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File 1040ez online irs Depreciation Table of Contents Introduction Special Depreciation AllowanceQualified Property Election Not To Claim the Allowance Rules for Returns Filed Before June 1, 2002 Passenger Automobiles New York Liberty Zone BenefitsSpecial Liberty Zone Depreciation Allowance Increased Section 179 Deduction Liberty Zone Leasehold Improvement Property If you depreciate business property that you acquired and placed in service after September 10, 2001, new law contains provisions that may affect your depreciation deduction for that property. File 1040ez online irs Publication 946, How To Depreciate Property, contains information on depreciation. File 1040ez online irs However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. File 1040ez online irs The new provisions are in the Supplement to Publication 946, which is reprinted below. File 1040ez online irs Supplement to Publication 946 How To Depreciate Property   Introduction After Publication 946 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. File 1040ez online irs The new law made several changes in the tax rules explained in the publication. File 1040ez online irs Some of the changes apply to property placed in service during 2001. File 1040ez online irs This supplemental publication describes those changes and explains what you should do if you are affected by them. File 1040ez online irs The situations and examples in Publication 946 do not reflect any of the changes made by the Job Creation and Worker Assistance Act of 2002. File 1040ez online irs The new law contains the following provisions. File 1040ez online irs 30% depreciation deductions (special depreciation allowance and special New York Liberty Zone (Liberty Zone) depreciation allowance) for the year qualified property is placed in service after September 10, 2001. File 1040ez online irs An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. File 1040ez online irs A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. File 1040ez online irs An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. File 1040ez online irs If you believe you qualify for an increased deduction under any of these new rules, you must file the revised 2001 Form 4562 (dated March 2002) for 2001 calendar or fiscal years and 2000 fiscal years ending after September 10, 2001. File 1040ez online irs If you have already filed a tax return, this supplemental publication explains how to claim these benefits and how to elect not to claim the special depreciation allowance or special Liberty Zone depreciation allowance. File 1040ez online irs See Table 2 at the end of the supplement for an overview of the rules that apply if you filed your return before June 1, 2002. File 1040ez online irs Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. File 1040ez online irs The allowance is an additional deduction of 30% of the property's depreciable basis. File 1040ez online irs To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. File 1040ez online irs See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. File 1040ez online irs The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. File 1040ez online irs There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. File 1040ez online irs In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. File 1040ez online irs Example 1. File 1040ez online irs On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. File 1040ez online irs You did not elect to claim a section 179 deduction. File 1040ez online irs You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. File 1040ez online irs You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. File 1040ez online irs Example 2. File 1040ez online irs The facts are the same as in Example 1, except that you choose to deduct $24,000 of the property's cost as a section 179 deduction. File 1040ez online irs You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). File 1040ez online irs You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. File 1040ez online irs Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. File 1040ez online irs It is new property of one of the following types. File 1040ez online irs Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. File 1040ez online irs See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. File 1040ez online irs Water utility property. File 1040ez online irs See 25-year property on page 22 in Publication 946. File 1040ez online irs Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. File 1040ez online irs (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. File 1040ez online irs ) Qualified leasehold improvement property (defined later). File 1040ez online irs It meets the following tests (explained later under Tests To Be Met). File 1040ez online irs Acquisition date test. File 1040ez online irs Placed in service date test. File 1040ez online irs Original use test. File 1040ez online irs It is not excepted property (explained later under Excepted Property). File 1040ez online irs Qualified leasehold improvement property. File 1040ez online irs    Generally, this is any improvement to an interior part of a building that is nonresidential real property, provided all of the following requirements are met. File 1040ez online irs The improvement is made under or pursuant to a lease by the lessee (or any sublessee) or the lessor of that part of the building. File 1040ez online irs That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. File 1040ez online irs The improvement is placed in service more than 3 years after the date the building was first placed in service. File 1040ez online irs   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. File 1040ez online irs The enlargement of the building. File 1040ez online irs Any elevator or escalator. File 1040ez online irs Any structural component benefiting a common area. File 1040ez online irs The internal structural framework of the building. File 1040ez online irs   Generally, a binding commitment to enter into a lease is treated as a lease and the parties to the commitment are treated as the lessor and lessee. File 1040ez online irs However, a binding commitment between related persons is not treated as a lease. File 1040ez online irs Related persons. File 1040ez online irs   For this purpose, the following are related persons. File 1040ez online irs Members of an affiliated group. File 1040ez online irs The persons listed in items (1) through (9) under Related persons on page 8 of Publication 946 (except that “80% or more” should be substituted for “more than 10%” each place it appears). File 1040ez online irs An executor and a beneficiary of the same estate. File 1040ez online irs Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. File 1040ez online irs Acquisition date test. File 1040ez online irs    Generally, you must have acquired the property either: After September 10, 2001, and before September 11, 2004, but only if no written binding contract for the acquisition was in effect before September 11, 2001, or Pursuant to a written binding contract entered into after September 10, 2001, and before September 11, 2004. File 1040ez online irs   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001, and before September 11, 2004. File 1040ez online irs Placed in service date test. File 1040ez online irs   Generally, the property must be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. File 1040ez online irs   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. File 1040ez online irs Original use test. File 1040ez online irs   The original use of the property must have begun with you after September 10, 2001. File 1040ez online irs “Original use” means the first use to which the property is put, whether or not by you. File 1040ez online irs Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. File 1040ez online irs Excepted Property The following property does not qualify for the special depreciation allowance. File 1040ez online irs Property used by any person before September 11, 2001. File 1040ez online irs Property required to be depreciated using ADS. File 1040ez online irs This includes listed property used 50% or less in a qualified business use. File 1040ez online irs Qualified New York Liberty Zone leasehold improvement property (defined next). File 1040ez online irs Qualified New York Liberty Zone leasehold improvement property. File 1040ez online irs   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. File 1040ez online irs The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). File 1040ez online irs The improvement is placed in service after September 10, 2001, and before January 1, 2007. File 1040ez online irs No written binding contract for the improvement was in effect before September 11, 2001. File 1040ez online irs Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. File 1040ez online irs If you make this election for any property, it applies to all property in the same property class placed in service during the year. File 1040ez online irs To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. File 1040ez online irs When to make election. File 1040ez online irs   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. File 1040ez online irs   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). File 1040ez online irs Attach the election statement to the amended return. File 1040ez online irs At the top of the election statement, write “Filed pursuant to section 301. File 1040ez online irs 9100–2. File 1040ez online irs ” Revoking an election. File 1040ez online irs   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. File 1040ez online irs A request to revoke the election is subject to a user fee. File 1040ez online irs Rules for Returns Filed Before June 1, 2002 The following rules apply if you placed qualified property in service after September 10, 2001, and filed your return before June 1, 2002. File 1040ez online irs The rules apply to returns for the following years. File 1040ez online irs 2000 fiscal years that end after September 10, 2001. File 1040ez online irs 2001 calendar and fiscal years. File 1040ez online irs Claiming the allowance. File 1040ez online irs   If you did not claim the allowance on your return and did not make the election not to claim the allowance, you can do either of the following to claim the allowance. File 1040ez online irs File an amended return by the due date (not including extensions) of your return for the year following the year the property was placed in service. File 1040ez online irs Write “Filed Pursuant to Rev. File 1040ez online irs Proc. File 1040ez online irs 2002–33” at the top of the amended return. File 1040ez online irs File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. File 1040ez online irs Your return must be filed by the due date (including extensions). File 1040ez online irs Write “Automatic Change Filed Under Rev. File 1040ez online irs Proc. File 1040ez online irs 2002–33” on the appropriate line of Form 3115. File 1040ez online irs You must also file a copy (with signature) of the completed Form 3115 with the IRS National Office no later than when you file the original with your return. File 1040ez online irs For more information about filing Form 3115, including the address to send it to, see Revenue Procedure 2002–9, Revenue Procedure 2002–19, and Revenue Procedure 2002–33. File 1040ez online irs Example 1. File 1040ez online irs You are an individual and you use the calendar year. File 1040ez online irs You placed qualified property in service for your business in December 2001. File 1040ez online irs You filed your 2001 income tax return before April 15, 2002. File 1040ez online irs You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. File 1040ez online irs You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. File 1040ez online irs Proc. File 1040ez online irs 2002–33” at the top of the amended return. File 1040ez online irs You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. File 1040ez online irs Example 2. File 1040ez online irs The facts concerning your 2001 return are the same as in Example 1. File 1040ez online irs In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. File 1040ez online irs You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. File 1040ez online irs Proc. File 1040ez online irs 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. File 1040ez online irs You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. File 1040ez online irs Electing not to claim the allowance. File 1040ez online irs   Generally, you have elected not to claim the special depreciation allowance for a class of property if you: Filed your return timely (including extensions) for the year you placed qualified property in service and indicated on a statement with the return that you are not claiming the allowance, or Filed your return timely and filed an amended return within 6 months of the due date of the original return (not including extensions) and indicated on a statement with the amended return that you are not claiming the allowance. File 1040ez online irs The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. File 1040ez online irs The statement can be either attached to or written on the return. File 1040ez online irs You can, for example, write “not deducting 30%” on Form 4562. File 1040ez online irs Deemed election. File 1040ez online irs   If you have not followed either of the procedures described above to elect not to claim the allowance, you may still be treated as making the election. File 1040ez online irs You will be treated as making the election if you meet both of the following conditions. File 1040ez online irs You filed your return for the year you placed the property in service and claimed depreciation, but not the special allowance, for any class of property. File 1040ez online irs You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. File 1040ez online irs See Claiming the allowance, earlier. File 1040ez online irs Passenger Automobiles The limit on your depreciation deduction (including any section 179 deduction) for any passenger automobile that is qualified property (defined earlier) placed in service after September 10, 2001, and for which you claim the special depreciation allowance is increased. File 1040ez online irs Generally, the limit is increased from $3,060 to $7,660. File 1040ez online irs However, if the automobile is a qualified electric car, the limit is increased from $9,280 to $23,080 ($22,980 if placed in service in 2002). File 1040ez online irs Table 1 shows the maximum deduction amounts for 2001. File 1040ez online irs Table 1. File 1040ez online irs Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. File 1040ez online irs 11 Placed in Service After Sept. File 1040ez online irs 10 Passenger automobile $3,060 $7,660 Electric car 9,280 23,080 1 1$22,980 if you place an electric car in service in 2002. File 1040ez online irs Election not to claim the allowance. File 1040ez online irs   The increased maximum depreciation deduction does not apply if you elected not to claim the special depreciation allowance as explained earlier under Election Not To Claim the Allowance and Rules for Returns Filed Before June 1, 2002. File 1040ez online irs New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). File 1040ez online irs They include a special depreciation allowance for the year you place the property in service, an increased section 179 deduction, and the classification of certain leasehold improvement property as 5-year property. File 1040ez online irs Area defined. File 1040ez online irs   The New York Liberty Zone is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway) in the Borough of Manhattan in the City of New York, New York. File 1040ez online irs Special Liberty Zone Depreciation Allowance You can take a special depreciation allowance for qualified Liberty Zone property you place in service after September 10, 2001. File 1040ez online irs The allowance is an additional deduction of 30% of the property's depreciable basis. File 1040ez online irs To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. File 1040ez online irs See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. File 1040ez online irs The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. File 1040ez online irs There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. File 1040ez online irs In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. File 1040ez online irs You cannot claim the special Liberty Zone depreciation allowance for property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. File 1040ez online irs Qualified property is eligible for only one special depreciation allowance. File 1040ez online irs Example 1. File 1040ez online irs On November 1, 2001, you bought and placed in service in your business, which is in the Liberty Zone, qualified Liberty Zone property that cost $200,000. File 1040ez online irs You did not elect to claim a section 179 deduction. File 1040ez online irs You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. File 1040ez online irs You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. File 1040ez online irs Example 2. File 1040ez online irs The facts are the same as in Example 1, except that you choose to deduct $59,000 of the property's cost as a section 179 deduction. File 1040ez online irs (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). File 1040ez online irs You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). File 1040ez online irs You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. File 1040ez online irs Qualified Liberty Zone Property For a 2001 calendar or fiscal year and a 2000 fiscal year that ends after September 10, 2001, property qualifies for the special Liberty Zone depreciation allowance if it meets the following requirements. File 1040ez online irs It is one of the following types of property. File 1040ez online irs Used property depreciated under MACRS with a recovery period of 20 years or less. File 1040ez online irs See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. File 1040ez online irs Used water utility property. File 1040ez online irs See 25-year property on page 22 in Publication 946. File 1040ez online irs Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. File 1040ez online irs (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. File 1040ez online irs ) Certain nonresidential real property and residential rental property (defined later). File 1040ez online irs It meets the following tests (explained later under Tests to be met). File 1040ez online irs Acquisition date test. File 1040ez online irs Placed in service date test. File 1040ez online irs Substantial use test. File 1040ez online irs Original use test. File 1040ez online irs It is not excepted property (explained later under Excepted property). File 1040ez online irs Nonresidential real property and residential rental property. File 1040ez online irs   This property is qualifying property only to the extent it rehabilitates real property damaged, or replaces real property destroyed or condemned, as a result of the terrorist attack of September 11, 2001. File 1040ez online irs Property is treated as replacing destroyed or condemned property if, as part of an integrated plan, such property replaces real property included in a continuous area that includes real property destroyed or condemned. File 1040ez online irs   For these purposes, real property is considered destroyed (or condemned) only if an entire building or structure was destroyed (or condemned) as a result of the terrorist attack. File 1040ez online irs Otherwise, the property is considered damaged real property. File 1040ez online irs For example, if certain structural components of a building (such as walls, floors, or plumbing fixtures) are damaged or destroyed as a result of the terrorist attack, but the building is not destroyed (or condemned), then only costs related to replacing the damaged or destroyed structural components qualify for the special Liberty Zone depreciation allowance. File 1040ez online irs Tests to be met. File 1040ez online irs   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. File 1040ez online irs Acquisition date test. File 1040ez online irs   You must have acquired the property by purchase after September 10, 2001, and there must not have been a binding written contract for the acquisition in effect before September 11, 2001. File 1040ez online irs   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. File 1040ez online irs   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001. File 1040ez online irs Placed in service date test. File 1040ez online irs   Generally, the property must be placed in service for use in your trade or business or for the production of income before January 1, 2007 (January 1, 2010, in the case of qualifying nonresidential real property and residential rental property). File 1040ez online irs   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. File 1040ez online irs Substantial use test. File 1040ez online irs   Substantially all use of the property must be in the Liberty Zone and in the active conduct of your trade or business in the Liberty Zone. File 1040ez online irs Original use test. File 1040ez online irs   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. File 1040ez online irs   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. File 1040ez online irs Also, additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test if the original use of the property in the Liberty Zone began with you. File 1040ez online irs Excepted property. File 1040ez online irs   The following property does not qualify for the special Liberty Zone depreciation allowance. File 1040ez online irs Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. File 1040ez online irs Property required to be depreciated using ADS. File 1040ez online irs This includes listed property used 50% or less in a qualified business use. File 1040ez online irs Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). File 1040ez online irs Example. File 1040ez online irs In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. File 1040ez online irs New office furniture with a MACRS recovery period of 7 years. File 1040ez online irs A used computer with a MACRS recovery period of 5 years. File 1040ez online irs The computer had not previously been used within the Liberty Zone. File 1040ez online irs Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. File 1040ez online irs Because the computer is used property that had not previously been used in the Liberty Zone, it qualifies for the special Liberty Zone depreciation allowance, but not the special depreciation allowance. File 1040ez online irs Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. File 1040ez online irs If you make this election for any property, it applies to all property in the same property class placed in service during the year. File 1040ez online irs To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. File 1040ez online irs When to make the election. File 1040ez online irs   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. File 1040ez online irs   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). File 1040ez online irs Attach the election statement to the amended return. File 1040ez online irs At the top of the election statement, write “Filed pursuant to section 301. File 1040ez online irs 9100–2. File 1040ez online irs ” Revoking an election. File 1040ez online irs   Once you elect not to deduct the special Liberty Zone depreciation allowance for a class of property, you cannot revoke the election without IRS consent. File 1040ez online irs A request to revoke the election is subject to a user fee. File 1040ez online irs Returns filed before June 1, 2002. File 1040ez online irs   The rules that apply to the special depreciation allowance discussed earlier in Rules for Returns Filed Before June 1, 2002 under Special Depreciation Allowance also apply to the special Liberty Zone depreciation allowance. File 1040ez online irs Increased Section 179 Deduction Under section 179 of the Internal Revenue Code, you can choose to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. File 1040ez online irs For tax years beginning in 2000, that limit was $20,000. File 1040ez online irs For tax years beginning in 2001 and 2002, that limit is generally $24,000. File 1040ez online irs If the cost of qualifying section 179 property placed in service in a year is over $200,000, you must reduce the dollar limit (but not below zero) by the amount of the cost over $200,000. File 1040ez online irs Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. File 1040ez online irs The increase is the smaller of the following amounts. File 1040ez online irs $35,000. File 1040ez online irs The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. File 1040ez online irs If you use the revised 2001 Form 4562 (dated March 2002) for a tax year beginning in 2000, you must reduce the section 179 dollar limit to $20,000 before adding the additional amount for qualified property. File 1040ez online irs Qualified property. File 1040ez online irs   To qualify for the increased section 179 deduction, your property must be section 179 property that is either: Qualified Liberty Zone property, or Property that would be qualified Liberty Zone property except that it is eligible for the special depreciation allowance. File 1040ez online irs Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. File 1040ez online irs Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. File 1040ez online irs For information on the requirements that must be met for property to qualify for the section 179 deduction, see What Property Qualifies? on page 14 of Publication 946. File 1040ez online irs Example 1. File 1040ez online irs In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. File 1040ez online irs Because this cost is less than $35,000, the dollar limit on the section 179 deduction is increased by $25,000 to $49,000 ($24,000 + $25,000). File 1040ez online irs Example 2. File 1040ez online irs In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. File 1040ez online irs Because $35,000 is less than the cost of the property you place in service, the dollar limit on the section 179 deduction you can claim is increased by $35,000 to $59,000 ($24,000 + $35,000). File 1040ez online irs Reduced Dollar Limit Generally, you must reduce the dollar limit for a year by the cost of qualifying section 179 property placed in service in the year that is more than $200,000. File 1040ez online irs However, if the cost of your Liberty Zone property exceeds $200,000, you take into account only 50% (instead of 100%) of the cost of qualified property placed in service in a year. File 1040ez online irs Example. File 1040ez online irs In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. File 1040ez online irs Your increased dollar limit is $59,000 ($35,000 + $24,000). File 1040ez online irs Because 50% of the cost of the property you place in service ($230,000) is $30,000 more than $200,000, you must reduce your $59,000 dollar limit to $29,000 ($59,000 - $30,000). File 1040ez online irs Recapture Rules Rules similar to those explained on page 20 of Publication 946 under When Must You Recapture the Deduction? apply with respect to any qualified property you stop using in the Liberty Zone. File 1040ez online irs Returns Filed Before June 1, 2002 If you filed a return before June 1, 2002, and did not deduct the increased section 179 amount for qualified property placed in service after September 10, 2001, you can deduct the increased amount by filing an amended return by the due date (not including extensions) of the return for the year after the year the property was placed in service. File 1040ez online irs This rule applies to returns for the following years. File 1040ez online irs 2000 fiscal years that end after September 10, 2001. File 1040ez online irs 2001 calendar and fiscal years. File 1040ez online irs On the amended return, write “Filed Pursuant to Rev. File 1040ez online irs Proc. File 1040ez online irs 2002–33. File 1040ez online irs ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. File 1040ez online irs This means that it is depreciated over a recovery period of 5 years. File 1040ez online irs For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. File 1040ez online irs The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. File 1040ez online irs Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. File 1040ez online irs Returns Filed Before June 1, 2002 If you filed either of the following returns before June 1, 2002, and did not depreciate qualified Liberty Zone leasehold improvement property placed in service during the tax year as 5-year property using the straight line method, you should file an amended return before you file your return for the year after the year the property was placed in service. File 1040ez online irs Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). File 1040ez online irs Your 2001 calendar or fiscal year return. File 1040ez online irs On the amended return, write “Filed Pursuant to Rev. File 1040ez online irs Proc. File 1040ez online irs 2002–33. File 1040ez online irs ” Table 2. File 1040ez online irs Rules for Returns Filed Before June 1, 2002 Note:This chart highlights the rules for returns affected by the Job Creation and Worker Assistance Act of 2002 that were filed before June 1, 2002, without accounting for any of the new benefits under the law. File 1040ez online irs See the text for definitions and examples. File 1040ez online irs Do not rely on this chart alone. File 1040ez online irs IF you want to. File 1040ez online irs . File 1040ez online irs . File 1040ez online irs THEN you. File 1040ez online irs . File 1040ez online irs . File 1040ez online irs BY. File 1040ez online irs . File 1040ez online irs . File 1040ez online irs claim the special depreciation allowance or special Liberty Zone depreciation allowance • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service, or • must file Form 3115, Application for Change in Accounting Method, with your return for the year after the year the property was placed in service • the due date (including extensions) of your return for the year after the year the property was placed in service, and • must file a copy of your completed Form 3115 with the IRS National Office • the date you file the original Form 3115 with your return for the year after the year the property was placed in service. File 1040ez online irs elect not to claim the special depreciation allowance or the special Liberty Zone depreciation allowance 1 • must have filed your return timely for the year the property was placed in service, and   • must file an amended return stating you are not claiming the allowance • the date that is 6 months after the due date of the original return (not including extensions). File 1040ez online irs deduct the increased section 179 amount • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service. File 1040ez online irs use a 5-year recovery period for depreciating qualified Liberty Zone leasehold improvement property • should file an amended return • the date you file your return for the year after the year the property was placed in service. File 1040ez online irs 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Colorado Office of the Attorney General

Website: Colorado Office of the Attorney General

Address: Colorado Office of the Attorney General
Consumer Protection Section
1300 Broadway, 10th Floor
Denver, CO 80203

Phone Number: 720-508-6006

Toll-free: 1-800-222-4444 (CO)

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County Consumer Protection Offices

Pueblo County District Attorney's Office

Website: Pueblo County District Attorney's Office

Address: Pueblo County District Attorney's Office
Economic Crimes Unit
701 Court St.
Pueblo, CO 81003

Phone Number: 719-583-6030

Weld County District Attorney's Office

Website: Weld County District Attorney's Office

Address: Weld County District Attorney's Office
915 10th St.
PO Box 1167
Greeley, CO 80632-1167

Phone Number: 970-356-4010

Fourth Judicial District Attorney's Office

Website: Fourth Judicial District Attorney's Office

Address: Fourth Judicial District Attorney's Office
Economic Crimes Division
El Paso and Teller Counties
105 E. Vermijo Ave.
Colorado Springs, CO 80903

Phone Number: 719-520-6000 719-520-6002 (Fraud Hotline)

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City Consumer Protection Offices

Denver District Attorney's Office

Website: Denver District Attorney's Office

Address: Denver District Attorney's Office
Economic Crimes Unit
201 W. Colfax Ave.
Denver, CO 80202

Phone Number: 720-913-9179

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Regulatory Agencies

Website: Department of Regulatory Agencies

Address: Department of Regulatory Agencies
Division of Banking
1560 Broadway, Suite 975
Denver, CO 80202

Phone Number: 303-894-7575

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Department of Regulatory Agencies

Website: Department of Regulatory Agencies

Address: Department of Regulatory Agencies
Division of Insurance
1560 Broadway, Suite 850
Denver, CO 80202

Phone Number: 303-894-7490

Toll-free: 1-800-930-3745 (CO)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Department of Regulatory Agencies

Website: Department of Regulatory Agencies

Address: Department of Regulatory Agencies
Division of Securities
1560 Broadway, Suite 900
Denver, CO 80202

Phone Number: 303-894-2320

TTY: 1-800-659-2656

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Utilities Commission

Website: Public Utilities Commission

Address: Public Utilities Commission
Consumer Protection Division
1560 Broadway, Suite 250
Denver, CO 80202

Phone Number: 303-894-2070

Toll-free: 1-800-456-0858 (CO)

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The File 1040ez Online Irs

File 1040ez online irs Publication 530 - Additional Material Prev  Up  Next   Home   More Online Publications