Form It-399 - New York State Depreciation Schedule - 2014 Page 2
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1
2Instructions
IT-399 (2014) (back)
(continued)
Specific instructions
For property (except for property classified as IRC section 280F
property) placed in service outside New York State for tax years
See the instructions for your tax return for the Privacy notification or if
beginning after 1984, but before 1994, New York did not allow ACRS
you need help contacting the Tax Department.
or MACRS depreciation under IRC section 168. Instead, New York
allowed the depreciation deduction that would have been allowed under
Enter your name and identifying number (your social security number or
IRC section 167 as it was in effect on December 31, 1980.
employer identification number) in the spaces provided on the front of
this form. Mark the box that indicates which New York State income tax
However, as a result of a court decision (Reynolds), if you claimed ACRS
return you are filing and submit this form with that return.
depreciation on your federal return for property not classified as IRC
section 280F property, and that property was placed in service outside
Part 1 – Depreciation
New York State in tax years beginning after December 31, 1984, but
Depreciation is the annual deduction allowed to recover the cost or other
before January 1, 1994 (including property on which ACRS depreciation
basis of business or investment property having a useful life substantially
was computed in accordance with the Federal Tax Reform Act of 1986),
beyond the tax year. Land is never depreciable. Depreciation starts
you may continue using the pre-1981 IRC section 167 depreciation
when you first use the property in your business or for the production
on that property, making the applicable depreciation addition and
of income. It ends when you take the property out of service, deduct all
subtraction, or choose to switch to the IRC section 168 depreciation
of your depreciable cost or other basis, or no longer use the property
deduction.
in your business or for the production of income. (See Part 2 for the
A taxpayer choosing to switch to the IRC section 168 depreciation
deduction to be taken in the year you dispose of the property.)
deduction is no longer required to make the New York depreciation
Column C – Enter the depreciable basis of the assets you place in
addition and subtraction adjustments. If you switch to IRC section 168
service in the same year. Depreciable basis is the cost or other basis
depreciation, you must use IRC section 168 depreciation from this
reduced by the part of the basis you elected to amortize or expense
tax year forward, and must use it for all of your subject property. For
under IRC section 179, and any federal investment credit subtracted
more information about this property, see TSB-M-99(1)I, New York
when computing the federal unadjusted basis of the asset.
Depreciation Deduction for Property Placed in Service Outside New York
State in Tax Years 1985 – 1993. This TSB-M is available on the Tax
Column D – Enter the depreciation method you elect. You must use
Department Web site at
a method that is allowed under IRC section 167, as it was in effect on
If you claimed ACRS depreciation on your federal return for property
December 31, 1980.
placed in service during tax years 1981 through 1984 and fiscal tax
Column E – Enter the useful life of the property. You cannot use
years beginning in 1984 (for other than IRC section 280F property), or on
the ACRS recovery period when computing your New York State
property placed in service outside New York State during tax years 1985
depreciation. You must use the useful life or rate provided for in IRC
through 1993 and fiscal tax years beginning in 1993 (for other than IRC
section 167. In some cases the useful life under IRC section 167 may be
section 280F property), and you elect to continue using IRC section 167
the same as the recovery period.
depreciation, complete Part 1.
Column F – Enter your New York depreciation deduction in column F,
If you have an interest in a passive activity, the modifications required
based on the method you elected in column D.
under Tax Law sections 612(b)(25) and (c)(26) for ACRS depreciation
and New York depreciation must be made for the full amounts allowable
Column G – Enter the ACRS deduction you took on your federal return.
as a federal depreciation deduction (100%), even though the activity
may be subject to federal loss deduction limitations. It is only under IRC
Part 2 – Year-of-disposition adjustment
section 469 (Passive Activity Losses and Credits Limited) that there is a
If you dispose of property (except for IRC section 280F property)
limitation on passive loss deductions.
that you placed in service inside or outside New York State after
In the case of a partnership using ACRS to determine depreciation,
December 31, 1980, but before January 1, 1985, or property placed in
the individual partners should make the adjustments to income on
service outside New York State after December 31, 1984, but before
their personal income tax returns. The adjustments for partners are
January 1, 1994, you must adjust your New York State income by the
their distributive share of New York depreciation and federal ACRS
difference between the total New York depreciation deduction and the
total federal ACRS deduction claimed on that property. If you elected
depreciation, determined by the partnership as of the end of the
partnership year ending within the partner’s tax year. Form IT-399 should
to switch to IRC section 168 depreciation for property placed in service
be completed only by the partnership, and not by each individual partner.
outside New York State in tax years beginning after December 31, 1984,
This treatment is the same for a beneficiary of an estate or trust that is
but before January 1, 1994, in the year of disposition, the adjustment
on a fiscal-year basis.
should take into account only those years prior to switching to IRC
section 168.
If you are a shareholder of an electing New York State S corporation,
the S corporation should provide your proportionate share of the
Column C – Enter the method used to dispose of the property.
Disposition includes, but is not limited to, sale, exchange, transfer, and
S corporation’s depreciation deduction.
obsolescence.
If you are a nonresident or part-year resident, you must complete
Column D – Enter the total New York depreciation you claimed on the
Form IT-399 as if you were a New York State resident for the
disposition of your property. If the property was placed in service during
entire year. Transfer the amounts from Part 1 and Part 2 to
Form IT-225, New York State Modifications. For more information on the
1981, do not include the amount of ACRS depreciation claimed for the
addition and subtraction modifications for ACRS and New York State
property on your 1981 New York State return.
depreciation, see Form IT-225-I, Instructions for Form IT-225.
Column E – Enter the total federal ACRS deduction you claimed on
If you are married and file a joint federal return but are required to file
your federal return for the disposition of your property. If the property
separate New York returns, complete only one Form IT-399 showing
was placed in service during 1981, do not include the amount of ACRS
the amounts from your joint federal return. Submit a schedule with each
depreciation claimed for the property on your 1981 federal return.
return showing each spouse’s separate amounts, as if separate federal
returns were filed, and explain any differences.
Do not use this form if you are depreciating IRC section 168(k) property.
For more information, see Form IT-398, New York State Depreciation
Schedule for IRC Section 168(k) Property.
399002140094
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