Almost every business must invest in some major equipment, vehicles, machinery, or furniture in order to operate. Some businesses will require assets such as land, a building, patents, or franchise rights. Major assets that will be used in your business for more than a year are known as "capital assets" and are subject to special depreciation treatment under the tax laws.
Depreciation is claimed on Form 4562. A separate Form 4562 must be filed for each different business activity you engage in.
The file is in Adobe Portable Document Format (.pdf), and you will need the free Acrobat Reader to view and print the files.
Claiming Your Depreciation Deductions