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Luxury auto treatment on form IL-4562
Per the Illinois Department of Revenue:
if a taxpayer purchases a luxury auto and takes the maximum amount of bonus depreciation allowed at the federal level, there's no subtraction on
Form IL-4562
, line 5 in the 1st year for the luxury auto. Even if you have an addback bonus on Form IL-4562
, line 1 for a luxury auto placed in service in the current year, there will not be a subtraction on line 5. For this luxury auto there's no other current depreciation besides the bonus depreciation. Thus, if you follow the line instructions on
Form IL-4562
, line 5, there is no amount to enter. In later years, there will be a subtraction on line 5 for this asset, and when the asset is sold, the basis difference will be accounted for on Form IL-4562
. For luxury autos with bonus depreciation taken on them, like other Section 168(k) assets, this is merely a timing difference between federal and Illinois depreciation.