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Free Tax Filing 2012 State And Federal

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Free Tax Filing 2012 State And Federal

Free tax filing 2012 state and federal 7. Free tax filing 2012 state and federal   How To Get Tax Help Table of Contents Outside the U. Free tax filing 2012 state and federal S. Free tax filing 2012 state and federal Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Free tax filing 2012 state and federal Free help with your tax return. Free tax filing 2012 state and federal   You can get free help preparing your return nationwide from IRS-certified volunteers. Free tax filing 2012 state and federal The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Free tax filing 2012 state and federal The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free tax filing 2012 state and federal 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. Free tax filing 2012 state and federal In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Free tax filing 2012 state and federal To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Free tax filing 2012 state and federal gov, download the IRS2Go app, or call 1-800-906-9887. Free tax filing 2012 state and federal   As part of the TCE program, AARP offers the Tax-Aide counseling program. Free tax filing 2012 state and federal To find the nearest AARP Tax-Aide site, visit AARP's website at www. Free tax filing 2012 state and federal aarp. Free tax filing 2012 state and federal org/money/taxaide or call 1-888-227-7669. Free tax filing 2012 state and federal For more information on these programs, go to IRS. Free tax filing 2012 state and federal gov and enter “VITA” in the search box. Free tax filing 2012 state and federal Internet. Free tax filing 2012 state and federal    IRS. Free tax filing 2012 state and federal gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Free tax filing 2012 state and federal Download the free IRS2Go app from the iTunes app store or from Google Play. Free tax filing 2012 state and federal Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Free tax filing 2012 state and federal Check the status of your 2013 refund with the Where's My Refund? application on IRS. Free tax filing 2012 state and federal gov or download the IRS2Go app and select the Refund Status option. Free tax filing 2012 state and federal The IRS issues more than 9 out of 10 refunds in less than 21 days. Free tax filing 2012 state and federal Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Free tax filing 2012 state and federal You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free tax filing 2012 state and federal The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free tax filing 2012 state and federal Use the Interactive Tax Assistant (ITA) to research your tax questions. Free tax filing 2012 state and federal No need to wait on the phone or stand in line. Free tax filing 2012 state and federal The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Free tax filing 2012 state and federal When you reach the response screen, you can print the entire interview and the final response for your records. Free tax filing 2012 state and federal New subject areas are added on a regular basis. Free tax filing 2012 state and federal  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Free tax filing 2012 state and federal gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Free tax filing 2012 state and federal You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Free tax filing 2012 state and federal The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Free tax filing 2012 state and federal When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Free tax filing 2012 state and federal Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Free tax filing 2012 state and federal You can also ask the IRS to mail a return or an account transcript to you. Free tax filing 2012 state and federal Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Free tax filing 2012 state and federal gov or by calling 1-800-908-9946. Free tax filing 2012 state and federal Tax return and tax account transcripts are generally available for the current year and the past three years. Free tax filing 2012 state and federal Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Free tax filing 2012 state and federal Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Free tax filing 2012 state and federal If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Free tax filing 2012 state and federal Check the status of your amended return using Where's My Amended Return? Go to IRS. Free tax filing 2012 state and federal gov and enter Where's My Amended Return? in the search box. Free tax filing 2012 state and federal You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free tax filing 2012 state and federal It can take up to 3 weeks from the date you mailed it to show up in our system. Free tax filing 2012 state and federal Make a payment using one of several safe and convenient electronic payment options available on IRS. Free tax filing 2012 state and federal gov. Free tax filing 2012 state and federal Select the Payment tab on the front page of IRS. Free tax filing 2012 state and federal gov for more information. Free tax filing 2012 state and federal Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Free tax filing 2012 state and federal Figure your income tax withholding with the IRS Withholding Calculator on IRS. Free tax filing 2012 state and federal gov. Free tax filing 2012 state and federal Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Free tax filing 2012 state and federal Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Free tax filing 2012 state and federal gov. Free tax filing 2012 state and federal Request an Electronic Filing PIN by going to IRS. Free tax filing 2012 state and federal gov and entering Electronic Filing PIN in the search box. Free tax filing 2012 state and federal Download forms, instructions and publications, including accessible versions for people with disabilities. Free tax filing 2012 state and federal Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Free tax filing 2012 state and federal gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Free tax filing 2012 state and federal An employee can answer questions about your tax account or help you set up a payment plan. Free tax filing 2012 state and federal Before you visit, check the Office Locator on IRS. Free tax filing 2012 state and federal gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Free tax filing 2012 state and federal If you have a special need, such as a disability, you can request an appointment. Free tax filing 2012 state and federal Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Free tax filing 2012 state and federal Apply for an Employer Identification Number (EIN). Free tax filing 2012 state and federal Go to IRS. Free tax filing 2012 state and federal gov and enter Apply for an EIN in the search box. Free tax filing 2012 state and federal Read the Internal Revenue Code, regulations, or other official guidance. Free tax filing 2012 state and federal Read Internal Revenue Bulletins. Free tax filing 2012 state and federal Sign up to receive local and national tax news and more by email. Free tax filing 2012 state and federal Just click on “subscriptions” above the search box on IRS. Free tax filing 2012 state and federal gov and choose from a variety of options. Free tax filing 2012 state and federal Phone. Free tax filing 2012 state and federal    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Free tax filing 2012 state and federal Download the free IRS2Go app from the iTunes app store or from Google Play. Free tax filing 2012 state and federal Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Free tax filing 2012 state and federal gov, or download the IRS2Go app. Free tax filing 2012 state and federal Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Free tax filing 2012 state and federal The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free tax filing 2012 state and federal Most VITA and TCE sites offer free electronic filing. Free tax filing 2012 state and federal Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Free tax filing 2012 state and federal Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Free tax filing 2012 state and federal Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Free tax filing 2012 state and federal If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Free tax filing 2012 state and federal The IRS issues more than 9 out of 10 refunds in less than 21 days. Free tax filing 2012 state and federal Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free tax filing 2012 state and federal Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Free tax filing 2012 state and federal The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free tax filing 2012 state and federal Note, the above information is for our automated hotline. Free tax filing 2012 state and federal Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Free tax filing 2012 state and federal Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Free tax filing 2012 state and federal You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free tax filing 2012 state and federal It can take up to 3 weeks from the date you mailed it to show up in our system. Free tax filing 2012 state and federal Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Free tax filing 2012 state and federal You should receive your order within 10 business days. Free tax filing 2012 state and federal Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Free tax filing 2012 state and federal If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Free tax filing 2012 state and federal Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Free tax filing 2012 state and federal The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Free tax filing 2012 state and federal These individuals can also contact the IRS through relay services such as the Federal Relay Service. Free tax filing 2012 state and federal    Outside the U. Free tax filing 2012 state and federal S. Free tax filing 2012 state and federal If you are outside the United States, taxpayer assistance is available by calling the following U. Free tax filing 2012 state and federal S Embassies or consulates. Free tax filing 2012 state and federal    Beijing, China (86) (10) 8531-3983 Frankfurt, Germany (49) (69) 7535-3823 London, England (44) (20) 7894-0477 Paris, France (33) (1) 4312-2555   If you cannot contact one of these offices, taxpayer assistance is also available at (267) 941-1000 (not a toll free call). Free tax filing 2012 state and federal   If you are in a U. Free tax filing 2012 state and federal S. Free tax filing 2012 state and federal territory (American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and U. Free tax filing 2012 state and federal S. Free tax filing 2012 state and federal Virgin Islands) and have a tax question, you can call 1-800-829-1040. Free tax filing 2012 state and federal Walk-in. Free tax filing 2012 state and federal   You can find a selection of forms, publications and services — in-person. Free tax filing 2012 state and federal Products. Free tax filing 2012 state and federal You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Free tax filing 2012 state and federal Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Free tax filing 2012 state and federal Services. Free tax filing 2012 state and federal You can walk in to your local TAC for face-to-face tax help. Free tax filing 2012 state and federal An employee can answer questions about your tax account or help you set up a payment plan. Free tax filing 2012 state and federal Before visiting, use the Office Locator tool on IRS. Free tax filing 2012 state and federal gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Free tax filing 2012 state and federal    Outside the U. Free tax filing 2012 state and federal S. Free tax filing 2012 state and federal If you are outside the United States during the filing period (January to mid-June), you can get the necessary federal tax forms and publications from most U. Free tax filing 2012 state and federal S. Free tax filing 2012 state and federal Embassies and consulates. Free tax filing 2012 state and federal   Walk-in taxpayer assistance is available at the following U. Free tax filing 2012 state and federal S. Free tax filing 2012 state and federal Embassies or consulates. Free tax filing 2012 state and federal    Beijing, China (86) (10) 8531-3983 Frankfurt, Germany (49) (69) 7535-3811 London, England (44) (20) 7894-0477 Paris, France (33) (1) 4312-2555   Please contact the office for times when assistance will be available. Free tax filing 2012 state and federal Mail. Free tax filing 2012 state and federal   You can send your order for forms, instructions, and publications to the address below. Free tax filing 2012 state and federal You should receive a response within 10 business days after your request is received. Free tax filing 2012 state and federal Internal Revenue Service 1201 N. Free tax filing 2012 state and federal Mitsubishi Motorway Bloomington, IL 61705-6613      Outside the U. Free tax filing 2012 state and federal S. Free tax filing 2012 state and federal If you are outside the United States, you can get tax assistance by writing to the address below. Free tax filing 2012 state and federal  Internal Revenue Service International Accounts Philadelphia, PA 19255-0725 Taxpayer Advocate Service. Free tax filing 2012 state and federal   The Taxpayer Advocate Service Is Here to Help You. Free tax filing 2012 state and federal The Taxpayer Advocate Service (TAS) is your voice at the IRS. Free tax filing 2012 state and federal Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Free tax filing 2012 state and federal   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Free tax filing 2012 state and federal We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Free tax filing 2012 state and federal You face (or your business is facing) an immediate threat of adverse action. Free tax filing 2012 state and federal You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Free tax filing 2012 state and federal   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Free tax filing 2012 state and federal Here's why we can help: TAS is an independent organization within the IRS. Free tax filing 2012 state and federal Our advocates know how to work with the IRS. Free tax filing 2012 state and federal Our services are free and tailored to meet your needs. Free tax filing 2012 state and federal We have offices in every state, the District of Columbia, and Puerto Rico. Free tax filing 2012 state and federal   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Free tax filing 2012 state and federal  How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Free tax filing 2012 state and federal If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Free tax filing 2012 state and federal Outside the U. Free tax filing 2012 state and federal S. Free tax filing 2012 state and federal   If you live outside of the United States, you can call the Taxpayer Advocate at (787) 522-8601 in English or (787) 522-8600 in Spanish. Free tax filing 2012 state and federal You can contact the Taxpayer Advocate at: Internal Revenue Service Taxpayer Advocate Service City View Plaza, 48 Carr 165, Guaynabo, P. Free tax filing 2012 state and federal R. Free tax filing 2012 state and federal 00968-8000 Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Free tax filing 2012 state and federal Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Free tax filing 2012 state and federal Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Free tax filing 2012 state and federal Prev  Up  Next   Home   More Online Publications
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Affordable Care Act Tax Provisions News Archive

Health Care Tax Tips
Feb. 25, 2014 - New Health Care Tax Tips help people learn what they need to know about the Affordable Care Act for filing tax returns this year and in the future. You can view them on IRS.gov or subscribe for automatic email updates.

Employer Shared Responsibility
Feb. 10, 2014 - Final rules answer questions about compliance; ensure volunteers do not count as full-time employees; and phases in provisions for employers with 50-99 full-time employees and those who offer coverage to most but not all full-time workers.

Reporting Employer-Provided Health Coverage on Form W-2
Jan. 27, 2014 - Employers may need to report employer-sponsored health care coverage amounts on W-2 forms being issued this January 2014. Individuals do not have to pay taxes on these coverage amounts and should not report it as income.

IRS Notices address reliance and correction procedures for Tax Exempt Hospitals
Jan. 23, 2014 - Notices 2014-2 and 2014-3 provide the most recent guidance for Tax Exempt Hospitals under section 501(r) of the Internal Revenue Code.

Premium Tax Credit electronic flyer (IRS Publication 5120) released
Jan. 10, 2013 - If you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the Premium Tax Credit. This tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes.

Medical Loss Ratio section 833 final regulations issued
Jan. 6, 2014 - IRS issued final regulations on January 6, 2014 that describe how the Medical Loss Ratio for purposes of section 833 is computed.

Health Insurance Marketplace Opens – find out more
Oct. 1, 2013 - The Marketplace is where you can find health insurance coverage options and enroll in the coverage that fits your budget and meets your needs.

You may be eligible for the Premium Tax Credit
Oct. 1, 2013 - Starting in 2014, if you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the Premium Tax Credit.

Research trust fund fees due July 31 from health insurers and plan sponsors
July 19, 2013 – The new Patient-Centered Outcomes Research Trust Fund fees are due July 31, 2013 from health insurers and plan sponsors of self-insured plans. The fee is paid annually using Form 720, Quarterly Federal Excise Tax Return. The payment, paid through the Electronic Federal Tax Payment System (EFTPS), should be applied to the second quarter (in EFTPS, select Q2 for the Quarter under Tax Period on the "Business Tax Payment" page).

Healthcare Online Resource electronic flyer (IRS Publication 5093) released (pdf)
July 12, 2013 – Guide to federal web sites with health care information for Individuals, Families and Employers.

2014 Transition Relief for Information Reporting and Employer Shared Responsibility Payments announced – provisions optional for 2014 and mandatory for 2015 (Notice 2013-45)
July 11, 2013 - Transition Relief for 2014 Under § 6055 (Information Reporting for Insurers, Self-Insuring Employers and Other Providers), § 6056 (Information Reporting for Applicable Large Employers) and § 4980H (Employer Shared Responsibility Provisions).

Page Last Reviewed or Updated: 25-Mar-2014

 

The Free Tax Filing 2012 State And Federal

Free tax filing 2012 state and federal 3. Free tax filing 2012 state and federal   Claiming the Special Depreciation Allowance Table of Contents Introduction What Is Qualified Property?Qualified Reuse and Recycling Property Qualified Cellulosic Biofuel Plant Property Qualified Disaster Assistance Property Certain Qualified Property Acquired After December 31, 2007 Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance How Much Can You Deduct? How Can You Elect Not To Claim an Allowance? When Must You Recapture an Allowance? Introduction You can take a special depreciation allowance to recover part of the cost of qualified property (defined next), placed in service during the tax year. Free tax filing 2012 state and federal The allowance applies only for the first year you place the property in service. Free tax filing 2012 state and federal For qualified property placed in service in 2013, you can take an additional 50% special allowance. Free tax filing 2012 state and federal The allowance is an additional deduction you can take after any section 179 deduction and before you figure regular depreciation under MACRS for the year you place the property in service. Free tax filing 2012 state and federal This chapter explains what is qualified property. Free tax filing 2012 state and federal It also includes rules regarding how to figure an allowance, how to elect not to claim an allowance, and when you must recapture an allowance. Free tax filing 2012 state and federal Corporations can elect to accelerate certain minimum tax credits in lieu of claiming the special depreciation allowance for eligible qualified property. Free tax filing 2012 state and federal See Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance , later. Free tax filing 2012 state and federal See chapter 6 for information about getting publications and forms. Free tax filing 2012 state and federal What Is Qualified Property? Your property is qualified property if it is one of the following. Free tax filing 2012 state and federal Qualified reuse and recycling property. Free tax filing 2012 state and federal Qualified cellulosic biofuel plant property. Free tax filing 2012 state and federal Qualified disaster assistance property. Free tax filing 2012 state and federal Certain qualified property acquired after December 31, 2007. Free tax filing 2012 state and federal The following discussions provide information about the types of qualified property listed above for which you can take the special depreciation allowance. Free tax filing 2012 state and federal Qualified Reuse and Recycling Property You can take a 50% special depreciation allowance for qualified reuse and recycling property. Free tax filing 2012 state and federal Qualified reuse and recycling property is any machinery or equipment (not including buildings or real estate), along with any appurtenance, that is used exclusively to collect, distribute, or recycle qualified reuse and recyclable materials (as defined in section 168(m)(3)(B) of the Internal Revenue Code). Free tax filing 2012 state and federal Qualified reuse and recycling property also includes software necessary to operate such equipment. Free tax filing 2012 state and federal The property must meet the following requirements. Free tax filing 2012 state and federal The property must be depreciated under MACRS. Free tax filing 2012 state and federal The property must have a useful life of at least 5 years. Free tax filing 2012 state and federal The original use of the property must begin with you after August 31, 2008. Free tax filing 2012 state and federal You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) after August 31, 2008, with no binding written contract for the acquisition in effect before September 1, 2008. Free tax filing 2012 state and federal The property must be placed in service for use in your trade or business after August 31, 2008. Free tax filing 2012 state and federal Excepted Property Qualified reuse and recycling property does not include any of the following. Free tax filing 2012 state and federal Any rolling stock or other equipment used to transport reuse or recyclable materials. Free tax filing 2012 state and federal Property required to be depreciated using the Alternative Depreciation System (ADS). Free tax filing 2012 state and federal For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Free tax filing 2012 state and federal Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Free tax filing 2012 state and federal Property for which you elected not to claim any special depreciation allowance (discussed later). Free tax filing 2012 state and federal Property placed in service and disposed of in the same tax year. Free tax filing 2012 state and federal Property converted from business use to personal use in the same tax year acquired. Free tax filing 2012 state and federal Property converted from personal use to business use in the same or later tax year may be qualified reuse and recycling property. Free tax filing 2012 state and federal Qualified Cellulosic Biofuel Plant Property You can take a 50% special depreciation allowance for qualified cellulosic biofuel plant property. Free tax filing 2012 state and federal Cellulosic biofuel is any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis. Free tax filing 2012 state and federal Examples include bagasse (from sugar cane), corn stalks, and switchgrass. Free tax filing 2012 state and federal The property must meet the following requirements. Free tax filing 2012 state and federal The property is used in the United States solely to produce cellulosic biofuel. Free tax filing 2012 state and federal The original use of the property must begin with you after December 20, 2006. Free tax filing 2012 state and federal You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) after December 20, 2006, with no binding written contract for acquisition in effect before December 21, 2006. Free tax filing 2012 state and federal The property must be placed in service for use in your trade or business or for the production of income after October 3, 2008, and before January 3, 2013. Free tax filing 2012 state and federal Note. Free tax filing 2012 state and federal For property placed in service after January 2, 2013, and before January 1, 2014, you can take a 50% special depreciation allowance for qualified second generation biofuel plant property that is used solely in the United States to produce second generation biofuel (as defined in section 40(b)(6)(E)). Free tax filing 2012 state and federal The other requirements for qualified second generation biofuel plant property to be eligible for the special depreciation allowance are identical to the requirements discussed for Qualified Cellulosic Biofuel Plant Property above. Free tax filing 2012 state and federal Special Rules Sale-leaseback. Free tax filing 2012 state and federal   If you sold qualified cellulosic biofuel plant property you placed in service after October 3, 2008, and leased it back within 3 months after you originally placed it in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. Free tax filing 2012 state and federal   The property will not qualify for the special allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before December 21, 2006. Free tax filing 2012 state and federal Syndicated leasing transactions. Free tax filing 2012 state and federal   If qualified cellulosic biofuel plant property is originally placed in service by a lessor after October 3, 2008, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Free tax filing 2012 state and federal   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of sale if the property is sold within 3 months after the final unit is placed in service and the period between the times the first and last units are placed in service does not exceed 12 months. Free tax filing 2012 state and federal Excepted Property Qualified cellulosic biofuel plant property does not include any of the following. Free tax filing 2012 state and federal Property placed in service and disposed of in the same tax year. Free tax filing 2012 state and federal Property converted from business use to personal use in the same tax year it is acquired. Free tax filing 2012 state and federal Property converted from personal use to business use in the same or later tax year may be qualified cellulosic biomass ethanol plant property. Free tax filing 2012 state and federal Property required to be depreciated using the Alternative Depreciation System (ADS). Free tax filing 2012 state and federal For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Free tax filing 2012 state and federal Property any portion of which is financed with the proceeds of any obligation the interest on which is exempt from tax under section 103 of the Internal Revenue Code. Free tax filing 2012 state and federal Property for which you elected not to claim any special depreciation allowance (discussed later). Free tax filing 2012 state and federal Property for which a deduction was taken under section 179C for certain qualified refinery property. Free tax filing 2012 state and federal Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Free tax filing 2012 state and federal Qualified Disaster Assistance Property You can take a 50% special depreciation allowance for qualified disaster assistance property placed in service in federally declared disaster areas in which the disaster occurred in 2009. Free tax filing 2012 state and federal A list of the federally declared disaster areas is available at the FEMA website at www. Free tax filing 2012 state and federal fema. Free tax filing 2012 state and federal gov. Free tax filing 2012 state and federal Your property is qualified disaster assistance property if it meets the following requirements. Free tax filing 2012 state and federal The property is nonresidential real property or residential real property placed in service before January 1, 2014, in a federally declared disaster area in which the disaster occurred in 2009. Free tax filing 2012 state and federal You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) on or after the applicable disaster date, with no binding written contract for the acquisition in effect before the applicable disaster date. Free tax filing 2012 state and federal The property must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the applicable federally declared disaster. Free tax filing 2012 state and federal The property must be similar in nature to, and located in the same county as, the rehabilitated or replaced property. Free tax filing 2012 state and federal The original use of the property within the applicable disaster area must have begun with you on or after the applicable disaster date. Free tax filing 2012 state and federal The property is placed in service by you on or before the date which is the last day of the fourth calendar year. Free tax filing 2012 state and federal Substantially all (80% or more) of the use of the property must be in the active conduct of your trade or business in a federally declared disaster area, occurring in 2009. Free tax filing 2012 state and federal It is not excepted property (explained later in Excepted Property ). Free tax filing 2012 state and federal Special Rules Sale-leaseback. Free tax filing 2012 state and federal   If you sold qualified disaster assistance property you placed in service after the applicable disaster date and leased it back within 3 months after you originally placed it in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. Free tax filing 2012 state and federal   The property will not qualify for the special allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before the applicable disaster date. Free tax filing 2012 state and federal Syndicated leasing transactions. Free tax filing 2012 state and federal   If qualified disaster assistance property is originally placed in service by a lessor after the applicable disaster date, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Free tax filing 2012 state and federal   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of sale if the property is sold within 3 months after the final unit is placed in service and the period between the times the first and last units are placed in service does not exceed 12 months. Free tax filing 2012 state and federal Excepted Property Qualified disaster assistance property does not include any of the following. Free tax filing 2012 state and federal Property required to be depreciated using the Alternative Depreciation System (ADS). Free tax filing 2012 state and federal For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Free tax filing 2012 state and federal Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103 of the Internal Revenue Code. Free tax filing 2012 state and federal Any qualified revitalization building (defined later) placed in service before January 1, 2010, for which you have elected to claim a commercial revitalization deduction for qualified revitalization expenditures. Free tax filing 2012 state and federal Any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store, the principal business of which is the sale of alcoholic beverages for consumption off premises. Free tax filing 2012 state and federal Any property for which the special allowance under section 168(k) or section 1400N(d) of the Internal Revenue Code applies. Free tax filing 2012 state and federal Property for which you elected not to claim any special depreciation allowance (discussed later). Free tax filing 2012 state and federal Property placed in service and disposed of in the same tax year. Free tax filing 2012 state and federal Property converted from business use to personal use in the same tax year acquired. Free tax filing 2012 state and federal Property converted from personal use to business use in the same or later tax year may be qualified disaster assistance property. Free tax filing 2012 state and federal Any gambling or animal racing property (defined later). Free tax filing 2012 state and federal Qualified revitalization building. Free tax filing 2012 state and federal   This is a commercial building and its structural components that you placed in service in a renewal community before January 1, 2010. Free tax filing 2012 state and federal If the building is new, the original use of the building must begin with you. Free tax filing 2012 state and federal If the building is not new, you must substantially rehabilitate the building and then place it in service. Free tax filing 2012 state and federal For more information, including definitions of substantially rehabilitated building and qualified revitalization expenditure, see section 1400I(b) of the Internal Revenue Code. Free tax filing 2012 state and federal Gambling or animal racing property. Free tax filing 2012 state and federal   Gambling or animal racing property includes the following personal and real property. Free tax filing 2012 state and federal Any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing. Free tax filing 2012 state and federal Any real property determined by square footage (other than any portion that is less than 100 square feet) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing. Free tax filing 2012 state and federal Certain Qualified Property Acquired After December 31, 2007 You can take a 50% special depreciation deduction allowance for certain qualified property acquired after December 31, 2007. Free tax filing 2012 state and federal Your property is qualified property if it meets the following requirements. Free tax filing 2012 state and federal It is one of the following types of property. Free tax filing 2012 state and federal Tangible property depreciated under MACRS with a recovery period of 20 years or less. Free tax filing 2012 state and federal Water utility property. Free tax filing 2012 state and federal Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. Free tax filing 2012 state and federal (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Free tax filing 2012 state and federal ) Qualified leasehold improvement property (defined under Qualified leasehold improvement property later). Free tax filing 2012 state and federal You must have acquired the property after December 31, 2007, with no binding written contract for the acquisition in effect before January 1, 2008. Free tax filing 2012 state and federal The property must be placed in service for use in your trade or business or for the production of income before January 1, 2014 (before January 1, 2015, for certain property with a long production period and certain aircraft (defined next)). Free tax filing 2012 state and federal The original use of the property must begin with you after December 31, 2007. Free tax filing 2012 state and federal It is not excepted property (explained later in Excepted property). Free tax filing 2012 state and federal Qualified leasehold improvement property. Free tax filing 2012 state and federal    Generally, this is any improvement to an interior part of a building that is nonresidential real property, if all the following requirements are met. Free tax filing 2012 state and federal The improvement is made under or according to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Free tax filing 2012 state and federal That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Free tax filing 2012 state and federal The improvement is placed in service more than 3 years after the date the building was first placed in service by any person. Free tax filing 2012 state and federal The improvement is section 1250 property. Free tax filing 2012 state and federal See chapter 3 in Publication 544, Sales and Other Dispositions of Assets, for the definition of section 1250 property. Free tax filing 2012 state and federal   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Free tax filing 2012 state and federal The enlargement of the building. Free tax filing 2012 state and federal Any elevator or escalator. Free tax filing 2012 state and federal Any structural component benefiting a common area. Free tax filing 2012 state and federal The internal structural framework of the building. Free tax filing 2012 state and federal   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. Free tax filing 2012 state and federal However, a lease between related persons is not treated as a lease. Free tax filing 2012 state and federal Related persons. Free tax filing 2012 state and federal   For this purpose, the following are related persons. Free tax filing 2012 state and federal Members of an affiliated group. Free tax filing 2012 state and federal An individual and a member of his or her family, including only a spouse, child, parent, brother, sister, half-brother, half-sister, ancestor, and lineal descendant. Free tax filing 2012 state and federal A corporation and an individual who directly or indirectly owns 80% or more of the value of the outstanding stock of that corporation. Free tax filing 2012 state and federal Two corporations that are members of the same controlled group. Free tax filing 2012 state and federal A trust fiduciary and a corporation if 80% or more of the value of the outstanding stock is directly or indirectly owned by or for the trust or grantor of the trust. Free tax filing 2012 state and federal The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Free tax filing 2012 state and federal The fiduciaries of two different trusts, and the fiduciaries and beneficiaries of two different trusts, if the same person is the grantor of both trusts. Free tax filing 2012 state and federal A tax-exempt educational or charitable organization and any person (or, if that person is an individual, a member of that person's family) who directly or indirectly controls the organization. Free tax filing 2012 state and federal Two S corporations, and an S corporation and a regular corporation, if the same persons own 80% or more of the value of the outstanding stock of each corporation. Free tax filing 2012 state and federal A corporation and a partnership if the same persons own both of the following. Free tax filing 2012 state and federal 80% or more of the value of the outstanding stock of the corporation. Free tax filing 2012 state and federal 80% or more of the capital or profits interest in the partnership. Free tax filing 2012 state and federal The executor and beneficiary of any estate. Free tax filing 2012 state and federal Long Production Period Property To be qualified property, long production period property must meet the following requirements. Free tax filing 2012 state and federal It must meet the requirements in (2)-(5), above. Free tax filing 2012 state and federal The property has a recovery period of at least 10 years or is transportation property. Free tax filing 2012 state and federal Transportation property is tangible personal property used in the trade or business of transporting persons or property. Free tax filing 2012 state and federal The property is subject to section 263A of the Internal Revenue Code. Free tax filing 2012 state and federal The property has an estimated production period exceeding 1 year and an estimated production cost exceeding $1,000,000. Free tax filing 2012 state and federal Noncommercial Aircraft To be qualified property, noncommercial aircraft must meet the following requirements. Free tax filing 2012 state and federal It must meet the requirements in (2)-(5), above. Free tax filing 2012 state and federal The aircraft must not be tangible personal property used in the trade or business of transporting persons or property (except for agricultural or firefighting purposes). Free tax filing 2012 state and federal The aircraft must be purchased (as discussed under Property Acquired by Purchase in chapter 2 ) by a purchaser who at the time of the contract for purchase, makes a nonrefundable deposit of the lesser of 10% of the cost or $100,000. Free tax filing 2012 state and federal The aircraft must have an estimated production period exceeding four months and a cost exceeding $200,000. Free tax filing 2012 state and federal Special Rules Sale-leaseback. Free tax filing 2012 state and federal   If you sold qualified property you placed in service after December 31, 2007, and leased it back within 3 months after you originally placed in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. Free tax filing 2012 state and federal   The property will not qualify for the special depreciation allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before January 1, 2008. Free tax filing 2012 state and federal Syndicated leasing transactions. Free tax filing 2012 state and federal   If qualified property is originally placed in service by a lessor after December 31, 2007, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Free tax filing 2012 state and federal   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of the last sale if the property is sold within 3 months after the final unit is placed in service and the period between the time the first and last units are placed in service does not exceed 12 months. Free tax filing 2012 state and federal Excepted Property Qualified property does not include any of the following. Free tax filing 2012 state and federal Property placed in service and disposed of in the same tax year. Free tax filing 2012 state and federal Property converted from business use to personal use in the same tax year acquired. Free tax filing 2012 state and federal Property converted from personal use to business use in the same or later tax year may be qualified property. Free tax filing 2012 state and federal Property required to be depreciated under the Alternative Depreciation System (ADS). Free tax filing 2012 state and federal This includes listed property used 50% or less in a qualified business use. Free tax filing 2012 state and federal For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Free tax filing 2012 state and federal Qualified restaurant property (as defined in section 168(e)(7) of the Internal Revenue Code). Free tax filing 2012 state and federal Qualified retail improvement property (as defined in section 168(e)(8) of the Internal Revenue Code). Free tax filing 2012 state and federal Property for which you elected not to claim any special depreciation allowance (discussed later). Free tax filing 2012 state and federal Property for which you elected to accelerate certain credits in lieu of the special depreciation allowance (discussed next). Free tax filing 2012 state and federal Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance An election made by a corporation to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, continues to apply to round 2 extension property (as defined in section 168(k)(4)(I)(iv)), unless the corporation made an election not to apply the section 168(k)(4) election to round 2 extension property for its first tax year ending after December 31, 2010. Free tax filing 2012 state and federal For 2013, round 2 extension property generally is long production period and noncommercial aircraft if acquired after March 31, 2008, and placed in service after December 31, 2012, but before January 1, 2014. Free tax filing 2012 state and federal An election made by a corporation to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, continues to apply to round 3 extension property (as defined in section 168(k)(4)(J)(iv)), unless the corporation makes an election not to apply the section 168(k)(4) election to round 3 extension property. Free tax filing 2012 state and federal If a corporation did not make a section 168(k)(4) election for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, the corporation may elect for its first tax year ending after December 31, 2012, to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for only round 3 extension property. Free tax filing 2012 state and federal If you make an election to accelerate these credits in lieu of claiming the special depreciation allowance for eligible property, you must not take the 50% special depreciation allowance for the property and must depreciate the basis in the property under MACRS using the straight line method. Free tax filing 2012 state and federal See Which Depreciation Method Applies in chapter 4 . Free tax filing 2012 state and federal Once made, the election cannot be revoked without IRS consent. Free tax filing 2012 state and federal Additional guidance. Free tax filing 2012 state and federal   For additional guidance on the election to accelerate the research or minimum tax credit in lieu of claiming the special depreciation allowance, see Rev. Free tax filing 2012 state and federal Proc. Free tax filing 2012 state and federal 2008-65 on page 1082 of Internal Revenue Bulletin 2008-44, available at www. Free tax filing 2012 state and federal irs. Free tax filing 2012 state and federal gov/pub/irs-irbs/irb08-44. Free tax filing 2012 state and federal pdf, Rev. Free tax filing 2012 state and federal Proc. Free tax filing 2012 state and federal 2009-16 on page 449 of Internal Revenue Bulletin 2009-06, available at www. Free tax filing 2012 state and federal irs. Free tax filing 2012 state and federal gov/pub/irs-irbs/irb09-06. Free tax filing 2012 state and federal pdf, and Rev. Free tax filing 2012 state and federal Proc. Free tax filing 2012 state and federal 2009-33 on page 150 of Internal Revenue Bulletin 2009-29, available at www. Free tax filing 2012 state and federal irs. Free tax filing 2012 state and federal gov/pub/irs-irbs/irb09-29. Free tax filing 2012 state and federal pdf. Free tax filing 2012 state and federal Also, see Form 3800, General Business Credit; Form 8827, Credit for Prior Year Minimum Tax — Corporations; and related instructions. Free tax filing 2012 state and federal   Additional guidance regarding the election to accelerate the minimum tax credit in lieu of claiming the special depreciation allowance for round 2 extension property and round 3 extension property may also be available in later Internal Revenue Bulletins available at www. Free tax filing 2012 state and federal irs. Free tax filing 2012 state and federal gov/irb. Free tax filing 2012 state and federal How Much Can You Deduct? Figure the special depreciation allowance by multiplying the depreciable basis of qualified reuse and recycling property, qualified cellulosic biofuel plant property, qualified disaster assistance property, and certain qualified property acquired after December 31, 2007, by 50%. Free tax filing 2012 state and federal For qualified property other than listed property, enter the special allowance on line 14 in Part II of Form 4562. Free tax filing 2012 state and federal For qualified property that is listed property, enter the special allowance on line 25 in Part V of Form 4562. Free tax filing 2012 state and federal If you place qualified property in service in a short tax year, you can take the full amount of a special depreciation allowance. Free tax filing 2012 state and federal Depreciable basis. Free tax filing 2012 state and federal   This is the property's cost or other basis multiplied by the percentage of business/investment use, reduced by the total amount of any credits and deductions allocable to the property. Free tax filing 2012 state and federal   The following are examples of some credits and deductions that reduce depreciable basis. Free tax filing 2012 state and federal Any section 179 deduction. Free tax filing 2012 state and federal Any deduction for removal of barriers to the disabled and the elderly. Free tax filing 2012 state and federal Any disabled access credit, enhanced oil recovery credit, and credit for employer-provided childcare facilities and services. Free tax filing 2012 state and federal Basis adjustment to investment credit property under section 50(c) of the Internal Revenue Code. Free tax filing 2012 state and federal   For additional credits and deductions that affect basis, see section 1016 of the Internal Revenue Code. Free tax filing 2012 state and federal   For information about how to determine the cost or other basis of property, see What Is the Basis of Your Depreciable Property in chapter 1 . Free tax filing 2012 state and federal For a discussion of business/investment use, see Partial business or investment use under Property Used in Your Business or Income-Producing Activity in chapter 1 . Free tax filing 2012 state and federal Depreciating the remaining cost. Free tax filing 2012 state and federal   After you figure your special depreciation allowance for your qualified property, you can use the remaining cost to figure your regular MACRS depreciation deduction (discussed in chapter 4 . Free tax filing 2012 state and federal Therefore, you must reduce the depreciable basis of the property by the special depreciation allowance before figuring your regular MACRS depreciation deduction. Free tax filing 2012 state and federal Example. Free tax filing 2012 state and federal On November 1, 2013, Tom Brown bought and placed in service in his business qualified property that cost $450,000. Free tax filing 2012 state and federal He did not elect to claim a section 179 deduction. Free tax filing 2012 state and federal He deducts 50% of the cost ($225,000) as a special depreciation allowance for 2013. Free tax filing 2012 state and federal He uses the remaining $225,000 of cost to figure his regular MACRS depreciation deduction for 2013 and later years. Free tax filing 2012 state and federal Like-kind exchanges and involuntary conversions. Free tax filing 2012 state and federal   If you acquire qualified property in a like-kind exchange or involuntary conversion, the carryover basis of the acquired property is eligible for a special depreciation allowance. Free tax filing 2012 state and federal After you figure your special allowance, you can use the remaining carryover basis to figure your regular MACRS depreciation deduction. Free tax filing 2012 state and federal In the year you claim the allowance (the year you place in service the property received in the exchange or dispose of involuntarily converted property), you must reduce the carryover basis of the property by the allowance before figuring your regular MACRS depreciation deduction. Free tax filing 2012 state and federal See Figuring the Deduction for Property Acquired in a Nontaxable Exchange , in chapter 4 under How Is the Depreciation Deduction Figured . Free tax filing 2012 state and federal The excess basis (the part of the acquired property's basis that exceeds its carryover basis) is also eligible for a special depreciation allowance. Free tax filing 2012 state and federal How Can You Elect Not To Claim an Allowance? You can elect, for any class of property, not to deduct any special allowances for all property in such class placed in service during the tax year. Free tax filing 2012 state and federal To make an election, attach a statement to your return indicating what election you are making and the class of property for which you are making the election. Free tax filing 2012 state and federal When to make election. Free tax filing 2012 state and federal   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. Free tax filing 2012 state and federal   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). Free tax filing 2012 state and federal Attach the election statement to the amended return. Free tax filing 2012 state and federal On the amended return, write “Filed pursuant to section 301. Free tax filing 2012 state and federal 9100-2. Free tax filing 2012 state and federal ” Revoking an election. Free tax filing 2012 state and federal   Once you elect not to deduct a special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Free tax filing 2012 state and federal A request to revoke the election is a request for a letter ruling. Free tax filing 2012 state and federal If you elect not to have any special allowance apply, the property may be subject to an alternative minimum tax adjustment for depreciation. Free tax filing 2012 state and federal When Must You Recapture an Allowance? When you dispose of property for which you claimed a special depreciation allowance, any gain on the disposition is generally recaptured (included in income) as ordinary income up to the amount of the special depreciation allowance previously allowed or allowable. Free tax filing 2012 state and federal See When Do You Recapture MACRS Depreciation in chapter 4 or more information. Free tax filing 2012 state and federal Recapture of allowance deducted for qualified GO Zone property. Free tax filing 2012 state and federal   If, in any year after the year you claim the special depreciation allowance for qualified GO Zone property (including specified GO Zone extension property), the property ceases to be used in the GO Zone, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Free tax filing 2012 state and federal For additional guidance, see Notice 2008-25 on page 484 of Internal Revenue Bulletin 2008-9. Free tax filing 2012 state and federal Qualified cellulosic biomass ethanol plant property and qualified cellulosic biofuel plant property. Free tax filing 2012 state and federal   If, in any year after the year you claim the special depreciation allowance for any qualified cellulosic biomass ethanol plant property or qualified biofuel plant property, the property ceases to be qualified cellulosic biomass ethanol plant property or qualified biofuel plant property, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Free tax filing 2012 state and federal Recapture of allowance for qualified Recovery Assistance property. Free tax filing 2012 state and federal   If, in any year after the year you claim the special depreciation allowance for qualified Recovery Assistance property, the property ceases to be used in the Kansas disaster area, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Free tax filing 2012 state and federal For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Free tax filing 2012 state and federal Recapture of allowance for qualified disaster assistance property. Free tax filing 2012 state and federal   If, in any year after the year you claim the special depreciation allowance for qualified disaster assistance property, the property ceases to be used in the applicable disaster area, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Free tax filing 2012 state and federal   For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Free tax filing 2012 state and federal Prev  Up  Next   Home   More Online Publications