fill in the description of the property, the date it was placed in service, along with the depreciable basis, depreciation convention, method used, New York State depreciation deduction, and federal depreciation deduction.
5. Transfer the totals for column F and column G from Part 1 to the relevant lines on your income tax return according to the type of return you are filing.
6. In Part 2, fill out information regarding the year of disposition adjustment for IRC section 168(k) property. Include the property's description, date of disposition, method of disposition, total New York and federal depreciation deductions.
7. Calculate the amounts as specified in Part 2 and transfer these amounts to the specified lines on your income tax return, as indicated.
8. Once you have completed the form, review it for accuracy. You can then save changes, download, print, or share the form as needed.

Complete your Form IT-398 online today and ensure accurate depreciation claims for your properties.