Form IT-398 New York State Depreciation Schedule for IRC Section 168(K) Property - New York

What Is Form IT-398?

This is a legal form that was released by the New York State Department of Taxation and Finance - a government authority operating within New York. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form IT-398?A: Form IT-398 is the New York State Depreciation Schedule for IRC Section 168(K) Property.

Q: What is IRC Section 168(K) Property?A: IRC Section 168(K) property refers to property that qualifies for special depreciation deductions under the Internal Revenue Code Section 168(K).

Q: Who needs to file Form IT-398?A: Taxpayers in New York State who own IRC Section 168(K) property and want to claim special depreciation deductions need to file Form IT-398.

Q: What information is required on Form IT-398?A: Form IT-398 requires the taxpayer to provide information about the IRC Section 168(K) property, including the property description, acquisition date, and depreciation schedule.

Q: When is the deadline to file Form IT-398?A: The deadline to file Form IT-398 is the same as the deadline for filing the New York State personal income tax return, which is generally April 15th.

Q: Are there any penalties for not filing Form IT-398?A: Yes, there are penalties for not filing Form IT-398 or for filing it late. The specific penalties depend on the circumstances, so it's best to consult with a tax professional or the New York State Department of Taxation and Finance for more information.

Q: Can I e-file Form IT-398?A: Yes, Form IT-398 can be e-filed for convenience and faster processing.

Q: Do I need to attach any supporting documents with Form IT-398?A: Yes, taxpayers need to attach a copy of the federal Form 4562 that was filed with their federal income tax return, as well as any other supporting documents that are required.

Q: What should I do if I made an error on my filed Form IT-398?A: If you made an error on your filed Form IT-398, you need to file an amended Form IT-398-C, along with an explanation of the error and the corrected information.

Q: Can I claim special depreciation deductions on my federal income tax return?A: Yes, taxpayers can claim special depreciation deductions on their federal income tax return using federal Form 4562.

Q: Is Form IT-398 applicable only to New York State residents?A: No, Form IT-398 is applicable to anyone who owns IRC Section 168(K) property in New York State, regardless of their residency status.

Q: What is the purpose of Form IT-398?A: The purpose of Form IT-398 is to report and calculate the New York State depreciation deductions for IRC Section 168(K) property.