Which item cannot be claimed for depreciation using Form 4562 - Depreciation and Amortization?

Land cannot be claimed for depreciation because it is considered a non-depletable asset. Unlike buildings, machinery, and equipment, which have a measurable useful life and can deteriorate over time, land is not subject to wear and tear. It typically retains its value or may even appreciate over time, making it exempt from depreciation under tax law. This principle is a foundational aspect of asset classification in accounting and tax reporting, where only assets that can lose value due to usage or obsolescence are eligible for depreciation deductions. Thus, Form 4562 is not applicable for land, while it is used for other assets such as buildings, machinery, and equipment that do depreciate over time.