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File 1040ez

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File 1040ez

File 1040ez Index A Additional Medicare Tax, What's New for 2013, What's New, Employment Taxes, Additional Medicare Tax. File 1040ez Advertising, Advertising expenses. File 1040ez Amortization Anti-abuse rule, Anti-abuse rule. File 1040ez Anti-churning rules, Anti-Churning Rules Atmospheric pollution control facilities, Pollution Control Facilities Corporate organization costs, Costs of Organizing a Corporation Dispositions of section 197 intangibles, Disposition of Section 197 Intangibles Experimental costs, Research and Experimental Costs Geological and geophysical costs, Geological and Geophysical Costs How to deduct, How To Deduct Amortization Incorrect amount deducted, Incorrect Amount of Amortization Deducted Partnership organization costs, Costs of Organizing a Partnership Pollution control facilities, Pollution Control Facilities Reforestation costs, Reforestation Costs Reforestation expenses, Reforestation Costs Related person, Related person. File 1040ez Research costs, Research and Experimental Costs Section 197 intangibles defined, Section 197 Intangibles Defined Start-up costs, Business Start-Up Costs Starting a businesscosts, Starting a Business Anticipated liabilities, Anticipated liabilities. File 1040ez Assessments, local, Taxes for local benefits. File 1040ez Assistance (see Tax help) At-risk limits, At-risk limits. File 1040ez Attorney fees, Legal and professional fees. File 1040ez Awards, Achievement awards. File 1040ez , Length-of-service award. File 1040ez , Safety achievement award. File 1040ez B Bad debts Defined, Definition of Business Bad Debt How to treat, How To Claim a Business Bad Debt Recovery, Recovery of a Bad Debt Types of, Types of Business Bad Debts When worthless, When a Debt Becomes Worthless Bonuses Employee, Bonuses Royalties, Bonuses and advanced royalties. File 1040ez Bribes, Bribes and kickbacks. File 1040ez Business Assets, Business Assets Books and records, Business books and records, etc. File 1040ez Meal expenses, Meals and Entertainment Use of car, Business use of your car. File 1040ez , Car and truck expenses. File 1040ez Use of home, Business use of your home. File 1040ez C Campaign contribution, Political contributions. File 1040ez Capital expenses, Capital Expenses, Capital versus Deductible Expenses Capitalization of interest, Capitalization of Interest Car allowance, Car allowance. File 1040ez Car and truck expenses, Car and truck expenses. File 1040ez Carrying charges, Carrying Charges Charitable contributions, Charitable contributions. File 1040ez Circulation costs, newspapers and periodicals, Circulation Costs Club dues, Club dues and membership fees. File 1040ez Comments on publication, Comments and suggestions. File 1040ez Commitment fees, Commitment fees or standby charges. File 1040ez Computer software, Computer software. File 1040ez Constant-yield method, OID, Constant-yield method. File 1040ez Contested liability, Contested liability. File 1040ez Contributions Charitable, Charitable contributions. File 1040ez Political, Political contributions. File 1040ez Copyrights, Patents, copyrights, etc. File 1040ez Cost depletion, Cost Depletion Cost of getting lease, Cost of Getting a Lease, Getting a Lease Cost of goods sold, Cost of Goods Sold Cost recovery, Cost recovery. File 1040ez Covenant not to compete, Covenant not to compete. File 1040ez Credit card convenience fees, Credit card convenience fees. File 1040ez D De minimis OID, De minimis OID. File 1040ez Debt-financed distributions, Debt-financed distribution. File 1040ez Definitions Business bad debt, Definition of Business Bad Debt Necessary expense, What Can I Deduct? Ordinary expense, What Can I Deduct? Section 197 intangibles, Section 197 Intangibles Defined Demolition expenses, Demolition expenses or losses. File 1040ez Depletion Mineral property, Mineral Property Oil and gas wells, Oil and Gas Wells Percentage table, Mines and other natural deposits. File 1040ez Timber, Timber Who can claim, Who Can Claim Depletion? Depreciation (see Cost recovery) Development costs, miners, Development Costs Disabled, improvements for, Barrier Removal Costs Drilling and development costs, Intangible Drilling Costs Dues, membership, Club dues and membership fees. File 1040ez E Economic interest, Who Can Claim Depletion? Economic performance, Economic performance. File 1040ez Education expenses, Education Expenses, Education expenses. File 1040ez Elderly, improvements for, Barrier Removal Costs Employee benefit programs, Employee benefit programs. File 1040ez Employment taxes, Employment Taxes Entertainment, Reimbursement of Travel, Meals, and Entertainment Excise taxes, Excise taxes. File 1040ez Experimentation costs, Research and Experimental Costs, Research and Experimental Costs Exploration costs, Exploration Costs F Fees Commitment, Commitment fees or standby charges. File 1040ez Legal and professional, Legal and professional fees. File 1040ez Regulatory, Licenses and regulatory fees. File 1040ez Tax return preparation, Tax preparation fees. File 1040ez Fines, Penalties and fines. File 1040ez Forgone, Forgone interest. File 1040ez Forgone interest, Forgone interest. File 1040ez Form 3115, Form 3115. File 1040ez , Changing Your Accounting Method 4562, How To Deduct Amortization 5213, Using the presumption later. File 1040ez 8826, Disabled access credit. File 1040ez 8885, Health coverage tax credit. File 1040ez T, Form T. File 1040ez Franchise, Franchise, trademark, or trade name. File 1040ez , Franchise, trademark, trade name. File 1040ez Franchise taxes, Franchise taxes. File 1040ez Free tax services, Free help with your tax return. File 1040ez Fringe benefits, Fringe Benefits Fuel taxes, Fuel taxes. File 1040ez G Gas wells, Natural Gas Wells Geological and geophysical costs Development, oil and gas, Geological and Geophysical Costs Exploration, oil and gas, Geological and Geophysical Costs Geothermal wells, Intangible Drilling Costs, Mines and Geothermal Deposits Gifts, nominal value, Gifts of nominal value. File 1040ez Going into business, Going Into Business, Starting a Business Goodwill, Goodwill. File 1040ez Gross income, not-for-profit activity, Gross Income H Health insurance, deduction for self-employed, Self-Employed Health Insurance Deduction Heating equipment, Heating equipment. File 1040ez Help (see Tax help) Home, business use of, Business use of your home. File 1040ez I Impairment-related expenses, Impairment-related expenses. File 1040ez Improvements, Improvements By lessee, Improvements by Lessee For disabled and elderly, Barrier Removal Costs Income taxes, Income Taxes Incorrect amount of amortization deducted, Incorrect Amount of Amortization Deducted Insurance Capitalized premiums, Capitalized Premiums Deductible premiums, Deductible Premiums Nondeductible premiums, Nondeductible Premiums Self-employed individuals, Self-Employed Health Insurance Deduction Intangible drilling costs, Intangible Drilling Costs Intangibles, amortization, Section 197 Intangibles Interest, Forgone interest. File 1040ez Allocation of, Allocation of Interest Below-market, Below-Market Loans Business expense for, Interest Capitalized, Capitalized interest. File 1040ez , Capitalization of Interest Carrying charge, Carrying Charges Deductible, Interest You Can Deduct Life insurance policies, Interest on loans with respect to life insurance policies. File 1040ez Not deductible, Interest You Cannot Deduct Refunds of, Refunds of interest. File 1040ez When to deduct, When To Deduct Interest Internet-related expenses, Internet-related expenses. File 1040ez Interview expenses, Interview expense allowances. File 1040ez K Key person, Who is a key person? Kickbacks, Bribes and kickbacks. File 1040ez L Leases Canceling, Canceling a lease. File 1040ez Cost of getting, Cost of Getting a Lease, Getting a Lease Improvements by lessee, Improvements by Lessee Leveraged, Leveraged leases. File 1040ez Mineral, Bonuses and advanced royalties. File 1040ez Oil and gas, Bonuses and advanced royalties. File 1040ez Sales distinguished, Lease or purchase. File 1040ez Taxes on, Taxes on Leased Property Legal and professional fees, Legal and professional fees. File 1040ez Licenses, Government-granted license, permit, etc. File 1040ez , Licenses and regulatory fees. File 1040ez Life insurance coverage, Life insurance coverage. File 1040ez Limit on deductions, Not-for-Profit Activities Line of credit, Line of credit (continuous borrowings). File 1040ez Loans Below-market interestrate, Below-Market Loans Discounted, Discounted loan. File 1040ez Loans or Advances, Loans or Advances Lobbying expenses, Lobbying expenses. File 1040ez Long-term care insurance, Qualified long-term care insurance. File 1040ez Losses, Limits on losses. File 1040ez , Not-for-Profit Activities At-risk limits, At-risk limits. File 1040ez Net operating, Net operating loss. File 1040ez Passive activities, Passive activities. File 1040ez M Machinery parts, Machinery parts. File 1040ez Meals, Reimbursement of Travel, Meals, and Entertainment Meals and entertainment, Meals and Entertainment Meals and lodging, Meals and lodging. File 1040ez Methods of accounting, When Can I Deduct an Expense? Mining Depletion, Mines and Geothermal Deposits Development costs, Development Costs Exploration costs, Exploration Costs Mortgage, Mortgage. File 1040ez , Expenses paid to obtain a mortgage. File 1040ez Moving expenses, machinery, Moving machinery. File 1040ez N Natural gas, Natural Gas Wells Nonqualifying intangibles, Assets That Are Not Section 197 Intangibles Not-for-profit activities, Not-for-Profit Activities Not-for-profit activity, gross income, Gross Income O Office in home, Business use of your home. File 1040ez Oil and gas wells Depletion, Oil and Gas Wells Drilling costs, Intangible Drilling Costs Partnerships, Partnerships and S Corporations S corporations, Partnerships and S Corporations Optional safe harbor method, Optional safe harbor method. File 1040ez Optional write-off method Circulation costs, Optional Write-off of Certain Tax Preferences Experimental costs, Optional Write-off of Certain Tax Preferences Intangible drilling and development costs, Optional Write-off of Certain Tax Preferences Mining exploration and development costs, Optional Write-off of Certain Tax Preferences Research costs, Optional Write-off of Certain Tax Preferences Organization costs Corporate, Costs of Organizing a Corporation Partnership, Costs of Organizing a Partnership Organizational costs, Business Start-Up and Organizational Costs Original issue discount, Original issue discount (OID). File 1040ez Outplacement services, Outplacement services. File 1040ez P Passive activities, Passive activities. File 1040ez Payments in kind, Payments in kind. File 1040ez Penalties, Prepayment penalty. File 1040ez Deductible, Penalties and fines. File 1040ez Nondeductible, Penalties and fines. File 1040ez Prepayment, Prepayment penalty. File 1040ez Per diem and car allowances, Per Diem and Car Allowances Percentage depletion, Percentage Depletion Personal property tax, Personal property tax. File 1040ez Political contributions, Political contributions. File 1040ez Pollution control facilities, Pollution Control Facilities Prepaid expense, Prepayment. File 1040ez Extends useful life, Prepayment. File 1040ez Interest, Prepaid interest. File 1040ez , Prepaid interest. File 1040ez Rent, Rent paid in advance. File 1040ez Prepayment penalty, Prepayment penalty. File 1040ez Presumption of profit, Not-for-Profit Activities Publications (see Tax help) R Real estate taxes, Real Estate Taxes Recapture Exploration expenses, Recapture of exploration expenses. File 1040ez Timber property, Recapture. File 1040ez Recordkeeping, Partnerships and S Corporations Recovery of amount deducted, Recovery of amount deducted (tax benefit rule). File 1040ez Refiners who cannot claim percentage depletion, Refiners who cannot claim percentage depletion. File 1040ez Reforestation costs, Reforestation Costs, Reforestation Costs Regulatory fees, Licenses and regulatory fees. File 1040ez Reimbursements, Reimbursements Business expenses, Reimbursements for Business Expenses Mileage, Per Diem and Car Allowances Nonaccountable plan, Nonaccountable Plans Per diem , Per Diem and Car Allowances Related persons Anti-churning rules, Related person. File 1040ez Coal or iron ore, Disposal to related person. File 1040ez Payments to, Related person. File 1040ez , Related person. File 1040ez Refiners, Related person. File 1040ez Unreasonable rent, Unreasonable rent. File 1040ez Removal, Retired Asset Removal Costs, Barrier Removal Costs Rent expense, capitalizing, Capitalizing Rent Expenses Repairs, Repairs. File 1040ez Repayments (claim of right), Repayments. File 1040ez Research costs, Research and Experimental Costs, Research and Experimental Costs Retiree drug subsidy, What's New for 2013, What's New S Sales taxes, Sales tax. File 1040ez Section 179 expense deduction (see Cost recovery) Self-employed health insurance deduction, Self-Employed Health Insurance Deduction Self-employment tax, Self-employment tax. File 1040ez Self-insurance, reserve for, Nondeductible Premiums Sick pay, Sick and Vacation Pay Standard meal allowance, Standard meal allowance. File 1040ez Standard mileage rate, Car allowance. File 1040ez (see Business use of your car) Standby charges, Commitment fees or standby charges. File 1040ez Start-up costs, Business Start-Up and Organizational Costs, Business Start-Up Costs Subscriptions, Subscriptions. File 1040ez Suggestions for publication, Comments and suggestions. File 1040ez Supplies and materials, Supplies and materials. File 1040ez T Tax help, How To Get Tax Help Tax preparation fees, Tax preparation fees. File 1040ez Taxes, Taxes on Leased Property Carrying charge, Carrying Charges Employment, Employment Taxes Excise, Excise taxes. File 1040ez Franchise, Franchise taxes. File 1040ez Fuel, Fuel taxes. File 1040ez Income, Income Taxes Leased property, Taxes on Leased Property Personal property, Personal property tax. File 1040ez Real estate, Real Estate Taxes Sales, Sales tax. File 1040ez Unemployment fund, Unemployment fund taxes. File 1040ez Telephone, Telephone. File 1040ez Timber, Reforestation Costs, Timber Tools, Tools. File 1040ez Trademark, trade name, Franchise, trademark, or trade name. File 1040ez , Franchise, trademark, trade name. File 1040ez Travel, Reimbursement of Travel, Meals, and Entertainment TTY/TDD information, How To Get Tax Help U Unemployment fund taxes, Unemployment fund taxes. File 1040ez Unpaid expenses, related person, Related person. File 1040ez Utilities, Utilities. File 1040ez V Vacation pay, Sick and Vacation Pay W Wages Property, Property Tests for deducting pay, Tests for Deducting Pay Welfare benefit funds, Welfare benefit funds. File 1040ez Prev  Up     Home   More Online Publications
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Page Last Reviewed or Updated: 12-Dec-2013

The File 1040ez

File 1040ez Internal Revenue Bulletin:  2012-14  April 2, 2012  Rev. File 1040ez Proc. File 1040ez 2012-23 Table of Contents SECTION 1. File 1040ez PURPOSE SECTION 2. File 1040ez BACKGROUND SECTION 3. File 1040ez SCOPE SECTION 4. File 1040ez APPLICATION. File 1040ez 01 Limitations on Depreciation Deductions for Certain Automobiles. File 1040ez . File 1040ez 02 Inclusions in Income of Lessees of Passenger Automobiles. File 1040ez SECTION 5. File 1040ez EFFECTIVE DATE SECTION 6. File 1040ez DRAFTING INFORMATION SECTION 1. File 1040ez PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2012, including separate tables of limitations on depreciation deductions for trucks and vans; and (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2012, including a separate table of inclusion amounts for lessees of trucks and vans. File 1040ez The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. File 1040ez SECTION 2. File 1040ez BACKGROUND . File 1040ez 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. File 1040ez For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. File 1040ez The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. File 1040ez This change reflects the higher rate of price inflation for trucks and vans since 1988. File 1040ez . File 1040ez 02 Section 401(a) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. File 1040ez L. File 1040ez No. File 1040ez 111-312, 124 Stat. File 1040ez 3296 (Dec. File 1040ez 17, 2010) (the “Act”) extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2013, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2013. File 1040ez Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. File 1040ez . File 1040ez 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). File 1040ez Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. File 1040ez Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2010, that is round 2 extension property (as defined in § 168(k)(4)(I)(iv)). File 1040ez Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. File 1040ez This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2012 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. File 1040ez . File 1040ez 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. File 1040ez The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. File 1040ez Under § 1. File 1040ez 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. File 1040ez One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. File 1040ez Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. File 1040ez SECTION 3. File 1040ez SCOPE . File 1040ez 01 The limitations on depreciation deductions in section 4. File 1040ez 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2012, and continue to apply for each taxable year that the passenger automobile remains in service. File 1040ez . File 1040ez 02 The tables in section 4. File 1040ez 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2012. File 1040ez Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. File 1040ez See Rev. File 1040ez Proc. File 1040ez 2007-30, 2007-1 C. File 1040ez B. File 1040ez 1104, for passenger automobiles first leased during calendar year 2007; Rev. File 1040ez Proc. File 1040ez 2008-22, 2008-1 C. File 1040ez B. File 1040ez 658, for passenger automobiles first leased during calendar year 2008; Rev. File 1040ez Proc. File 1040ez 2009-24, 2009-17 I. File 1040ez R. File 1040ez B. File 1040ez 885, for passenger automobiles first leased during calendar year 2009; Rev. File 1040ez Proc. File 1040ez 2010-18, 2010-9 I. File 1040ez R. File 1040ez B. File 1040ez 427, as amplified and modified by section 4. File 1040ez 03 of Rev. File 1040ez Proc. File 1040ez 2011-21, 2011-12 I. File 1040ez R. File 1040ez B. File 1040ez 560, for passenger automobiles first leased during calendar year 2010; and Rev. File 1040ez Proc. File 1040ez 2011-21, for passenger automobiles first leased during calendar year 2011. File 1040ez SECTION 4. File 1040ez APPLICATION . File 1040ez 01 Limitations on Depreciation Deductions for Certain Automobiles. File 1040ez (1) Amount of the inflation adjustment. File 1040ez (a) Passenger automobiles (other than trucks or vans). File 1040ez Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. File 1040ez Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. File 1040ez The new car component of the CPI was 115. File 1040ez 2 for October 1987 and 143. File 1040ez 419 for October 2011. File 1040ez The October 2011 index exceeded the October 1987 index by 28. File 1040ez 219. File 1040ez Therefore, the automobile price inflation adjustment for 2012 for passenger automobiles (other than trucks and vans) is 24. File 1040ez 5 percent (28. File 1040ez 219/115. File 1040ez 2 x 100%). File 1040ez The dollar limitations in § 280F(a) are multiplied by a factor of 0. File 1040ez 245, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2012. File 1040ez This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2012. File 1040ez (b) Trucks and vans. File 1040ez To determine the dollar limitations for trucks and vans first placed in service during calendar year 2012, the Service uses the new truck component of the CPI instead of the new car component. File 1040ez The new truck component of the CPI was 112. File 1040ez 4 for October 1987 and 146. File 1040ez 607 for October 2011. File 1040ez The October 2011 index exceeded the October 1987 index by 34. File 1040ez 207. File 1040ez Therefore, the automobile price inflation adjustment for 2012 for trucks and vans is 30. File 1040ez 43 percent (34. File 1040ez 207/112. File 1040ez 4 x 100%). File 1040ez The dollar limitations in § 280F(a) are multiplied by a factor of 0. File 1040ez 3043, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. File 1040ez This adjustment applies to all trucks and vans that are first placed in service in calendar year 2012. File 1040ez (2) Amount of the limitation. File 1040ez Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2012. File 1040ez Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2012 for which the § 168(k) additional first year depreciation deduction applies. File 1040ez Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2012 for which the § 168(k) additional first year depreciation deduction does not apply. File 1040ez REV. File 1040ez PROC. File 1040ez 2012-23 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. File 1040ez PROC. File 1040ez 2012-23 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,300 3rd Tax Year $3,150 Each Succeeding Year $1,875 REV. File 1040ez PROC. File 1040ez 2012-23 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. File 1040ez PROC. File 1040ez 2012-23 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,360 2nd Tax Year $5,300 3rd Tax Year $3,150 Each Succeeding Year $1,875 . File 1040ez 02 Inclusions in Income of Lessees of Passenger Automobiles. File 1040ez A taxpayer must follow the procedures in § 1. File 1040ez 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2012. File 1040ez In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. File 1040ez REV. File 1040ez PROC. File 1040ez 2012-23 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2012 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $18,500 $19,000 2 4 5 6 8 19,000 19,500 2 4 7 7 9 19,500 20,000 2 5 8 8 10 20,000 20,500 3 5 9 10 11 20,500 21,000 3 6 9 12 12 21,000 21,500 3 7 10 12 14 21,500 22,000 3 8 11 13 16 22,000 23,000 4 8 13 15 17 23,000 24,000 4 10 15 17 20 24,000 25,000 5 11 17 19 23 25,000 26,000 6 12 19 21 26 26,000 27,000 6 14 20 24 28 27,000 28,000 7 15 22 26 31 28,000 29,000 7 16 25 28 33 29,000 30,000 8 18 25 32 35 30,000 31,000 9 19 27 34 38 31,000 32,000 9 20 30 36 41 32,000 33,000 10 21 32 38 43 33,000 34,000 10 23 33 41 46 34,000 35,000 11 24 35 43 49 35,000 36,000 12 25 37 45 52 36,000 37,000 12 27 39 47 54 37,000 38,000 13 28 41 49 57 38,000 39,000 13 29 43 52 59 39,000 40,000 14 30 45 54 62 40,000 41,000 14 32 47 56 65 41,000 42,000 15 33 49 58 68 42,000 43,000 16 34 51 61 70 43,000 44,000 16 36 52 63 73 44,000 45,000 17 37 54 66 75 45,000 46,000 17 38 57 67 78 46,000 47,000 18 39 59 70 80 47,000 48,000 19 40 61 72 83 48,000 49,000 19 42 62 75 86 49,000 50,000 20 43 64 77 89 50,000 51,000 20 45 66 79 91 51,000 52,000 21 46 68 81 94 52,000 53,000 21 47 70 84 96 53,000 54,000 22 48 72 86 99 54,000 55,000 23 49 74 88 102 55,000 56,000 23 51 76 90 104 56,000 57,000 24 52 78 92 107 57,000 58,000 24 54 79 95 110 58,000 59,000 25 55 81 97 113 59,000 60,000 26 56 83 100 115 60,000 62,000 26 58 86 103 119 62,000 64,000 28 60 90 108 124 64,000 66,000 29 63 94 112 129 66,000 68,000 30 66 97 117 135 68,000 70,000 31 68 102 121 140 70,000 72,000 32 71 105 126 145 72,000 74,000 33 74 109 130 151 74,000 76,000 35 76 113 135 156 76,000 78,000 36 78 117 140 161 78,000 80,000 37 81 120 145 166 80,000 85,000 39 86 127 152 176 85,000 90,000 42 92 137 163 189 90,000 95,000 45 98 147 175 202 95,000 100,000 48 105 155 187 215 100,000 110,000 52 115 170 203 235 110,000 120,000 58 127 189 227 262 120,000 130,000 64 140 208 250 288 130,000 140,000 70 153 227 272 315 140,000 150,000 75 166 246 296 340 150,000 160,000 81 179 265 318 368 160,000 170,000 87 192 284 341 394 170,000 180,000 93 204 304 364 420 180,000 190,000 99 217 323 387 446 190,000 200,000 105 230 342 409 473 200,000 210,000 111 243 361 432 499 210,000 220,000 116 256 380 455 526 220,000 230,000 122 269 399 478 552 230,000 240,000 128 282 418 501 578 240,000 and up 134 294 437 524 605 REV. File 1040ez PROC. File 1040ez 2012-23 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2012 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $19,000 $19,500 1 4 5 6 7 19,500 20,000 2 4 6 7 9 20,000 20,500 2 5 7 8 10 20,500 21,000 2 5 8 10 11 21,000 21,500 3 6 9 10 13 21,500 22,000 3 6 10 12 14 22,000 23,000 3 8 11 14 15 23,000 24,000 4 9 13 16 18 24,000 25,000 4 10 15 19 21 25,000 26,000 5 11 17 21 24 26,000 27,000 6 12 19 23 26 27,000 28,000 6 14 21 25 29 28,000 29,000 7 15 23 27 32 29,000 30,000 7 17 24 30 34 30,000 31,000 8 18 26 32 37 31,000 32,000 9 19 28 34 40 32,000 33,000 9 20 31 36 42 33,000 34,000 10 21 33 39 44 34,000 35,000 10 23 34 41 48 35,000 36,000 11 24 36 44 50 36,000 37,000 12 25 38 46 53 37,000 38,000 12 27 40 48 55 38,000 39,000 13 28 42 50 58 39,000 40,000 13 29 44 53 60 40,000 41,000 14 31 45 55 63 41,000 42,000 14 32 48 57 66 42,000 43,000 15 33 50 59 69 43,000 44,000 16 34 52 61 72 44,000 45,000 16 36 53 64 74 45,000 46,000 17 37 55 66 77 46,000 47,000 17 38 58 68 79 47,000 48,000 18 40 59 70 82 48,000 49,000 19 41 61 73 84 49,000 50,000 19 42 63 75 87 50,000 51,000 20 43 65 78 89 51,000 52,000 20 45 66 80 93 52,000 53,000 21 46 68 83 95 53,000 54,000 21 48 70 84 98 54,000 55,000 22 49 72 87 100 55,000 56,000 23 50 74 89 103 56,000 57,000 23 51 76 92 105 57,000 58,000 24 52 78 94 108 58,000 59,000 24 54 80 96 111 59,000 60,000 25 55 82 98 114 60,000 62,000 26 57 85 101 118 62,000 64,000 27 60 88 106 123 64,000 66,000 28 62 93 110 128 66,000 68,000 29 65 96 115 134 68,000 70,000 30 67 100 120 139 70,000 72,000 32 70 103 125 144 72,000 74,000 33 72 108 129 149 74,000 76,000 34 75 111 134 155 76,000 78,000 35 78 115 138 160 78,000 80,000 36 80 119 143 165 80,000 85,000 38 85 125 151 175 85,000 90,000 41 91 135 163 187 90,000 95,000 44 98 144 174 201 95,000 100,000 47 104 154 185 214 100,000 110,000 52 113 169 202 234 110,000 120,000 57 127 187 225 261 120,000 130,000 63 139 207 248 287 130,000 140,000 69 152 226 271 313 140,000 150,000 75 165 245 294 339 150,000 160,000 81 178 264 316 366 160,000 170,000 87 190 283 340 392 170,000 180,000 92 204 302 362 419 180,000 190,000 98 216 322 385 445 190,000 200,000 104 229 340 409 471 200,000 210,000 110 242 359 431 498 210,000 220,000 116 255 378 454 524 220,000 230,000 122 267 398 477 551 230,000 240,000 127 281 416 500 577 240,000 and up 133 294 435 523 603 SECTION 5. File 1040ez EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2012. File 1040ez SECTION 6. File 1040ez DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. File 1040ez Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). File 1040ez For further information regarding this revenue procedure, contact Mr. File 1040ez Harvey at (202) 622-4930 (not a toll-free call). File 1040ez Prev  Up  Next   Home   More Internal Revenue Bulletins