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Amend Colorado Tax Return

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Amend Colorado Tax Return

Amend colorado tax return Publication 901 - Additional Material Table of Contents How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Amend colorado tax return How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Amend colorado tax return By selecting the method that is best for you, you will have quick and easy access to tax help. Amend colorado tax return Free help with your tax return. Amend colorado tax return   Free help in preparing your return is available nationwide from IRS-certified volunteers. Amend colorado tax return The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income, elderly, disabled, and limited English proficient taxpayers. Amend colorado tax return The Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. Amend colorado tax return Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Amend colorado tax return Some VITA and TCE sites provide taxpayers the opportunity to prepare their return with the assistance of an IRS-certified volunteer. Amend colorado tax return To find the nearest VITA or TCE site, visit IRS. Amend colorado tax return gov or call 1-800-906-9887 or 1-800-829-1040. Amend colorado tax return   As part of the TCE program, AARP offers the Tax-Aide counseling program. Amend colorado tax return To find the nearest AARP Tax-Aide site, visit AARP's website at www. Amend colorado tax return aarp. Amend colorado tax return org/money/taxaide or call 1-888-227-7669. Amend colorado tax return   For more information on these programs, go to IRS. Amend colorado tax return gov and enter “VITA” in the search box. Amend colorado tax return Internet. Amend colorado tax return You can access the IRS website at IRS. Amend colorado tax return gov 24 hours a day, 7 days a week to: E-file your return. Amend colorado tax return Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Amend colorado tax return Check the status of your 2012 refund. Amend colorado tax return Go to IRS. Amend colorado tax return gov and click on Where’s My Refund. Amend colorado tax return Information about your return will generally be available within 24 hours after the IRS receives your e-filed return, or 4 weeks after you mail your paper return. Amend colorado tax return If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Amend colorado tax return Have your 2012 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Amend colorado tax return Where's My Refund? has a new look this year! The tool will include a tracker that displays progress through three stages: (1) return received, (2) refund approved, and (3) refund sent. Amend colorado tax return Where's My Refund? will provide an actual personalized refund date as soon as the IRS processes your tax return and approves your refund. Amend colorado tax return So in a change from previous filing seasons, you won't get an estimated refund date right away. Amend colorado tax return Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns. Amend colorado tax return You can obtain a free transcript online at IRS. Amend colorado tax return gov by clicking on Order a Return or Account Transcript under “Tools. Amend colorado tax return ” For a transcript by phone, call 1-800-908-9946 and follow the prompts in the recorded message. Amend colorado tax return You will be prompted to provide your SSN or Individual Taxpayer Identification Number (ITIN), date of birth, street address and ZIP code. Amend colorado tax return Download forms, including talking tax forms, instructions, and publications. Amend colorado tax return Order IRS products. Amend colorado tax return Research your tax questions. Amend colorado tax return Search publications by topic or keyword. Amend colorado tax return Use the Internal Revenue Code, regulations, or other official guidance. Amend colorado tax return View Internal Revenue Bulletins (IRBs) published in the last few years. Amend colorado tax return Figure your withholding allowances using the IRS Withholding Calculator at www. Amend colorado tax return irs. Amend colorado tax return gov/individuals. Amend colorado tax return Determine if Form 6251 (Alternative Minimum Tax— Individuals), must be filed by using our Alternative Minimum Tax (AMT) Assistant available at IRS. Amend colorado tax return gov by typing Alternative Minimum Tax Assistant in the search box. Amend colorado tax return Sign up to receive local and national tax news by email. Amend colorado tax return Get information on starting and operating a small business. Amend colorado tax return Phone. Amend colorado tax return Many services are available by phone. Amend colorado tax return   Ordering forms, instructions, and publications. Amend colorado tax return Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions (limited to 5 years). Amend colorado tax return You should receive your order within 10 days. Amend colorado tax return Asking tax questions. Amend colorado tax return Call the IRS with your tax questions at 1-800-829-1040. Amend colorado tax return Solving problems. Amend colorado tax return You can get face-to-face help solving tax problems most business days in IRS Taxpayer Assistance Centers (TAC). Amend colorado tax return An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Amend colorado tax return Call your local Taxpayer Assistance Center for an appointment. Amend colorado tax return To find the number, go to www. Amend colorado tax return irs. Amend colorado tax return gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Amend colorado tax return TTY/TDD equipment. Amend colorado tax return If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Amend colorado tax return The TTY/TDD telephone number is for individuals who are deaf, hard of hearing, or have a speech disability. Amend colorado tax return These individuals can also access the IRS through relay services such as the Federal Relay Service at www. Amend colorado tax return gsa. Amend colorado tax return gov/fedrelay. Amend colorado tax return TeleTax topics. Amend colorado tax return Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. Amend colorado tax return Checking the status of your 2012 refund. Amend colorado tax return To check the status of your 2012 refund, call 1-800-829-1954 or 1-800-829-4477 (automated Where's My Refund? information 24 hours a day, 7 days a week). Amend colorado tax return Information about your return will generally be available within 24 hours after the IRS receives your e-filed return, or 4 weeks after you mail your paper return. Amend colorado tax return If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Amend colorado tax return Have your 2012 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Amend colorado tax return Where's My Refund? will provide an actual personalized refund date as soon as the IRS processes your tax return and approves your refund. Amend colorado tax return Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns. Amend colorado tax return Evaluating the quality of our telephone services. Amend colorado tax return To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Amend colorado tax return One method is for a second IRS representative to listen in on or record random telephone calls. Amend colorado tax return Another is to ask some callers to complete a short survey at the end of the call. Amend colorado tax return Walk-in. Amend colorado tax return Some products and services are available on a walk-in basis. Amend colorado tax return   Products. Amend colorado tax return You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Amend colorado tax return Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Amend colorado tax return Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Amend colorado tax return Services. Amend colorado tax return You can walk in to your local TAC most business days for personal, face-to-face tax help. Amend colorado tax return An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Amend colorado tax return If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local TAC where you can talk with an IRS representative face-to-face. Amend colorado tax return No appointment is necessary—just walk in. Amend colorado tax return Before visiting, check www. Amend colorado tax return irs. Amend colorado tax return gov/localcontacts for hours of operation and services provided. Amend colorado tax return If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested by calling your local TAC. Amend colorado tax return You can leave a message and a representative will call you back within 2 business days. Amend colorado tax return All other issues will be handled without an appointment. Amend colorado tax return To call your local TAC, go to  www. Amend colorado tax return irs. Amend colorado tax return gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Amend colorado tax return Mail. Amend colorado tax return You can send your order for forms, instructions, and publications to the address below. Amend colorado tax return You should receive a response within 10 days after your request is received. Amend colorado tax return  Internal Revenue Service 1201 N. Amend colorado tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. Amend colorado tax return   The Taxpayer Advocate Service (TAS) is your voice at the IRS. Amend colorado tax return Its job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. Amend colorado tax return TAS offers free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. Amend colorado tax return Remember, the worst thing you can do is nothing at all. Amend colorado tax return   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. Amend colorado tax return You face (or your business is facing) an immediate threat of adverse action. Amend colorado tax return You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. Amend colorado tax return   If you qualify for help, they will do everything they can to get your problem resolved. Amend colorado tax return You will be assigned to one advocate who will be with you at every turn. Amend colorado tax return TAS has offices in every state, the District of Columbia, and Puerto Rico. Amend colorado tax return Although TAS is independent within the IRS, their advocates know how to work with the IRS to get your problems resolved. Amend colorado tax return And its services are always free. Amend colorado tax return   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. Amend colorado tax return The TAS tax toolkit at www. Amend colorado tax return TaxpayerAdvocate. Amend colorado tax return irs. Amend colorado tax return gov can help you understand these rights. Amend colorado tax return   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. Amend colorado tax return irs. Amend colorado tax return gov/advocate. Amend colorado tax return You can also call the toll-free number at 1-877-777-4778. Amend colorado tax return Deaf and hard of hearing individuals who have access to TTY/TDD equipment can call 1-800-829-4059. Amend colorado tax return These individuals can also access the IRS through relay services such as the Federal Relay Service at www. Amend colorado tax return gsa. Amend colorado tax return gov/fedrelay. Amend colorado tax return   TAS also handles large-scale or systemic problems that affect many taxpayers. Amend colorado tax return If you know of one of these broad issues, please report it through the Systemic Advocacy Management System at www. Amend colorado tax return irs. Amend colorado tax return gov/advocate. Amend colorado tax return Low Income Taxpayer Clinics (LITCs). Amend colorado tax return   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. Amend colorado tax return Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. Amend colorado tax return These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. Amend colorado tax return Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. Amend colorado tax return For more information and to find a clinic near you, see the LITC page on www. Amend colorado tax return irs. Amend colorado tax return gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. Amend colorado tax return This publication is also available by calling 1-800-TAX-FORM (1-800-829-3676) or at your local IRS office. Amend colorado tax return Free tax services. Amend colorado tax return   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. Amend colorado tax return Learn about free tax information from the IRS, including publications, services, and education and assistance programs. Amend colorado tax return The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. Amend colorado tax return The majority of the information and services listed in this publication are available to you free of charge. Amend colorado tax return If there is a fee associated with a resource or service, it is listed in the publication. Amend colorado tax return   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. Amend colorado tax return DVD for tax products. Amend colorado tax return You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. Amend colorado tax return Prior-year forms, instructions, and publications. Amend colorado tax return Tax Map: an electronic research tool and finding aid. Amend colorado tax return Tax law frequently asked questions. Amend colorado tax return Tax Topics from the IRS telephone response system. Amend colorado tax return Internal Revenue Code—Title 26 of the U. Amend colorado tax return S. Amend colorado tax return Code. Amend colorado tax return Links to other Internet-based tax research materials. Amend colorado tax return Fill-in, print, and save features for most tax forms. Amend colorado tax return Internal Revenue Bulletins. Amend colorado tax return Toll-free and email technical support. Amend colorado tax return Two releases during the year. Amend colorado tax return  – The first release will ship the beginning of January 2013. Amend colorado tax return  – The final release will ship the beginning of March 2013. Amend colorado tax return Purchase the DVD from National Technical Information Service (NTIS) at www. Amend colorado tax return irs. Amend colorado tax return gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). Amend colorado tax return Prev  Up  Next   Home   More Online Publications
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The Amend Colorado Tax Return

Amend colorado tax return Accelerated Cost Recovery System (ACRS) Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: ACRS Defined What Can and Cannot Be Depreciated Under ACRSRecovery Property Nonrecovery Property How To Figure the DeductionUnadjusted Basis Classes of Recovery Property Recovery Periods Alternate ACRS Method (Modified Straight Line Method) ACRS Deduction in Short Tax Year DispositionsEarly dispositions of ACRS property other than 15-, 18-, or 19-year real property. Amend colorado tax return Dispositions — mass asset accounts. Amend colorado tax return Early dispositions — 15-year real property. Amend colorado tax return Early dispositions — 18- and 19-year real property. Amend colorado tax return Depreciation Recapture Topics - This chapter discusses: The definition of ACRS What can and cannot be depreciated under ACRS How to figure the deduction Dispositions Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets 551 Basis of Assets 583 Starting a Business and Keeping Records Form (and Instructions) 3115 Application for Change in Accounting Method 4562 Depreciation and Amortization The Accelerated Cost Recovery System (ACRS) applies to property first used before 1987. Amend colorado tax return It is the name given to tax rules for getting back (recovering) through depreciation deductions the cost of property used in a trade or business or to produce income. Amend colorado tax return These rules are mandatory and generally apply to tangible property placed in service after 1980 and before 1987. Amend colorado tax return If you placed property in service during this period, you must continue to figure your depreciation under ACRS. Amend colorado tax return If you used listed property placed in service after June 18, 1984, less than 50% for business in 1995, see Predominant Use Test in chapter 3. Amend colorado tax return Listed property includes cars, other means of transportation, and certain computers. Amend colorado tax return Any additions or improvements placed in service after 1986, including any components of a building (such as plumbing, wiring, storm windows, etc. Amend colorado tax return ), are depreciated using MACRS, discussed in chapter 3 of Publication 946. Amend colorado tax return It does not matter that the underlying property is depreciated under ACRS or one of the other methods. Amend colorado tax return ACRS Defined ACRS consists of accelerated depreciation methods and an alternate ACRS method that could have been elected. Amend colorado tax return The alternate ACRS method used a recovery percentage based on a modified straight line method. Amend colorado tax return The law prescribes fixed percentages to be uses for each class of property. Amend colorado tax return Property depreciable under ACRS is called recovery property. Amend colorado tax return The recovery class of property determines the recovery period. Amend colorado tax return Generally, the class life of property places it in a 3-year, 5-year, 10-year, 15-year, 18-year, or 19-year recovery class. Amend colorado tax return Under ACRS, the prescribed percentages are used to recover the unadjusted basis of recovery property. Amend colorado tax return To figure a depreciation deduction, you multiply the prescribed percentage for the recovery class by the unadjusted basis of the recovery property. Amend colorado tax return You must continue to figure your depreciation under ACRS for property placed in service after 1980 and before 1987. Amend colorado tax return For property you placed in service after 1986, you must use MACRS, discussed in chapter 3 of Publication 946. Amend colorado tax return What Can and Cannot Be Depreciated Under ACRS ACRS applies to most depreciable tangible property placed in service after 1980 and before 1987. Amend colorado tax return It includes new or used and real or personal property. Amend colorado tax return The property must be for use in a trade or business or for the production of income. Amend colorado tax return Property you acquired before 1981 or after 1986 is not ACRS recovery property. Amend colorado tax return For information on depreciating property acquired before 1981, see chapter 2. Amend colorado tax return For information on depreciating property acquired after 1986, see chapter 3 of Publication 946. Amend colorado tax return Recovery Property Recovery property under ACRS is tangible depreciable property placed in service after 1980 and before 1987. Amend colorado tax return It generally includes new or used property that you acquired after 1980 and before 1987 for use in your trade or business or for the production of income. Amend colorado tax return Nonrecovery Property You cannot use ACRS for property you placed in service before 1981 or after 1986. Amend colorado tax return Nonrecovery property also includes: Intangible property, Property you elected to exclude from ACRS that is properly depreciated under a method of depreciation that is not based on a term of years, Certain public utility property, and Certain property acquired and excluded from ACRS because of the antichurning rules. Amend colorado tax return Intangible property. Amend colorado tax return   Intangible property is not depreciated under ACRS. Amend colorado tax return Property depreciated under methods not expressed in a term of years. Amend colorado tax return   Certain property depreciated under a method not expressed in a term of years is not depreciated under ACRS. Amend colorado tax return This included any property: If you made an irrevocable election to exclude such property, and In the first year that you could have claimed depreciation, you properly used the unit-of-production method or any method of depreciation not expressed in a term of years (not including the retirement-replacement-betterment method). Amend colorado tax return Public utility property. Amend colorado tax return   Public utility property for which the taxpayer does not use a normalization method of accounting is excluded from ACRS and is subject to depreciation under a special rule. Amend colorado tax return Additions or improvements to ACRS property after 1986. Amend colorado tax return   Any additions or improvements placed in service after 1986, including any components of a building (plumbing, wiring, storm windows, etc. Amend colorado tax return ) are depreciated using MACRS, discussed in chapter 3 of Publication 946. Amend colorado tax return It does not matter that the underlying property is depreciated under ACRS or one of the other methods. Amend colorado tax return How To Figure the Deduction After you determine that your property can be depreciated under ACRS, you are ready to figure your deduction. Amend colorado tax return Because the conventions are built into the percentage table rates, you only need to know the following: The unadjusted basis of your recovery property, The classes of recovery property, The recovery periods, and Whether to use the prescribed percentages based on accelerated methods or percentages based on using the alternate ACRS method. Amend colorado tax return Unadjusted Basis To figure your ACRS deduction, you multiply the unadjusted basis in your recovery property by its applicable percentage for the year. Amend colorado tax return Unadjusted basis is the same amount you would use to figure gain on a sale, but it is figured without taking into account any depreciation taken in earlier years. Amend colorado tax return However, reduce your original basis by the amount of amortization taken on the property and by any section 179 deduction claimed as discussed in chapter 2 of Publication 946. Amend colorado tax return If you buy property, your unadjusted basis is usually its cost minus any amortized amount and minus any section 179 deduction elected. Amend colorado tax return If you acquire property in some other way, such as by inheriting it, getting it as a gift, or building it yourself, you figure your unadjusted basis under other rules. Amend colorado tax return See Publication 551. Amend colorado tax return Classes of Recovery Property All recovery property under ACRS is in one of the following classes. Amend colorado tax return The class for your property was determined when you began to depreciate it. Amend colorado tax return 3-Year Property 3-year property includes automobiles, light-duty trucks (actual unloaded weight less than 13,000 pounds), and tractor units for use over-the-road. Amend colorado tax return Race horses over 2 years old when placed in service are 3-year property. Amend colorado tax return Any other horses over 12 years old when you placed them in service are also included in the 3-year property class. Amend colorado tax return The ACRS percentages for 3-year recovery property are: Recovery Period Percentage 1st year 25% 2nd year 38% 3rd year 37% If you used the percentages above to depreciate your 3-year recovery property, your property, except for certain passenger automobiles, is fully depreciated. Amend colorado tax return You cannot claim depreciation for this property after 1988. Amend colorado tax return 5-Year Property 5-year property includes computers, copiers, and equipment, such as office furniture and fixtures. Amend colorado tax return It also includes single purpose agricultural or horticultural structures and petroleum storage facilities (other than buildings and their structural components). Amend colorado tax return The ACRS percentages for 5-year recovery property are: Recovery period Percentage 1st year 15% 2nd year 22% 3rd through 5th year 21% If you used the percentages above to depreciate your 5-year recovery property, it is fully depreciated. Amend colorado tax return You cannot claim depreciation for this property after 1990. Amend colorado tax return 10-Year Property 10-year property includes certain real property such as theme-park structures and certain public utility property. Amend colorado tax return Manufactured homes (including mobile homes) and railroad tank cars are also 10-year property. Amend colorado tax return You do not treat a building, and its structural components, as 10-year property by reason of a change in use after you placed the property in service. Amend colorado tax return For example, a building (15-year real property) that was placed in service in 1981 and was converted to a theme-park structure in 1986 remains 15-year real property. Amend colorado tax return The ACRS percentages for 10-year recovery property are: Recovery Period Percentage 1st year 8% 2nd year 14% 3rd year 12% 4th through 6th year 10% 7th through 10th year 9% If you used the percentages above, you cannot claim depreciation for this property after 1995. Amend colorado tax return Example. Amend colorado tax return On April 21, 1986, you bought and placed in service a new mobile home for $26,000 to be used as rental property. Amend colorado tax return You paid $10,000 cash and signed a note for $16,000 giving you an unadjusted basis of $26,000. Amend colorado tax return On June 8, 1986, you bought and placed in service a used mobile home for use as rental property at a total cost of $11,500. Amend colorado tax return The total unadjusted basis of your 10-year recovery property placed in service in 1986 was $37,500 ($26,000 + $11,500). Amend colorado tax return Your ACRS deduction was $3,000 (8% × $37,500). Amend colorado tax return In 1987, your ACRS deduction was $5,250 (14% × $37,500). Amend colorado tax return In 1988, your ACRS deduction was $4,500 (12% × $37,500). Amend colorado tax return In 1989, 1990, and 1991, your ACRS deduction was $3,750 (10% × $37,500). Amend colorado tax return In 1992, 1993, 1994, and 1995 your deduction for each year is $3,375 (9% × $37,500). Amend colorado tax return 15-Year Real Property 15-year real property is real property that is recovery property placed in service before March 16, 1984. Amend colorado tax return It includes all real property, such as buildings, other than that designated as 5-year or 10-year property. Amend colorado tax return Unlike the 3-, 5-, or 10-year classes of property, the percentages for 15-year real property depend on when you placed the property in service during your tax year. Amend colorado tax return You could group 15-year real property by month and year placed in service. Amend colorado tax return In Table 1, at the end of this publication in the Appendix, find the month in your tax year that you placed the property in service in your trade or business or for the production of income. Amend colorado tax return You use the percentages listed under that month for each year of the recovery period to determine your depreciation deduction each year. Amend colorado tax return Example. Amend colorado tax return On March 5, 1984, you placed an apartment building in service in your business. Amend colorado tax return It is 15-year real property. Amend colorado tax return After subtracting the value of the land, your unadjusted basis in the building is $250,000. Amend colorado tax return You use the calendar year as your tax year. Amend colorado tax return March is the third month of your tax year. Amend colorado tax return Your ACRS deduction for 1984 was $25,000 (10% × $250,000). Amend colorado tax return For 1985, the percentage for the third month of the second year of the recovery period is 11%. Amend colorado tax return Your deduction was $27,500 (11% × $250,000). Amend colorado tax return For the third, fourth, and fifth years of the recovery period (1986, 1987, and 1988), the percentages are 9%, 8%, and 7%. Amend colorado tax return For 1989 through 1992, the percentage for the third month is 6%. Amend colorado tax return Your deduction each year is $15,000 (6% × $250,000). Amend colorado tax return For 1993, 1994, and 1995, the percentage for the third month is 5%. Amend colorado tax return Your depreciation deduction is $12,500 (5% × $250,000) for 1993, 1994, and 1995. Amend colorado tax return Low-Income Housing Low-income housing that was assigned a 15-year recovery period under ACRS includes the following types of property: Federally assisted housing projects where the mortgage is insured under section 221(d)(3) or 236 of the National Housing Act, or housing financed or assisted by direct loan or tax abatement under similar provisions of state or local laws. Amend colorado tax return Low-income rental housing for which a depreciation deduction for rehabilitation expenditures is allowed. Amend colorado tax return Low-income rental housing held for occupancy by families or individuals eligible to receive subsidies under section 8 of the United States Housing Act of 1937, as amended, or under the provisions of state or local laws that authorize similar subsidies for low-income families. Amend colorado tax return Housing financed or assisted by direct loan or insured under Title V of the Housing Act of 1949. Amend colorado tax return The ACRS percentages for low-income housing real property, like the regular 15-year real property percentages, depend on when you placed the property in service. Amend colorado tax return Find the month in your tax year in Table 2 or 3 at the end of this publication in the Appendix that you first placed the property in service as rental housing. Amend colorado tax return Use the percentages listed under that month for each year of the recovery period. Amend colorado tax return Table 2 shows percentages for low-income housing placed in service before May 9, 1985. Amend colorado tax return Table 3 shows percentages for low-income housing placed in service after May 8, 1985, and before 1987. Amend colorado tax return Example. Amend colorado tax return In May 1986, you acquired and placed in service a house that qualified as low-income rental housing under item 3) of the above listing. Amend colorado tax return You use the calendar year as your tax year. Amend colorado tax return You use Table C–3 because the property was placed in service after May 8, 1985. Amend colorado tax return Your unadjusted basis for the property, not including the land, was $59,000. Amend colorado tax return Your deduction for 1986 through 2001 is shown in the following table. Amend colorado tax return Year Rate Deduction 1986 8. Amend colorado tax return 9% $5,251 1987 12. Amend colorado tax return 1% 7,139 1988 10. Amend colorado tax return 5% 6,195 1989 9. Amend colorado tax return 1% 5,369 1990 7. Amend colorado tax return 9% 4,661 1991 6. Amend colorado tax return 9% 4,071 1992 5. Amend colorado tax return 9% 3,481 1993 5. Amend colorado tax return 2% 3,068 1994 4. Amend colorado tax return 6% 2,714 1995 4. Amend colorado tax return 6% 2,714 1996 4. Amend colorado tax return 6% 2,714 1997 4. Amend colorado tax return 6% 2,714 1998 4. Amend colorado tax return 6% 2,714 1999 4. Amend colorado tax return 5% 2,655 2000 4. Amend colorado tax return 5% 2,655 2001 1. Amend colorado tax return 5% 885 18-Year Real Property 18-year real property is real property that is recovery property placed in service after March 15, 1984, and before May 9, 1985. Amend colorado tax return It includes real property, such as buildings, other than that designated as 5-year, 10-year, 15-year real property, or low-income housing. Amend colorado tax return The ACRS percentages for 18-year real property depend on when you placed the property in service in your trade or business or for the production of income during your tax year. Amend colorado tax return There are also tables for 18-year real property in the Appendix. Amend colorado tax return Table 4 shows the percentages for 18-year real property you placed in service after June 22, 1984, and before May 9, 1985. Amend colorado tax return Table 5 is for 18-year real property placed in service after March 15, 1984, and before June 23, 1984. Amend colorado tax return Find the month in your tax year that you placed the property in service in a trade or business or for the production of income. Amend colorado tax return Use the percentages listed under that month for each year of the recovery period. Amend colorado tax return Example. Amend colorado tax return On April 28, 1985, you bought and placed in service a rental house. Amend colorado tax return The house, not including the land, cost $95,000. Amend colorado tax return This is your unadjusted basis for the house. Amend colorado tax return You use the calendar year as your tax year. Amend colorado tax return Because the house was placed in service after June 22, 1984, and before May 9, 1985, it is 18-year real property. Amend colorado tax return You use Table 4 to figure your deduction for the house. Amend colorado tax return April is the fourth month of your tax year. Amend colorado tax return Your deduction for 1985 through 2003 is shown in the following table. Amend colorado tax return Year Rate Deduction 1985 7. Amend colorado tax return 0% $6,650 1986 9. Amend colorado tax return 0% 8,550 1987 8. Amend colorado tax return 0% 7,600 1988 7. Amend colorado tax return 0% 6,650 1989 7. Amend colorado tax return 0% 6,650 1990 6. Amend colorado tax return 0% 5,700 1991 5. Amend colorado tax return 0% 4,750 1992 5. Amend colorado tax return 0% 4,750 1993 5. Amend colorado tax return 0% 4,750 1994 5. Amend colorado tax return 0% 4,750 1995 5. Amend colorado tax return 0% 4,750 1996 5. Amend colorado tax return 0% 4,750 1997 5. Amend colorado tax return 0% 4,750 1998 4. Amend colorado tax return 0% 3,800 1999 4. Amend colorado tax return 0% 3,800 2000 4. Amend colorado tax return 0% 3,800 2001 4. Amend colorado tax return 0% 3,800 2002 4. Amend colorado tax return 0% 3,800 2003 1. Amend colorado tax return 0% 950 19-Year Real Property 19-year real property is real property that is recovery property placed in service after May 8, 1985, and before 1987. Amend colorado tax return It includes all real property, other than that designated as 5-year, 10-year, 15-year, or 18-year real property, or low-income housing. Amend colorado tax return The ACRS percentages for 19-year real property depend on when you placed the property in service in a trade or business or for the production of income during your tax year. Amend colorado tax return Table 6 shows the percentages for 19-year real property. Amend colorado tax return You find the month in your tax year that you placed the property in service. Amend colorado tax return You use the percentages listed under that month for each year of the recovery period. Amend colorado tax return Recovery Periods Each item of recovery property is assigned to a class of property. Amend colorado tax return The classes of recovery property establish the recovery periods over which the unadjusted basis of items in a class is recovered. Amend colorado tax return The classes of property are: 3-Year property 5-Year property 10-Year property 15-Year real property Low-income housing 18-Year real property 19-Year real property Alternate ACRS Method (Modified Straight Line Method) ACRS provides an alternate ACRS method that could be elected. Amend colorado tax return This alternate ACRS method uses a recovery percentage based on a modified straight line method. Amend colorado tax return This alternate ACRS method generally uses percentages other than those from the tables. Amend colorado tax return If you elected the alternate ACRS method, you determine the recovery period by using the following schedule. Amend colorado tax return This schedule is for other than 18- and 19-year real property and low-income housing: In the case of: You could have elected a recovery period of: 3-year property 3, 5, or 12 years 5-year property 5, 12, or 25 years 15-year real property 15, 35, or 45 years Percentages. Amend colorado tax return   The straight-line percentages for the alternate ACRS method are: Recovery Period Percentage 5 years 20. Amend colorado tax return 00% 10 years 10. Amend colorado tax return 00% 12 years 8. Amend colorado tax return 333% 15 years 6. Amend colorado tax return 667% 25 years 4. Amend colorado tax return 00% 35 years 2. Amend colorado tax return 857%   You apply the percentage to the unadjusted basis(defined earlier) of the property to figure your ACRS deduction. Amend colorado tax return There are tables for 18- and 19-year real property later in this publication in the Appendix. Amend colorado tax return For 15-year real property, see 15-year real property, later. Amend colorado tax return 3-, 5-, and 10-year property. Amend colorado tax return   If you elected to use an alternate recovery percentage, you have to use the same recovery percentage for all property in that class that you placed in service in that tax year. Amend colorado tax return This applies throughout the recovery period you selected. Amend colorado tax return Half-year convention. Amend colorado tax return   If you elected the alternate method, only a half-year of depreciation was deducted for the year you placed the property in service. Amend colorado tax return This applied regardless of when in the tax year you placed the property in service. Amend colorado tax return For each of the remaining years in the recovery period, you take a full year's deduction. Amend colorado tax return If you hold the property for the entire recovery period, a half-year of depreciation is allowable for the year following the end of the recovery period. Amend colorado tax return Example. Amend colorado tax return You operate a small upholstery business. Amend colorado tax return On March 19, 1986, you bought and placed in service a $13,000 light-duty panel truck to be used in your business and a $500 electric saw. Amend colorado tax return You elected to use the alternate ACRS method. Amend colorado tax return You did not elect to take a section 179 deduction. Amend colorado tax return You decided to recover the cost of the truck, which is 3-year recovery property, over 5 years. Amend colorado tax return The saw is 5-year property, but you decided to recover its cost over 12 years. Amend colorado tax return For 1986, your ACRS deduction reflected the half-year convention. Amend colorado tax return In the first year, you deducted half of the amount determined for a full year. Amend colorado tax return Your ACRS deduction for 1986 is as follows: Light-duty truck   5 years straight line = 20% 20% ÷ $13,000 = $2,600 Half-year convention -½ of $2,600= $1,300. Amend colorado tax return 00     Electric saw   12 years straight line = 8. Amend colorado tax return 333% 8. Amend colorado tax return 333% ÷ $500 = $41. Amend colorado tax return 67 Half-year convention -½ of $41. Amend colorado tax return 67= 20. Amend colorado tax return 84 Total ACRS deduction for 1986 $1,320. Amend colorado tax return 84       You take a full year of depreciation for both the truck and the saw for the years 1987 through 1990. Amend colorado tax return Your ACRS deduction for each of those years is as follows: Light-duty truck   5 years straight line = 20% 20% ÷ $13,000 = $2,600     Electric saw     12 years straight line = 8. Amend colorado tax return 333% 8. Amend colorado tax return 333% ÷ $500 = $41. Amend colorado tax return 67 Total annual ACRS deduction for 1987 through 1990 $2,641. Amend colorado tax return 67       In 1991, you take a half-year of depreciation for the truck and a full year of depreciation for the saw. Amend colorado tax return Your ACRS deduction for 1991 is as follows: Light-duty truck   5 years straight line = 20% 20% ÷ $13,000 = $2,600 Half-year convention -½ of $2,600= $1,300. Amend colorado tax return 00     Electric saw   12 years straight line = 8. Amend colorado tax return 333% 8. Amend colorado tax return 333% ÷ $500 = $41. Amend colorado tax return 67 Total ACRS deduction for 1991 $1,341. Amend colorado tax return 67       The truck is fully depreciated after 1991. Amend colorado tax return You take a full year of depreciation for the saw for the years 1992 through 1997. Amend colorado tax return Your ACRS deduction for each of those years is as follows: Electric saw     12 years straight line = 8. Amend colorado tax return 333% 8. Amend colorado tax return 333% ÷ $500 = $41. Amend colorado tax return 67 Total annual ACRS deduction for 1992 through 1997 $41. Amend colorado tax return 67       You take a half-year of depreciation for the saw for 1998. Amend colorado tax return Your ACRS deduction for 1998 is as follows: Electric saw   12 years straight line = 8. Amend colorado tax return 333% 8. Amend colorado tax return 333% ÷ $500 = $41. Amend colorado tax return 67 Half-year convention -½ of $41. Amend colorado tax return 67= 20. Amend colorado tax return 84 Total ACRS deduction for 1998 $20. Amend colorado tax return 84       The saw is fully depreciated after 1998. Amend colorado tax return 15-year real property. Amend colorado tax return   Under ACRS, you could also elect to use the alternate ACRS method for 15-year real property. Amend colorado tax return The alternate ACRS method allows you to depreciate your 15-year real property using the straight line ACRS method over the alternate recovery periods of 15, 35, or 45 years. Amend colorado tax return If you selected a 15-year recovery period, you use the percentage (6. Amend colorado tax return 667%) from the schedule above. Amend colorado tax return You prorate this percentage for the number of months the property was in service in the first year. Amend colorado tax return If you selected a 35- or 45-year recovery period, you use either Table 11 or 15. Amend colorado tax return Alternate periods for 18-year real property. Amend colorado tax return   For 18-year real property, the alternate recovery periods are 18, 35, or 45 years. Amend colorado tax return The percentages for 18-year real property under the alternate method are in Tables 7, 8, 10, 11, 14, and 15 in the Appendix. Amend colorado tax return There are two tables for each alternate recovery period. Amend colorado tax return One table shows the percentage for property placed in service after June 22, 1984. Amend colorado tax return The other table has the percentages for property placed in service after March 15, 1984, and before June 23, 1984. Amend colorado tax return Alternate periods for 19-year real property. Amend colorado tax return   For 19-year real property, the alternate recovery periods are 19, 35, or 45 years. Amend colorado tax return If you selected a 19-year recovery period, use Table 9 to determine your deduction. Amend colorado tax return If you select a 35- or 45-year recovery period, use either Table 13 or 14. Amend colorado tax return Example. Amend colorado tax return You placed in service an apartment building on August 3, 1986. Amend colorado tax return The building is 19-year real property. Amend colorado tax return The sales contract allocated $300,000 to the building and $100,000 to the land. Amend colorado tax return You use the calendar year as your tax year. Amend colorado tax return You chose the alternate ACRS method over a recovery period of 35 years. Amend colorado tax return For 1986, you figure your ACRS deduction usingTable 13. Amend colorado tax return August is the eighth month of your tax year. Amend colorado tax return The percentage from Table 13 for the eighth month is 1. Amend colorado tax return 1%. Amend colorado tax return Your deduction was $3,300 ($300,000 ÷ 1. Amend colorado tax return 1%). Amend colorado tax return The deduction rate from ACRS Table 13 for years 2 through 20 is 2. Amend colorado tax return 9% so that your deduction in 1987 through 2005 is $8,700 ($300,000 ÷ 2. Amend colorado tax return 9%). Amend colorado tax return Alternate periods for low-income housing. Amend colorado tax return   For low-income housing, the alternate recovery periods are 15, 35, or 45 years. Amend colorado tax return If you selected a 15-year period for this property, use 6. Amend colorado tax return 667% as the percentage. Amend colorado tax return If you selected a 35- or 45-year period, use either Table 11, 12, or 15. Amend colorado tax return Election. Amend colorado tax return   You had to make the election to use the alternate ACRS method by the return due date (including extensions) for the tax year you placed the property in service. Amend colorado tax return Revocation of election. Amend colorado tax return   Your election to use an alternate ACRS method, once made, can be changed only with the consent of the Commissioner. Amend colorado tax return The Commissioner grants consent only in extraordinary circumstances. Amend colorado tax return Any request for a revocation will be considered a request for a ruling. Amend colorado tax return ACRS Deduction in Short Tax Year For a tax year that is less than 12 months, the ACRS deduction is prorated on a 12-month basis. Amend colorado tax return Figure the amount of the ACRS deduction for a short tax year as follows: First, you figure the ACRS deduction for a full year. Amend colorado tax return You figure this by multiplying the unadjusted basis by the recovery percentage. Amend colorado tax return You then multiply the ACRS deduction determined for a full tax year by a fraction. Amend colorado tax return The numerator (top number) of the fraction is the number of months in the short tax year and the denominator (bottom number) is 12. Amend colorado tax return For example, a corporation placed in service in June 1986 an item of 3-year property with an unadjusted basis of $10,000. Amend colorado tax return The corporation files a tax return, because of a change in its accounting period, for the 6-month short tax year ending June 30, 1986. Amend colorado tax return The full year's ACRS deduction for this item is $2,500 ($10,000 ÷ 25%), the first year percentage from the 3-year table. Amend colorado tax return The ACRS deduction for the short tax year is $1,250 ($2,500 ÷ 6/12). Amend colorado tax return You use the full ACRS percentages during the remaining years of the recovery period. Amend colorado tax return For the first tax year after the recovery period, the unrecovered basis will be deductible. Amend colorado tax return Exception. Amend colorado tax return   For the tax year in which you placed 15-, 18-, or 19-year real property in service or in the tax year you dispose of it, you compute the ACRS deduction for the number of months that the property is in service during that tax year. Amend colorado tax return You compute the number of months using either a full month or mid-month convention. Amend colorado tax return This is true regardless of the number of months in the tax year and the recovery period and method used. Amend colorado tax return Dispositions A disposition is the permanent withdrawal of property from use in your trade or business or in the production of income. Amend colorado tax return You can make a withdrawal by sale, exchange, retirement, abandonment, or destruction. Amend colorado tax return You generally recognize gain or loss on the disposition of an asset by sale. Amend colorado tax return However, nonrecognition rules can allow you to postpone some gain. Amend colorado tax return See Publication 544. Amend colorado tax return If you physically abandon property, you can deduct as a loss the adjusted basis of the asset at the time of its abandonment. Amend colorado tax return Your intent must be to discard the asset so that you will not use it again or retrieve it for sale, exchange, or other disposition. Amend colorado tax return Early dispositions. Amend colorado tax return   The disposal of an asset before the end of its specified recovery period, is referred to as an early disposition. Amend colorado tax return When an early disposition occurs, the depreciation deduction in the year of disposition depends on the class of property involved. Amend colorado tax return Early dispositions of ACRS property other than 15-, 18-, or 19-year real property. Amend colorado tax return   Generally, you get no ACRS deduction for the tax year in which you dispose of or retire recovery property, except for 15-, 18-, and 19-year real property. Amend colorado tax return This means there is no depreciation deduction under ACRS in the year you dispose of or retire any of your 3-, 5-, or 10-year recovery property. Amend colorado tax return Dispositions — mass asset accounts. Amend colorado tax return   The law provides a special rule to avoid the calculation of gain on the disposition of assets from mass asset accounts. Amend colorado tax return A mass asset account includes items usually minor in value in relation to the group, numerous in quantity, impractical to separately identify, and not usually accounted for on a separate basis, but on a total dollar value. Amend colorado tax return Examples of mass assets include minor items of office, plant, and store furniture and fixtures. Amend colorado tax return   Under the special rule, if you elected to use a mass asset account, you recognize gain to the extent of the proceeds from the disposition of the asset. Amend colorado tax return You leave the unadjusted basis of the property in the account until recovered in future years. Amend colorado tax return If you did this, include the total proceeds realized from the disposition in income on the tax return for the year of disposition. Amend colorado tax return Early dispositions — 15-year real property. Amend colorado tax return   If you dispose of 15-year real property, you base your ACRS deduction for the year of disposition on the number of months in use. Amend colorado tax return You use a full-month convention. Amend colorado tax return For a disposition at any time during a particular month before the end of the recovery period, no deduction is allowed for the month of disposition. Amend colorado tax return This applies whether you use the regular ACRS method or elected the alternate ACRS method. Amend colorado tax return Example. Amend colorado tax return You purchased and placed in service a rental house on March 2, 1984, for $98,000 (not including the cost of land). Amend colorado tax return You file your return based on a calendar year. Amend colorado tax return Your rate from Table 1 for the third month is 10%. Amend colorado tax return Your ACRS deduction for 1984 was $9,800 ($98. Amend colorado tax return 000 ÷ 10%). Amend colorado tax return For 1985 through 1988, you figured your ACRS deductions using 11%, 9%, 8%, and 7% ÷ $98,000. Amend colorado tax return For 1989 through 1992, you figured your ACRS deductions using 6% for each year. Amend colorado tax return The deduction each year was $98,000 ÷ 6%. Amend colorado tax return For 1993 and 1994, the ACRS deduction is ($98,000 ÷ 5%) $4,900 for each year. Amend colorado tax return You sell the house on June 1, 1995. Amend colorado tax return You figure your ACRS deduction for 1995 for the full year and then prorate that amount for the months of use. Amend colorado tax return The full ACRS deduction for 1995 is $4,900 ($98,000 ÷ 5%). Amend colorado tax return You then prorate this amount to the 5 months in 1995 during which it was rented. Amend colorado tax return Your ACRS deduction for 1995 is $2,042 ($4,900 ÷ 5/12). Amend colorado tax return Early dispositions — 18- and 19-year real property. Amend colorado tax return   If you dispose of 18- or 19-year real property, you base your ACRS deduction for the year of disposition on the number of months in use. Amend colorado tax return For 18-year property placed in service before June 23, 1984, use a full-month convention on a disposition. Amend colorado tax return For 18-year property placed in service after June 22, 1984, and for 19-year property, determine the number of months in use by using the mid-month convention. Amend colorado tax return Under the mid-month convention,treat real property disposed of any time during a month as disposed of in the middle of that month. Amend colorado tax return Count the month of disposition as half a month of use. Amend colorado tax return Example. Amend colorado tax return You purchased and placed in service a rental house on July 2, 1984, for $100,000 (not including the cost of land). Amend colorado tax return You file your return based on a calendar year. Amend colorado tax return Your rate from Table 4 for the seventh month is 4%. Amend colorado tax return You figured your ACRS deduction for 1984 was $4,000 ($100,000 ÷ 4%). Amend colorado tax return In 1985 through 1994, your ACRS deductions were 9%, 8%, 8%, 7%, 6%, 6%, 5%, 5%, and 5% ÷ $100,000. Amend colorado tax return You sell the house on September 24, 1995. Amend colorado tax return Figure your ACRS deduction for 1995 for the months of use. Amend colorado tax return The full ACRS deduction for 1995 is $5,000 ($100,000 ÷ 5%). Amend colorado tax return Prorate this amount for the 8. Amend colorado tax return 5 months in 1995 that you held the property. Amend colorado tax return Under the mid-month convention, you count September as half a month. Amend colorado tax return Your ACRS deduction for 1995 is $3,542 ($5,000 ÷ 8. Amend colorado tax return 5/12). Amend colorado tax return Depreciation Recapture If you dispose of property depreciated under ACRS that is section 1245 recovery property, you will generally recognize gain or loss. Amend colorado tax return Gain recognized on a disposition is ordinary income to the extent of prior depreciation deductions taken. Amend colorado tax return This recapture rule applies to all personal property in the 3-year, 5-year, and 10-year classes. Amend colorado tax return You recapture gain on manufactured homes and theme park structures in the 10-year class as section 1245 property. Amend colorado tax return Section 1245 property generally includes all personal property. Amend colorado tax return See Section 1245 property in chapter 4 of Publication 544 for more information. Amend colorado tax return You treat dispositions of section 1250 real property on which you have a gain as section 1245 recovery property. Amend colorado tax return You recognize gain on this property as ordinary income to the extent of prior depreciation deductions taken. Amend colorado tax return Section 1250 property includes most real property. Amend colorado tax return See Section 1250 property in chapter 4 of Publication 544 for more information. Amend colorado tax return This rule applies to all section 1250 real property except the following property: Any 15-, 18-, or 19-year real property that is residential rental property. Amend colorado tax return Any 15-, 18-, or 19-year real property that you elected to depreciate using the alternate ACRS method. Amend colorado tax return Any 15-, 18-, or 19-year real property that is subsidized low-income housing. Amend colorado tax return For these recapture rules, you treat the section 179 deduction and 50% of the investment credit that reduced your basis as depreciation. Amend colorado tax return See Publication 544 for further discussion of dispositions of section 1245 and 1250 property. Amend colorado tax return Prev  Up  Next   Home   More Online Publications