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CAUTION

If you elect the deduction for listed property, complete Part V of Form 4562 before completing Part I.

File Form 4562 with either of the following.

• Your original tax return (whether or not you filed it timely).

• An amended return filed within the time prescribed by law. An election made on an amended return must specify the item of section 179 property to which the election applies and the part of the cost of each such item to be taken into account. The amended return must also include any resulting adjustments to taxable income.

Revoking an election. An election (or any specification made in the election) to take a section 179 expense deduction for 2025 can be revoked without IRS approval by filing an amended return. The amended return must be filed within the time prescribed by law. The amended return must also include any resulting adjustments to taxable income (for example, allowable depreciation in that tax year for the item of section 179 property for which the election pertains). Once made, the revocation is irrevocable.

When Must You Recapture the Deduction?

You may have to recapture the section 179 expense deduction if, in any year during the property’s recovery period, the percentage of business use drops to 50% or less. In the year the business use drops to 50% or less, you include the recapture amount as ordinary income. You also increase the basis of the property by the recapture amount. Recovery periods for property are discussed later.

If you sell, exchange, or otherwise dis-