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New York Free Printable Form IT-398 New York State Depreciation Schedule for IRC Section 168(k) Property Tax Year 2023 for 2024 New York New York State Depreciation Schedule for IRC Section 168(k) Property

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New York State Depreciation Schedule for IRC Section 168(k) Property
Form IT-398 New York State Depreciation Schedule for IRC Section 168(k) Property Tax Year 2023

Department of Taxation and Finance New York State Depreciation Schedule for IRC Section 168(k) Property IT-398 Use this form only for property placed in service inside or outside New York State after May 31, 2003. Name(s) as shown on return Identifying number as shown on return Mark an X in one box to show the income tax return you are filing and submit this form with that return. IT-201, Resident IT-203, Nonresident and part-year resident IT-204, Partnership IT-205, Fiduciary Part 1 – Depreciation information for Internal Revenue Code (IRC) section 168(k) property (except for resurgence zone property and New York liberty zone property described in IRC section 1400L(b)(2)) placed in service inside or outside New York State, beginning after May 31, 2003 (see instructions) A Description of property (use additional sheet if needed) B C Date placed in service D E Depreciable Conv. basis (mmddyyyy) Method F New York depreciation deduction .00 .00 .00 .00 G Federal depreciation deduction .00 .00 .00 .00 .00 .00 .00 .00 .00 1 Enter column F and column G totals................................................................. 1 .00 Transfer the column F total to: Transfer the column G total to: Form IT-225, line 10, Total amount column and enter subtraction modification S-213 in the Number column. Form IT-225, line 1, Total amount column and enter addition modification A-209 in the Number column. Part 2 – Year-of-disposition adjustment for IRC section 168(k) property (except for resurgence zone property and New York liberty zone property described in IRC section 1400L(b)(2)) placed in service inside or outside New York State, beginning after May 31, 2003 (see instructions) Mark an X in the box if you claimed an investment credit on Form IT-212, Investment Credit, for any property listed   below (see instructions).......................................................................................................................................................................... A Description of property (use additional sheet if needed) B C Date of disposition Method of disposition D Total New York depreciation deduction E Total federal depreciation deduction .00 .00 .00 .00 .00 .00 .00 .00 2 Enter column D and column E totals................................................................. 2 3 Enter amount from line 2, column E......................................................................................................... 4 Enter amount from line 2, column D........................................................................................................ 5 Subtract line 4 from line 3........................................................................................................................ Transfer the line 5 amount to Form IT-225, line 10, Total amount column and enter subtraction modification S-214 in the Number column. 398001230094 .00 3 4 5 .00 .00 .00 .00 IT-398 (2023) (back) Instructions General instructions For tax years beginning after December 31, 2002, New York State (NYS) does not allow the federal special depreciation deduction for Internal Revenue Code (IRC) section 168(k) property (except for resurgence zone property and New York liberty zone property described in IRC section 1400L(b)(2)), placed in service inside or outside NYS after May 31, 2003. Instead, you are allowed a NYS depreciation deduction determined under IRC section 167, as that section would have applied to the property if it had been acquired on September 10, 2001. You may take the deduction for NYS depreciation until the property is disposed of or fully depreciated. If you claimed ACRS depreciation on your federal return for property placed in service beginning after May 31, 2003 (except for resurgence zone property and New York liberty zone property described in IRC section 1400L(b)(2)), complete Part 1. Use this form to compute your NYS adjustments for NYS depreciation and federal depreciation deductions. As described in IRC section 1400L(b)(2), New York liberty zone property must have been placed in service on or before December 31, 2006, or in the case of nonresidential real property and residential rental property, on or before December 31, 2009. Qualified resurgence zone property means qualified property described in IRC section 168(k) for which all of the following apply: • substantially all use of the property is in the resurgence zone; and • the use is in the active conduct of a trade or business by the taxpayer in the resurgence zone; and • the original use by the taxpayer commences after December 31, 2002. The resurgence zone is defined as the area of New York County bounded on the south by a line running from the intersection of the Hudson River with the Holland Tunnel, running east to Canal Street, then running along the centerline of Canal Street to the intersection of Bowery and Canal Street. It then runs in a southeasterly direction diagonally across the Manhattan Bridge Plaza to the Manhattan Bridge, along the centerline of the Manhattan Bridge to the point where the centerline would intersect with the east bank of the East River. It is bounded on the north by a line running from the intersection of the Hudson River with the Holland Tunnel, running north along West Avenue to the intersection of Clarkson Street. It then runs east along the centerline of Clarkson Street to the intersection of Washington Avenue, then running south along the centerline of Washington Avenue to the intersection of West Houston Street. It continues east along the centerline of West Houston Street, then at the intersection of Avenue of the Americas, continues east along the centerline of East Houston Street to the east bank of the East River. If you have an interest in a passive activity, the modifications required under Tax Law sections 612(b)(8) and (c)(16) for federal depreciation and NYS depreciation must be made for the full amounts allowable as a federal depreciation deduction (100%), even though the activity may be subject to federal loss deduction limitations. It is only under IRC section 469 (Passive Activity Losses and Credits Limited) that there is a limitation on passive loss deductions. In the case of a partnership using IRC section 168 to determine depreciation, the individual partners should make the adjustments to income on their personal income tax returns. The adjustments for partners are their distributive share of NYS depreciation and federal depreciation, determined by the partnership as of the end of the partnership year ending within the partner’s tax year. Form IT‑398 should be completed only by the partnership, and not by each individual partner. This treatment is the same for a beneficiary of an estate or trust that is on a fiscal-year basis. If you are a shareholder of an electing New York State S corporation, the S corporation should provide your proportionate share of the S corporation’s depreciation deduction. If you are a nonresident or part-year resident, you must complete Form IT-398 as if you were a NYS resident for the entire year. If you are married and file a joint federal return but are required to file separate NYS returns, complete only one Form IT-398 showing the amounts from your joint federal return. Submit a schedule with each return showing each spouse’s separate amounts, as if separate federal returns were filed, and explain any differences. Specific instructions See the instructions for your tax return for the Privacy notification or if you need help contacting the Tax Department. Enter your name and identifying number (your Social Security number or employer identification number) in the spaces provided on the front of this form. Mark an X in the box that indicates which NYS income tax return you are filing and submit this form with that return. Part 1 – Depreciation Depreciation is the annual deduction allowed to recover the cost or other basis of business or investment property having a useful life substantially beyond the tax year. However, land is never depreciable. Depreciation starts when you first use the property in your business or for the production of income. It ends when you take the property out of service, deduct all your depreciable cost or other basis, or no longer use the property in your business or for the production of income. (See Part 2 for the deduction to be taken in the year you dispose of the property.) Column C – Enter the depreciable basis of the assets you place in service in the same year. Depreciable basis is the cost or other basis reduced by the part of the basis you elected to amortize or expense under IRC section 179, and any federal investment credit subtracted when computing the federal unadjusted basis of the asset. Column D – The applicable convention determines the portion of the tax year for which the depreciation is allowable during a year property is either disposed of or placed in service. Enter in column D the convention you used from federal Form 4562, column E. Column E – Indicate the depreciation method selected for the computation of the NYS allowable depreciation deduction. Any consistent depreciation method that would have been allowed under IRC section 167, as that section would have applied to the property if it had been acquired on September 10, 2001, without regard to section 168(k), is acceptable. Column F – Enter your NYS depreciation deduction in column F, based on the method you elected in column E. Column G – Enter the depreciation deduction you took on your federal return. Part 2 – Year-of-disposition adjustment If you dispose of IRC section 168(k) property (except for resurgence zone property and New York liberty zone property described in IRC section 1400L(b)(2)) that you placed in service inside or outside NYS after May 31, 2003, you must adjust your NYS income by the difference between the total NYS depreciation deduction and the total federal depreciation deduction claimed on that property. Note: If property on which the investment credit, retail enterprise credit, or research and development credit was taken on Form IT-212, Investment Credit, is disposed of or removed from qualified use before its useful life or specified holding period ends, the difference between the credit taken and the credit allowed for actual use must be added to your income tax in the year of disposition. See Form IT-212 and its instructions for more information and to calculate the amount. Column C – Enter the method used to dispose of the property. Disposition includes, but is not limited to, sale, exchange, transfer, and obsolescence. Column D – Enter the total NYS depreciation deduction you claimed on the property you disposed of. Column E – Enter the total federal depreciation deduction you claimed on your federal return for the disposition of your property. 398002230094
Extracted from PDF file 2023-new-york-form-it-398.pdf, last modified October 2006

More about the New York Form IT-398 Individual Income Tax Voucher TY 2023

We last updated the New York State Depreciation Schedule for IRC Section 168(k) Property in January 2024, so this is the latest version of Form IT-398, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-398 directly from TaxFormFinder. You can print other New York tax forms here.

Other New York Individual Income Tax Forms:

TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form IT-201 Individual Income Tax Return
IT-201-V Payment Voucher for Income Tax Returns
Form IT-201-D Resident Itemized Deduction Schedule (DISCONTINUED)
Form IT-203 Nonresident Income Tax Return
Form IT-201-I Individual Income Tax Return Instructions

Download all NY tax forms View all 272 New York Income Tax Forms


Form Sources:

New York usually releases forms for the current tax year between January and April. We last updated New York Form IT-398 from the Department of Taxation and Finance in January 2024.

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Form IT-398 is a New York Individual Income Tax form. Payment vouchers are provided to accompany checks mailed to pay off tax liabilities, and are used by the revenue department to record the purpose of the check and the SSN/EIN of the taxpayer who sent it. Many states recommend that taxpayers also write their social security number and the purpose of the payment on the check itself, in case the accompanying payment voucher is misplaced or destroyed.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of New York Form IT-398

We have a total of twelve past-year versions of Form IT-398 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form IT-398

Form IT-398 New York State Depreciation Schedule for IRC Section 168(k) Property Tax Year 2023

2022 Form IT-398

Form IT-398 New York State Depreciation Schedule for IRC Section 168(k) Property Tax Year 2022

2021 Form IT-398

Form IT-398 New York State Depreciation Schedule for IRC Section 168(k) Property Tax Year 2021

2020 Form IT-398

Form IT-398:2020:New York State Depreciation Schedule for IRC Section 168(k) Property:it398

2019 Form IT-398

Form IT-398:2019:New York State Depreciation Schedule for IRC Section 168(k) Property:it398

2018 Form IT-398

Form IT-398:2018:New York State Depreciation Schedule for IRC Section 168(k) Property:it398

2017 Form IT-398

Form IT-398:2017:New York State Depreciation Schedule for IRC Section 168(k) Property:IT398

2016 Form IT-398

Form IT-398:2016:New York State Depreciation Schedule for IRC Section 168(k) Property:IT398

2015 Form IT-398

Form IT-398:2015:New York State Depreciation Schedule for IRC Section 168(k) Property:IT398

New York State Depreciation Schedule for IRC Section 168(k) Property 2014 Form IT-398

Form IT-398:2014:New York State Depreciation Schedule for IRC Section 168(k) Property:IT398

New York State Depreciation Schedule for IRC Section 168(k) Property 2013 Form IT-398

Form IT-398:2013:New York State Depreciation Schedule for IRC Section 168(k) Property:IT398

2012 Form IT-398

Form IT-398:2012:New York State Depreciation Schedule for IRC Section 168(k) Property:IT398


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