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How To File An Amended Tax Return For 2012

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How To File An Amended Tax Return For 2012

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Talk to Your Pharmacist

Your pharmacist oversees an important part of your health care by providing the medications prescribed by other health care professionals. It’s important that you are proactive and communicate honestly with your pharmacist. Topics you should discuss with your pharmacist include:

  • What other medications you take
  • Whether you have allergic reactions to any medications
  • Whether there is a generic version of the medication you can take instead
  • Any questions about the medication you are receiving. Review and discuss information on your patient insert.
  • Whether there is a risk that your medications don’t mix well with each other
  • Whether there any side effects to the medications

Remember to finish your entire prescription, since some illnesses require treatment to continue past the time when symptoms go away. Make certain that your pharmacy has your current health and prescription insurance on record so you get the best price possible. If you have difficulty paying for your medications, contact the manufacturer; some pharmaceutical companies have patient assistance programs to help you afford your medication.

Online Pharmacies

An increasing number of consumers are replacing a trip to the pharmacy with a trip on the Internet. While there are online pharmacies that provide legitimate prescription services, there are also some questionable sites that make buying medicines online risky. Do business only with a licensed U.S. pharmacy. Check with the National Association of Boards of Pharmacy to determine whether the site is licensed and in good standing. There are a few clues you can use to determine whether an online pharmacy is licensed, such as the website does not:

  • identify the organization or company sponsoring the site.
  • include a U.S. address and telephone number for the company.

An online pharmacy should offer you access to a registered pharmacist who can answer any questions you might have about drug interactions, side effects, and other safety precautions. Be wary of sites that:

  • Sell drugs without a prescription
  • Sell drugs not approved by the FDA
  • Advertise quick cures
  • Tell stories of "amazing results"
  • Claims that the medical profession has tried to keep the product from the public

If you suspect a site is not a licensed pharmacy, report it and any complaints to the U.S. Food and Drug Administration.

The How To File An Amended Tax Return For 2012

How to file an amended tax return for 2012 7. How to file an amended tax return for 2012   Costs You Can Deduct or Capitalize Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Carrying Charges Research and Experimental CostsProduct. How to file an amended tax return for 2012 Costs not included. How to file an amended tax return for 2012 Intangible Drilling Costs Exploration CostsPartnerships and S corporations. How to file an amended tax return for 2012 Development Costs Circulation Costs Business Start-Up and Organizational Costs Reforestation Costs Retired Asset Removal Costs Barrier Removal CostsOther barrier removals. How to file an amended tax return for 2012 Film and Television Production Costs What's New Film and television productions costs. How to file an amended tax return for 2012  The election to expense film and television production costs does not apply to productions that begin after December 31, 2013. How to file an amended tax return for 2012 See Film and Television Production Costs , later. How to file an amended tax return for 2012 Introduction This chapter discusses costs you can elect to deduct or capitalize. How to file an amended tax return for 2012 You generally deduct a cost as a current business expense by subtracting it from your income in either the year you incur it or the year you pay it. How to file an amended tax return for 2012 If you capitalize a cost, you may be able to recover it over a period of years through periodic deductions for amortization, depletion, or depreciation. How to file an amended tax return for 2012 When you capitalize a cost, you add it to the basis of property to which it relates. How to file an amended tax return for 2012 A partnership, corporation, estate, or trust makes the election to deduct or capitalize the costs discussed in this chapter except for exploration costs for mineral deposits. How to file an amended tax return for 2012 Each individual partner, shareholder, or beneficiary elects whether to deduct or capitalize exploration costs. How to file an amended tax return for 2012 You may be subject to the alternative minimum tax (AMT) if you deduct research and experimental, intangible drilling, exploration, development, circulation, or business organizational costs. How to file an amended tax return for 2012 For more information on the alternative minimum tax, see the instructions for the following forms. How to file an amended tax return for 2012 Form 6251, Alternative Minimum Tax—Individuals. How to file an amended tax return for 2012 Form 4626, Alternative Minimum Tax—Corporations. How to file an amended tax return for 2012 Topics - This chapter discusses: Carrying charges Research and experimental costs Intangible drilling costs Exploration costs Development costs Circulation costs Qualified disaster expenses Business start-up and organizational costs Reforestation costs Retired asset removal costs Barrier removal costs Film and television production costs Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 3468 Investment Credit 8826 Disabled Access Credit See chapter 12 for information about getting publications and forms. How to file an amended tax return for 2012 Carrying Charges Carrying charges include the taxes and interest you pay to carry or develop real property or to carry, transport, or install personal property. How to file an amended tax return for 2012 Certain carrying charges must be capitalized under the uniform capitalization rules. How to file an amended tax return for 2012 (For information on capitalization of interest, see chapter 4 . How to file an amended tax return for 2012 ) You can elect to capitalize carrying charges not subject to the uniform capitalization rules, but only if they are otherwise deductible. How to file an amended tax return for 2012 You can elect to capitalize carrying charges separately for each project you have and for each type of carrying charge. How to file an amended tax return for 2012 For unimproved and unproductive real property, your election is good for only 1 year. How to file an amended tax return for 2012 You must decide whether to capitalize carrying charges each year the property remains unimproved and unproductive. How to file an amended tax return for 2012 For other real property, your election to capitalize carrying charges remains in effect until construction or development is completed. How to file an amended tax return for 2012 For personal property, your election is effective until the date you install or first use it, whichever is later. How to file an amended tax return for 2012 How to make the election. How to file an amended tax return for 2012   To make the election to capitalize a carrying charge, attach a statement to your original tax return for the year the election is to be effective indicating which charges you are electing to capitalize. How to file an amended tax return for 2012 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 return (excluding extensions). How to file an amended tax return for 2012 Attach the statement to the amended return and write “Filed pursuant to section 301. How to file an amended tax return for 2012 9100-2” on the statement. How to file an amended tax return for 2012 File the amended return at the same address you filed the original return. How to file an amended tax return for 2012 Research and Experimental Costs The costs of research and experimentation are generally capital expenses. How to file an amended tax return for 2012 However, you can elect to deduct these costs as a current business expense. How to file an amended tax return for 2012 Your election to deduct these costs is binding for the year it is made and for all later years unless you get IRS approval to make a change. How to file an amended tax return for 2012 If you meet certain requirements, you may elect to defer and amortize research and experimental costs. How to file an amended tax return for 2012 For information on electing to defer and amortize these costs, see Research and Experimental Costs in chapter 8. How to file an amended tax return for 2012 Research and experimental costs defined. How to file an amended tax return for 2012   Research and experimental costs are reasonable costs you incur in your trade or business for activities intended to provide information that would eliminate uncertainty about the development or improvement of a product. How to file an amended tax return for 2012 Uncertainty exists if the information available to you does not establish how to develop or improve a product or the appropriate design of a product. How to file an amended tax return for 2012 Whether costs qualify as research and experimental costs depends on the nature of the activity to which the costs relate rather than on the nature of the product or improvement being developed or the level of technological advancement. How to file an amended tax return for 2012      The costs of obtaining a patent, including attorneys' fees paid or incurred in making and perfecting a patent application, are research and experimental costs. How to file an amended tax return for 2012 However, costs paid or incurred to obtain another's patent are not research and experimental costs. How to file an amended tax return for 2012 Product. How to file an amended tax return for 2012   The term “product” includes any of the following items. How to file an amended tax return for 2012 Formula. How to file an amended tax return for 2012 Invention. How to file an amended tax return for 2012 Patent. How to file an amended tax return for 2012 Pilot model. How to file an amended tax return for 2012 Process. How to file an amended tax return for 2012 Technique. How to file an amended tax return for 2012 Property similar to the items listed above. How to file an amended tax return for 2012 It also includes products used by you in your trade or business or held for sale, lease, or license. How to file an amended tax return for 2012 Costs not included. How to file an amended tax return for 2012   Research and experimental costs do not include expenses for any of the following activities. How to file an amended tax return for 2012 Advertising or promotions. How to file an amended tax return for 2012 Consumer surveys. How to file an amended tax return for 2012 Efficiency surveys. How to file an amended tax return for 2012 Management studies. How to file an amended tax return for 2012 Quality control testing. How to file an amended tax return for 2012 Research in connection with literary, historical, or similar projects. How to file an amended tax return for 2012 The acquisition of another's patent, model, production, or process. How to file an amended tax return for 2012 When and how to elect. How to file an amended tax return for 2012   You make the election to deduct research and experimental costs by deducting them on your tax return for the year in which you first pay or incur research and experimental costs. How to file an amended tax return for 2012 If you do not make the election to deduct research and experimental costs in the first year in which you pay or incur the costs, you can deduct the costs in a later year only with approval from the IRS. How to file an amended tax return for 2012 Deducting or Amortizing Research and Experimentation Costs IF you . How to file an amended tax return for 2012 . How to file an amended tax return for 2012 . How to file an amended tax return for 2012 THEN . How to file an amended tax return for 2012 . How to file an amended tax return for 2012 . How to file an amended tax return for 2012 Elect to deduct research and experimental costs as a current business expense Deduct all research and experimental costs in the first year you pay or incur the costs and all later years. How to file an amended tax return for 2012 Do not deduct research and experimental costs as a current business expense If you meet the requirements, amortize them over at least 60 months, starting with the month you first receive an economic benefit from the research. How to file an amended tax return for 2012 See Research and Experimental Costs in chapter 8. How to file an amended tax return for 2012 Research credit. How to file an amended tax return for 2012   If you pay or incur qualified research expenses, you may be able to take the research credit. How to file an amended tax return for 2012 For more information see Form 6765, Credit for Increasing Research Activities and its instructions. How to file an amended tax return for 2012 Intangible Drilling Costs The costs of developing oil, gas, or geothermal wells are ordinarily capital expenditures. How to file an amended tax return for 2012 You can usually recover them through depreciation or depletion. How to file an amended tax return for 2012 However, you can elect to deduct intangible drilling costs (IDCs) as a current business expense. How to file an amended tax return for 2012 These are certain drilling and development costs for wells in the United States in which you hold an operating or working interest. How to file an amended tax return for 2012 You can deduct only costs for drilling or preparing a well for the production of oil, gas, or geothermal steam or hot water. How to file an amended tax return for 2012 You can elect to deduct only the costs of items with no salvage value. How to file an amended tax return for 2012 These include wages, fuel, repairs, hauling, and supplies related to drilling wells and preparing them for production. How to file an amended tax return for 2012 Your cost for any drilling or development work done by contractors under any form of contract is also an IDC. How to file an amended tax return for 2012 However, see Amounts paid to contractor that must be capitalized , later. How to file an amended tax return for 2012 You can also elect to deduct the cost of drilling exploratory bore holes to determine the location and delineation of offshore hydrocarbon deposits if the shaft is capable of conducting hydrocarbons to the surface on completion. How to file an amended tax return for 2012 It does not matter whether there is any intent to produce hydrocarbons. How to file an amended tax return for 2012 If you do not elect to deduct your IDCs as a current business expense, you can elect to deduct them over the 60-month period beginning with the month they were paid or incurred. How to file an amended tax return for 2012 Amounts paid to contractor that must be capitalized. How to file an amended tax return for 2012   Amounts paid to a contractor must be capitalized if they are either: Amounts properly allocable to the cost of depreciable property, or Amounts paid only out of production or proceeds from production if these amounts are depletable income to the recipient. How to file an amended tax return for 2012 How to make the election. How to file an amended tax return for 2012   You elect to deduct IDCs as a current business expense by taking the deduction on your income tax return for the first tax year you have eligible costs. How to file an amended tax return for 2012 No formal statement is required. How to file an amended tax return for 2012 If you file Schedule C (Form 1040), enter these costs under “Other expenses. How to file an amended tax return for 2012 ”   For oil and gas wells, your election is binding for the year it is made and for all later years. How to file an amended tax return for 2012 For geothermal wells, your election can be revoked by the filing of an amended return on which you do not take the deduction. How to file an amended tax return for 2012 You can file the amended return for the year up to the normal time of expiration for filing a claim for credit or refund, generally, within 3 years after the date you filed the original return or within 2 years after the date you paid the tax, whichever is later. How to file an amended tax return for 2012 Energy credit for costs of geothermal wells. How to file an amended tax return for 2012   If you capitalize the drilling and development costs of geothermal wells that you place in service during the tax year, you may be able to claim a business energy credit. How to file an amended tax return for 2012 See the Instructions for Form 3468 for more information. How to file an amended tax return for 2012 Nonproductive well. How to file an amended tax return for 2012   If you capitalize your IDCs, you have another option if the well is nonproductive. How to file an amended tax return for 2012 You can deduct the IDCs of the nonproductive well as an ordinary loss. How to file an amended tax return for 2012 You must indicate and clearly state your election on your tax return for the year the well is completed. How to file an amended tax return for 2012 Once made, the election for oil and gas wells is binding for all later years. How to file an amended tax return for 2012 You can revoke your election for a geothermal well by filing an amended return that does not claim the loss. How to file an amended tax return for 2012 Costs incurred outside the United States. How to file an amended tax return for 2012   You cannot deduct as a current business expense all the IDCs paid or incurred for an oil, gas, or geothermal well located outside the United States. How to file an amended tax return for 2012 However, you can elect to include the costs in the adjusted basis of the well to figure depletion or depreciation. How to file an amended tax return for 2012 If you do not make this election, you can deduct the costs over the 10-year period beginning with the tax year in which you paid or incurred them. How to file an amended tax return for 2012 These rules do not apply to a nonproductive well. How to file an amended tax return for 2012 Exploration Costs The costs of determining the existence, location, extent, or quality of any mineral deposit are ordinarily capital expenditures if the costs lead to the development of a mine. How to file an amended tax return for 2012 You recover these costs through depletion as the mineral is removed from the ground. How to file an amended tax return for 2012 However, you can elect to deduct domestic exploration costs paid or incurred before the beginning of the development stage of the mine (except those for oil and gas wells). How to file an amended tax return for 2012 How to make the election. How to file an amended tax return for 2012   You elect to deduct exploration costs by taking the deduction on your income tax return, or on an amended income tax return, for the first tax year for which you wish to deduct the costs paid or incurred during the tax year. How to file an amended tax return for 2012 Your return must adequately describe and identify each property or mine, and clearly state how much is being deducted for each one. How to file an amended tax return for 2012 The election applies to the tax year you make this election and all later tax years. How to file an amended tax return for 2012 Partnerships and S corporations. How to file an amended tax return for 2012   Each partner, not the partnership, elects whether to capitalize or to deduct that partner's share of exploration costs. How to file an amended tax return for 2012 Each shareholder, not the S corporation, elects whether to capitalize or to deduct that shareholder's share of exploration costs. How to file an amended tax return for 2012 Reduced corporate deductions for exploration costs. How to file an amended tax return for 2012   A corporation (other than an S corporation) can deduct only 70% of its domestic exploration costs. How to file an amended tax return for 2012 It must capitalize the remaining 30% of costs and amortize them over the 60-month period starting with the month the exploration costs are paid or incurred. How to file an amended tax return for 2012 A corporation may also elect to capitalize and amortize mining exploration costs over a 10-year period. How to file an amended tax return for 2012 For more information on this method of amortization, see Internal Revenue Code section 59(e). How to file an amended tax return for 2012   The 30% the corporation capitalizes cannot be added to its basis in the property to figure cost depletion. How to file an amended tax return for 2012 However, the amount amortized is treated as additional depreciation and is subject to recapture as ordinary income on a disposition of the property. How to file an amended tax return for 2012 See Section 1250 Property under Depreciation Recapture in chapter 3 of Publication 544. How to file an amended tax return for 2012   These rules also apply to the deduction of development costs by corporations. How to file an amended tax return for 2012 See Development Costs , later. How to file an amended tax return for 2012 Recapture of exploration expenses. How to file an amended tax return for 2012   When your mine reaches the producing stage, you must recapture any exploration costs you elected to deduct. How to file an amended tax return for 2012 Use either of the following methods. How to file an amended tax return for 2012 Method 1—Include the deducted costs in gross income for the tax year the mine reaches the producing stage. How to file an amended tax return for 2012 Your election must be clearly indicated on the return. How to file an amended tax return for 2012 Increase your adjusted basis in the mine by the amount included in income. How to file an amended tax return for 2012 Generally, you must elect this recapture method by the due date (including extensions) of your return. How to file an amended tax return for 2012 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 return (excluding extensions). How to file an amended tax return for 2012 Make the election on your amended return and write “Filed pursuant to section 301. How to file an amended tax return for 2012 9100-2” on the form where you are including the income. How to file an amended tax return for 2012 File the amended return at the same address you filed the original return. How to file an amended tax return for 2012 Method 2—Do not claim any depletion deduction for the tax year the mine reaches the producing stage and any later tax years until the depletion you would have deducted equals the exploration costs you deducted. How to file an amended tax return for 2012   You also must recapture deducted exploration costs if you receive a bonus or royalty from mine property before it reaches the producing stage. How to file an amended tax return for 2012 Do not claim any depletion deduction for the tax year you receive the bonus or royalty and any later tax years until the depletion you would have deducted equals the exploration costs you deducted. How to file an amended tax return for 2012   Generally, if you dispose of the mine before you have fully recaptured the exploration costs you deducted, recapture the balance by treating all or part of your gain as ordinary income. How to file an amended tax return for 2012 Under these circumstances, you generally treat as ordinary income all of your gain if it is less than your adjusted exploration costs with respect to the mine. How to file an amended tax return for 2012 If your gain is more than your adjusted exploration costs, treat as ordinary income only a part of your gain, up to the amount of your adjusted exploration costs. How to file an amended tax return for 2012 Foreign exploration costs. How to file an amended tax return for 2012   If you pay or incur exploration costs for a mine or other natural deposit located outside the United States, you cannot deduct all the costs in the current year. How to file an amended tax return for 2012 You can elect to include the costs (other than for an oil, gas, or geothermal well) in the adjusted basis of the mineral property to figure cost depletion. How to file an amended tax return for 2012 (Cost depletion is discussed in chapter 9 . How to file an amended tax return for 2012 ) If you do not make this election, you must deduct the costs over the 10-year period beginning with the tax year in which you pay or incur them. How to file an amended tax return for 2012 These rules also apply to foreign development costs. How to file an amended tax return for 2012 Development Costs You can deduct costs paid or incurred during the tax year for developing a mine or any other natural deposit (other than an oil or gas well) located in the United States. How to file an amended tax return for 2012 These costs must be paid or incurred after the discovery of ores or minerals in commercially marketable quantities. How to file an amended tax return for 2012 Development costs also include depreciation on improvements used in the development of ores or minerals and costs incurred for you by a contractor. How to file an amended tax return for 2012 Development costs do not include the costs for the acquisition or improvement of depreciable property. How to file an amended tax return for 2012 Instead of deducting development costs in the year paid or incurred, you can elect to treat the cost as deferred expenses and deduct them ratably as the units of produced ores or minerals benefited by the expenses are sold. How to file an amended tax return for 2012 This election applies each tax year to expenses paid or incurred in that year. How to file an amended tax return for 2012 Once made, the election is binding for the year and cannot be revoked for any reason. How to file an amended tax return for 2012 How to make the election. How to file an amended tax return for 2012   The election to deduct development costs ratably as the ores or minerals are sold must be made for each mine or other natural deposit by a clear indication on your return or by a statement filed with the IRS office where you file your return. How to file an amended tax return for 2012 Generally, you must make the election by the due date of the return (including extensions). How to file an amended tax return for 2012 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 return (excluding extensions). How to file an amended tax return for 2012 Clearly indicate the election on your amended return and write “Filed pursuant to section 301. How to file an amended tax return for 2012 9100-2. How to file an amended tax return for 2012 ” File the amended return at the same address you filed the original return. How to file an amended tax return for 2012 Foreign development costs. How to file an amended tax return for 2012   The rules discussed earlier for foreign exploration costs apply to foreign development costs. How to file an amended tax return for 2012 Reduced corporate deductions for development costs. How to file an amended tax return for 2012   The rules discussed earlier for reduced corporate deductions for exploration costs also apply to corporate deductions for development costs. How to file an amended tax return for 2012 Circulation Costs A publisher can deduct as a current business expense the costs of establishing, maintaining, or increasing the circulation of a newspaper, magazine, or other periodical. How to file an amended tax return for 2012 For example, a publisher can deduct the cost of hiring extra employees for a limited time to get new subscriptions through telephone calls. How to file an amended tax return for 2012 Circulation costs are deductible even if they normally would be capitalized. How to file an amended tax return for 2012 This rule does not apply to the following costs that must be capitalized. How to file an amended tax return for 2012 The purchase of land or depreciable property. How to file an amended tax return for 2012 The acquisition of circulation through the purchase of any part of the business of another publisher of a newspaper, magazine, or other periodical, including the purchase of another publisher's list of subscribers. How to file an amended tax return for 2012 Other treatment of circulation costs. How to file an amended tax return for 2012   If you do not want to deduct circulation costs as a current business expense, you can elect one of the following ways to recover these costs. How to file an amended tax return for 2012 Capitalize all circulation costs that are properly chargeable to a capital account (see chapter 1 ). How to file an amended tax return for 2012 Amortize circulation costs over the 3-year period beginning with the tax year they were paid or incurred. How to file an amended tax return for 2012 How to make the election. How to file an amended tax return for 2012   You elect to capitalize circulation costs by attaching a statement to your return for the first tax year the election applies. How to file an amended tax return for 2012 Your election is binding for the year it is made and for all later years, unless you get IRS approval to revoke it. How to file an amended tax return for 2012 Business Start-Up and Organizational Costs Business start-up and organizational costs are generally capital expenditures. How to file an amended tax return for 2012 However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. How to file an amended tax return for 2012 The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. How to file an amended tax return for 2012 Any remaining costs must be amortized. How to file an amended tax return for 2012 For information about amortizing start-up and organizational costs, see chapter 8 . How to file an amended tax return for 2012 Start-up costs include any amounts paid or incurred in connection with creating an active trade or business or investigating the creation or acquisition of an active trade or business. How to file an amended tax return for 2012 Organizational costs include the costs of creating a corporation. How to file an amended tax return for 2012 For more information on start-up and organizational costs, see chapter 8 . How to file an amended tax return for 2012 How to make the election. How to file an amended tax return for 2012   You elect to deduct the start-up or organizational costs by claiming the deduction on your income tax return (filed by the due date including extensions) for the tax year in which the active trade or business begins. How to file an amended tax return for 2012 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 return (excluding extensions). How to file an amended tax return for 2012 Clearly indicate the election on your amended return and write “Filed pursuant to section 301. How to file an amended tax return for 2012 9100-2. How to file an amended tax return for 2012 ” File the amended return at the same address you filed the original return. How to file an amended tax return for 2012 The election applies when computing taxable income for the current tax year and all subsequent years. How to file an amended tax return for 2012 Reforestation Costs Reforestation costs are generally capital expenditures. How to file an amended tax return for 2012 However, you can elect to deduct up to $10,000 ($5,000 if married filing separately; $0 for a trust) of qualifying reforestation costs paid or incurred after October 22, 2004, for each qualified timber property. How to file an amended tax return for 2012 The remaining costs can be amortized over an 84-month period. How to file an amended tax return for 2012 For information about amortizing reforestation costs, see chapter 8 . How to file an amended tax return for 2012 Qualifying reforestation costs are the direct costs of planting or seeding for forestation or reforestation. How to file an amended tax return for 2012 Qualified timber property is property that contains trees in significant commercial quantities. How to file an amended tax return for 2012 See chapter 8 for more information on qualifying reforestation costs and qualified timber property. How to file an amended tax return for 2012 If you elect to deduct qualified reforestation costs, create and maintain separate timber accounts for each qualified timber property and include all reforestation costs and the dates each was applied. How to file an amended tax return for 2012 Do not include this qualified timber property in any account (for example, depletion block) for which depletion is allowed. How to file an amended tax return for 2012 How to make the election. How to file an amended tax return for 2012   You elect to deduct qualifying reforestation costs by claiming the deduction on your timely filed income tax return (including extensions) for the tax year the expenses were paid or incurred. How to file an amended tax return for 2012 If Form T (Timber), Forest Activities Schedule, is required, complete Part IV of Form T. How to file an amended tax return for 2012 If Form T is not required, attach a statement containing the following information for each qualified timber property for which an election is being made. How to file an amended tax return for 2012 The unique stand identification numbers. How to file an amended tax return for 2012 The total number of acres reforested during the tax year. How to file an amended tax return for 2012 The nature of the reforestation treatments. How to file an amended tax return for 2012 The total amounts of qualified reforestation expenditures eligible to be amortized or deducted. How to file an amended tax return for 2012   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 return (excluding extensions). How to file an amended tax return for 2012 Clearly indicate the election on your amended return and write “Filed pursuant to section 301. How to file an amended tax return for 2012 9100-2. How to file an amended tax return for 2012 ” File the amended return at the same address you filed the original return. How to file an amended tax return for 2012 The election applies when computing taxable income for the current tax year and all subsequent years. How to file an amended tax return for 2012   For additional information on reforestation costs, see chapter 8 . How to file an amended tax return for 2012 Recapture. How to file an amended tax return for 2012   This deduction may have to be recaptured as ordinary income under section 1245 when you sell or otherwise dispose of the property that would have received an addition to basis if you had not elected to deduct the expenditure. How to file an amended tax return for 2012 For more information on recapturing the deduction, see Depreciation Recapture in Publication 544. How to file an amended tax return for 2012 Retired Asset Removal Costs If you retire and remove a depreciable asset in connection with the installation or production of a replacement asset, you can deduct the costs of removing the retired asset. How to file an amended tax return for 2012 However, if you replace a component (part) of a depreciable asset, capitalize the removal costs if the replacement is an improvement and deduct the costs if the replacement is a repair. How to file an amended tax return for 2012 Barrier Removal Costs The cost of an improvement to a business asset is normally a capital expense. How to file an amended tax return for 2012 However, you can elect to deduct the costs of making a facility or public transportation vehicle more accessible to and usable by those who are disabled or elderly. How to file an amended tax return for 2012 You must own or lease the facility or vehicle for use in connection with your trade or business. How to file an amended tax return for 2012 A facility is all or any part of buildings, structures, equipment, roads, walks, parking lots, or similar real or personal property. How to file an amended tax return for 2012 A public transportation vehicle is a vehicle, such as a bus or railroad car, that provides transportation service to the public (including service for your customers, even if you are not in the business of providing transportation services). How to file an amended tax return for 2012 You cannot deduct any costs that you paid or incurred to completely renovate or build a facility or public transportation vehicle or to replace depreciable property in the normal course of business. How to file an amended tax return for 2012 Deduction limit. How to file an amended tax return for 2012   The most you can deduct as a cost of removing barriers to the disabled and the elderly for any tax year is $15,000. How to file an amended tax return for 2012 However, you can add any costs over this limit to the basis of the property and depreciate these excess costs. How to file an amended tax return for 2012 Partners and partnerships. How to file an amended tax return for 2012   The $15,000 limit applies to a partnership and also to each partner in the partnership. How to file an amended tax return for 2012 A partner can allocate the $15,000 limit in any manner among the partner's individually incurred costs and the partner's distributive share of partnership costs. How to file an amended tax return for 2012 If the partner cannot deduct the entire share of partnership costs, the partnership can add any costs not deducted to the basis of the improved property. How to file an amended tax return for 2012   A partnership must be able to show that any amount added to basis was not deducted by the partner and that it was over a partner's $15,000 limit (as determined by the partner). How to file an amended tax return for 2012 If the partnership cannot show this, it is presumed that the partner was able to deduct the distributive share of the partnership's costs in full. How to file an amended tax return for 2012 Example. How to file an amended tax return for 2012 Emilio Azul's distributive share of ABC partnership's deductible expenses for the removal of architectural barriers was $14,000. How to file an amended tax return for 2012 Emilio had $12,000 of similar expenses in his sole proprietorship. How to file an amended tax return for 2012 He elected to deduct $7,000 of them. How to file an amended tax return for 2012 Emilio allocated the remaining $8,000 of the $15,000 limit to his share of ABC's expenses. How to file an amended tax return for 2012 Emilio can add the excess $5,000 of his own expenses to the basis of the property used in his business. How to file an amended tax return for 2012 Also, if ABC can show that Emilio could not deduct $6,000 ($14,000 – $8,000) of his share of the partnership's expenses because of how Emilio applied the limit, ABC can add $6,000 to the basis of its property. How to file an amended tax return for 2012 Qualification standards. How to file an amended tax return for 2012   You can deduct your costs as a current expense only if the barrier removal meets the guidelines and requirements issued by the Architectural and Transportation Barriers Compliance Board under the Americans with Disabilities Act (ADA) of 1990. How to file an amended tax return for 2012 You can view the Americans with Disabilities Act at www. How to file an amended tax return for 2012 ada. How to file an amended tax return for 2012 gov/pubs/ada. How to file an amended tax return for 2012 htm. How to file an amended tax return for 2012   The following is a list of some architectural barrier removal costs that can be deducted. How to file an amended tax return for 2012 Ground and floor surfaces. How to file an amended tax return for 2012 Walks. How to file an amended tax return for 2012 Parking lots. How to file an amended tax return for 2012 Ramps. How to file an amended tax return for 2012 Entrances. How to file an amended tax return for 2012 Doors and doorways. How to file an amended tax return for 2012 Stairs. How to file an amended tax return for 2012 Floors. How to file an amended tax return for 2012 Toilet rooms. How to file an amended tax return for 2012 Water fountains. How to file an amended tax return for 2012 Public telephones. How to file an amended tax return for 2012 Elevators. How to file an amended tax return for 2012 Controls. How to file an amended tax return for 2012 Signage. How to file an amended tax return for 2012 Alarms. How to file an amended tax return for 2012 Protruding objects. How to file an amended tax return for 2012 Symbols of accessibility. How to file an amended tax return for 2012 You can find the ADA guidelines and requirements for architectural barrier removal at www. How to file an amended tax return for 2012 usdoj. How to file an amended tax return for 2012 gov/crt/ada/reg3a. How to file an amended tax return for 2012 html. How to file an amended tax return for 2012   The costs for removal of transportation barriers from rail facilities, buses, and rapid and light rail vehicles are deductible. How to file an amended tax return for 2012 You can find the guidelines and requirements for transportation barrier removal at www. How to file an amended tax return for 2012 fta. How to file an amended tax return for 2012 dot. How to file an amended tax return for 2012 gov. How to file an amended tax return for 2012   Also, you can access the ADA website at www. How to file an amended tax return for 2012 ada. How to file an amended tax return for 2012 gov for additional information. How to file an amended tax return for 2012 Other barrier removals. How to file an amended tax return for 2012   To be deductible, expenses of removing any barrier not covered by the above standards must meet all three of the following tests. How to file an amended tax return for 2012 The removed barrier must be a substantial barrier to access or use of a facility or public transportation vehicle by persons who have a disability or are elderly. How to file an amended tax return for 2012 The removed barrier must have been a barrier for at least one major group of persons who have a disability or are elderly (such as people who are blind, deaf, or wheelchair users). How to file an amended tax return for 2012 The barrier must be removed without creating any new barrier that significantly impairs access to or use of the facility or vehicle by a major group of persons who have a disability or are elderly. How to file an amended tax return for 2012 How to make the election. How to file an amended tax return for 2012   If you elect to deduct your costs for removing barriers to the disabled or the elderly, claim the deduction on your income tax return (partnership return for partnerships) for the tax year the expenses were paid or incurred. How to file an amended tax return for 2012 Identify the deduction as a separate item. How to file an amended tax return for 2012 The election applies to all the qualifying costs you have during the year, up to the $15,000 limit. How to file an amended tax return for 2012 If you make this election, you must maintain adequate records to support your deduction. How to file an amended tax return for 2012   For your election to be valid, you generally must file your return by its due date, including extensions. How to file an amended tax return for 2012 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 return (excluding extensions). How to file an amended tax return for 2012 Clearly indicate the election on your amended return and write “Filed pursuant to section 301. How to file an amended tax return for 2012 9100-2. How to file an amended tax return for 2012 ” File the amended return at the same address you filed the original return. How to file an amended tax return for 2012 Your election is irrevocable after the due date, including extensions, of your return. How to file an amended tax return for 2012 Disabled access credit. How to file an amended tax return for 2012   If you make your business accessible to persons with disabilities and your business is an eligible small business, you may be able to claim the disabled access credit. How to file an amended tax return for 2012 If you choose to claim the credit, you must reduce the amount you deduct or capitalize by the amount of the credit. How to file an amended tax return for 2012   For more information, see Form 8826, Disabled Access Credit. How to file an amended tax return for 2012 Film and Television Production Costs Film and television production costs are generally capital expenses. How to file an amended tax return for 2012 However, you can elect to deduct costs paid or incurred for certain productions commencing before January 1, 2014. How to file an amended tax return for 2012 For more information, see section 181 of the Internal Revenue Code and the related Treasury Regulations. How to file an amended tax return for 2012 Prev  Up  Next   Home   More Online Publications