Help with Form 4562

[JG EA]

When doing an 1120S that has a business truck over 6000 lbs. are you required to show the miles on Form 4562? This corp has no new assets this year and I can't get it to print out - and I don't want to if not required, but I can't figure out if it is required or not.

[Koss]

Form 4562

I don't think the question hinges on whether the vehicle is over 6000 lbs.

You indicated that the corporation has no new assets placed in service during 2011.

The instructions for Line 14 of Form 1120S direct us to

Complete and attach Form 4562 only if the corporation placed property in service during the tax year or claims depreciation on any car or other listed property.

So if you are using the standard mileage rate, it would appear that the form is not required.

BMK

[JG EA]

Great! (The reason I put the 6000 lbs in is because I was thinking if listed property maybe they'd need to file the 4562.)

That is something isn't it. No miles required. It seemed wrong. I did look at the instructions but overlooked that relevant part.

[Jiggers]

I don't think the question hinges on whether the vehicle is over 6000 lbs.

You indicated that the corporation has no new assets placed in service during 2011.

The instructions for Line 14 of Form 1120S direct us to

So if you are using the standard mileage rate, it would appear that the form is not required.

BMK

A corporation can't use the standard mileage rate.

See IRS instructions for 4562, page 13, PART V, LISTED PROPERTY, first line: If you claim the ......actual vehicle expenses(Including depreciation).....you must provide the information requested...."

Vehicles, even those with GVW of 6,000 and more, must provide the mileage information.

[JG EA]

I didn't - it is a depreciated vehicle with actual expenses. But if you say the miles must be there - then where? It is not listed property.
TTB 10-6

Vehicles over 6,000 pounds. Passenger autos rated at more than
6,000 pounds unloaded gross vehicle weight, or trucks and vans rated
at more than 6,000 pounds loaded gross vehicle weight, are not
subject to the section 280F depreciation limits.

[Jiggers]

Sure, not subject to the limits on depreciation, but you do have to report the mileage.

[JG EA]

Well, this is embarrassing. I checked the return again (and updated my tax program) and the 4562 was there! ,

[Koss]

Depreciation

And I concede that the form is in fact required if you are taking depreciation on the vehicle. I wasn't thinking clearly when I started talking about standard mileage...

BMK