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Instructions For Filing An Amended Tax Return

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Instructions For Filing An Amended Tax Return

Instructions for filing an amended tax return 3. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return The allowance applies only for the first year you place the property in service. Instructions for filing an amended tax return For qualified property placed in service in 2013, you can take an additional 50% special allowance. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return This chapter explains what is qualified property. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return Corporations can elect to accelerate certain minimum tax credits in lieu of claiming the special depreciation allowance for eligible qualified property. Instructions for filing an amended tax return See Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance , later. Instructions for filing an amended tax return See chapter 6 for information about getting publications and forms. Instructions for filing an amended tax return What Is Qualified Property? Your property is qualified property if it is one of the following. Instructions for filing an amended tax return Qualified reuse and recycling property. Instructions for filing an amended tax return Qualified cellulosic biofuel plant property. Instructions for filing an amended tax return Qualified disaster assistance property. Instructions for filing an amended tax return Certain qualified property acquired after December 31, 2007. Instructions for filing an amended tax return The following discussions provide information about the types of qualified property listed above for which you can take the special depreciation allowance. Instructions for filing an amended tax return Qualified Reuse and Recycling Property You can take a 50% special depreciation allowance for qualified reuse and recycling property. Instructions for filing an amended tax return 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). Instructions for filing an amended tax return Qualified reuse and recycling property also includes software necessary to operate such equipment. Instructions for filing an amended tax return The property must meet the following requirements. Instructions for filing an amended tax return The property must be depreciated under MACRS. Instructions for filing an amended tax return The property must have a useful life of at least 5 years. Instructions for filing an amended tax return The original use of the property must begin with you after August 31, 2008. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return The property must be placed in service for use in your trade or business after August 31, 2008. Instructions for filing an amended tax return Excepted Property Qualified reuse and recycling property does not include any of the following. Instructions for filing an amended tax return Any rolling stock or other equipment used to transport reuse or recyclable materials. Instructions for filing an amended tax return Property required to be depreciated using the Alternative Depreciation System (ADS). Instructions for filing an amended tax return 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 . Instructions for filing an amended tax return Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Instructions for filing an amended tax return Property for which you elected not to claim any special depreciation allowance (discussed later). Instructions for filing an amended tax return Property placed in service and disposed of in the same tax year. Instructions for filing an amended tax return Property converted from business use to personal use in the same tax year acquired. Instructions for filing an amended tax return Property converted from personal use to business use in the same or later tax year may be qualified reuse and recycling property. Instructions for filing an amended tax return Qualified Cellulosic Biofuel Plant Property You can take a 50% special depreciation allowance for qualified cellulosic biofuel plant property. Instructions for filing an amended tax return Cellulosic biofuel is any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis. Instructions for filing an amended tax return Examples include bagasse (from sugar cane), corn stalks, and switchgrass. Instructions for filing an amended tax return The property must meet the following requirements. Instructions for filing an amended tax return The property is used in the United States solely to produce cellulosic biofuel. Instructions for filing an amended tax return The original use of the property must begin with you after December 20, 2006. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return Note. Instructions for filing an amended tax return 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)). Instructions for filing an amended tax return 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. Instructions for filing an amended tax return Special Rules Sale-leaseback. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return Syndicated leasing transactions. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return Excepted Property Qualified cellulosic biofuel plant property does not include any of the following. Instructions for filing an amended tax return Property placed in service and disposed of in the same tax year. Instructions for filing an amended tax return Property converted from business use to personal use in the same tax year it is acquired. Instructions for filing an amended tax return Property converted from personal use to business use in the same or later tax year may be qualified cellulosic biomass ethanol plant property. Instructions for filing an amended tax return Property required to be depreciated using the Alternative Depreciation System (ADS). Instructions for filing an amended tax return 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 . Instructions for filing an amended tax return 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. Instructions for filing an amended tax return Property for which you elected not to claim any special depreciation allowance (discussed later). Instructions for filing an amended tax return Property for which a deduction was taken under section 179C for certain qualified refinery property. Instructions for filing an amended tax return Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return A list of the federally declared disaster areas is available at the FEMA website at www. Instructions for filing an amended tax return fema. Instructions for filing an amended tax return gov. Instructions for filing an amended tax return Your property is qualified disaster assistance property if it meets the following requirements. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return The property must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the applicable federally declared disaster. Instructions for filing an amended tax return The property must be similar in nature to, and located in the same county as, the rehabilitated or replaced property. Instructions for filing an amended tax return The original use of the property within the applicable disaster area must have begun with you on or after the applicable disaster date. Instructions for filing an amended tax return The property is placed in service by you on or before the date which is the last day of the fourth calendar year. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return It is not excepted property (explained later in Excepted Property ). Instructions for filing an amended tax return Special Rules Sale-leaseback. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return Syndicated leasing transactions. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return Excepted Property Qualified disaster assistance property does not include any of the following. Instructions for filing an amended tax return Property required to be depreciated using the Alternative Depreciation System (ADS). Instructions for filing an amended tax return 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 . Instructions for filing an amended tax return Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103 of the Internal Revenue Code. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return Any property for which the special allowance under section 168(k) or section 1400N(d) of the Internal Revenue Code applies. Instructions for filing an amended tax return Property for which you elected not to claim any special depreciation allowance (discussed later). Instructions for filing an amended tax return Property placed in service and disposed of in the same tax year. Instructions for filing an amended tax return Property converted from business use to personal use in the same tax year acquired. Instructions for filing an amended tax return Property converted from personal use to business use in the same or later tax year may be qualified disaster assistance property. Instructions for filing an amended tax return Any gambling or animal racing property (defined later). Instructions for filing an amended tax return Qualified revitalization building. Instructions for filing an amended tax return   This is a commercial building and its structural components that you placed in service in a renewal community before January 1, 2010. Instructions for filing an amended tax return If the building is new, the original use of the building must begin with you. Instructions for filing an amended tax return If the building is not new, you must substantially rehabilitate the building and then place it in service. Instructions for filing an amended tax return For more information, including definitions of substantially rehabilitated building and qualified revitalization expenditure, see section 1400I(b) of the Internal Revenue Code. Instructions for filing an amended tax return Gambling or animal racing property. Instructions for filing an amended tax return   Gambling or animal racing property includes the following personal and real property. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return Your property is qualified property if it meets the following requirements. Instructions for filing an amended tax return It is one of the following types of property. Instructions for filing an amended tax return Tangible property depreciated under MACRS with a recovery period of 20 years or less. Instructions for filing an amended tax return Water utility property. Instructions for filing an amended tax return Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. Instructions for filing an amended tax return (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Instructions for filing an amended tax return ) Qualified leasehold improvement property (defined under Qualified leasehold improvement property later). Instructions for filing an amended tax return You must have acquired the property after December 31, 2007, with no binding written contract for the acquisition in effect before January 1, 2008. Instructions for filing an amended tax return 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)). Instructions for filing an amended tax return The original use of the property must begin with you after December 31, 2007. Instructions for filing an amended tax return It is not excepted property (explained later in Excepted property). Instructions for filing an amended tax return Qualified leasehold improvement property. Instructions for filing an amended tax return    Generally, this is any improvement to an interior part of a building that is nonresidential real property, if all the following requirements are met. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Instructions for filing an amended tax return The improvement is placed in service more than 3 years after the date the building was first placed in service by any person. Instructions for filing an amended tax return The improvement is section 1250 property. Instructions for filing an amended tax return See chapter 3 in Publication 544, Sales and Other Dispositions of Assets, for the definition of section 1250 property. Instructions for filing an amended tax return   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Instructions for filing an amended tax return The enlargement of the building. Instructions for filing an amended tax return Any elevator or escalator. Instructions for filing an amended tax return Any structural component benefiting a common area. Instructions for filing an amended tax return The internal structural framework of the building. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return However, a lease between related persons is not treated as a lease. Instructions for filing an amended tax return Related persons. Instructions for filing an amended tax return   For this purpose, the following are related persons. Instructions for filing an amended tax return Members of an affiliated group. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return A corporation and an individual who directly or indirectly owns 80% or more of the value of the outstanding stock of that corporation. Instructions for filing an amended tax return Two corporations that are members of the same controlled group. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return A corporation and a partnership if the same persons own both of the following. Instructions for filing an amended tax return 80% or more of the value of the outstanding stock of the corporation. Instructions for filing an amended tax return 80% or more of the capital or profits interest in the partnership. Instructions for filing an amended tax return The executor and beneficiary of any estate. Instructions for filing an amended tax return Long Production Period Property To be qualified property, long production period property must meet the following requirements. Instructions for filing an amended tax return It must meet the requirements in (2)-(5), above. Instructions for filing an amended tax return The property has a recovery period of at least 10 years or is transportation property. Instructions for filing an amended tax return Transportation property is tangible personal property used in the trade or business of transporting persons or property. Instructions for filing an amended tax return The property is subject to section 263A of the Internal Revenue Code. Instructions for filing an amended tax return The property has an estimated production period exceeding 1 year and an estimated production cost exceeding $1,000,000. Instructions for filing an amended tax return Noncommercial Aircraft To be qualified property, noncommercial aircraft must meet the following requirements. Instructions for filing an amended tax return It must meet the requirements in (2)-(5), above. Instructions for filing an amended tax return 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). Instructions for filing an amended tax return 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. Instructions for filing an amended tax return The aircraft must have an estimated production period exceeding four months and a cost exceeding $200,000. Instructions for filing an amended tax return Special Rules Sale-leaseback. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return Syndicated leasing transactions. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return Excepted Property Qualified property does not include any of the following. Instructions for filing an amended tax return Property placed in service and disposed of in the same tax year. Instructions for filing an amended tax return Property converted from business use to personal use in the same tax year acquired. Instructions for filing an amended tax return Property converted from personal use to business use in the same or later tax year may be qualified property. Instructions for filing an amended tax return Property required to be depreciated under the Alternative Depreciation System (ADS). Instructions for filing an amended tax return This includes listed property used 50% or less in a qualified business use. Instructions for filing an amended tax return 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 . Instructions for filing an amended tax return Qualified restaurant property (as defined in section 168(e)(7) of the Internal Revenue Code). Instructions for filing an amended tax return Qualified retail improvement property (as defined in section 168(e)(8) of the Internal Revenue Code). Instructions for filing an amended tax return Property for which you elected not to claim any special depreciation allowance (discussed later). Instructions for filing an amended tax return Property for which you elected to accelerate certain credits in lieu of the special depreciation allowance (discussed next). Instructions for filing an amended tax return 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. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return See Which Depreciation Method Applies in chapter 4 . Instructions for filing an amended tax return Once made, the election cannot be revoked without IRS consent. Instructions for filing an amended tax return Additional guidance. Instructions for filing an amended tax return   For additional guidance on the election to accelerate the research or minimum tax credit in lieu of claiming the special depreciation allowance, see Rev. Instructions for filing an amended tax return Proc. Instructions for filing an amended tax return 2008-65 on page 1082 of Internal Revenue Bulletin 2008-44, available at www. Instructions for filing an amended tax return irs. Instructions for filing an amended tax return gov/pub/irs-irbs/irb08-44. Instructions for filing an amended tax return pdf, Rev. Instructions for filing an amended tax return Proc. Instructions for filing an amended tax return 2009-16 on page 449 of Internal Revenue Bulletin 2009-06, available at www. Instructions for filing an amended tax return irs. Instructions for filing an amended tax return gov/pub/irs-irbs/irb09-06. Instructions for filing an amended tax return pdf, and Rev. Instructions for filing an amended tax return Proc. Instructions for filing an amended tax return 2009-33 on page 150 of Internal Revenue Bulletin 2009-29, available at www. Instructions for filing an amended tax return irs. Instructions for filing an amended tax return gov/pub/irs-irbs/irb09-29. Instructions for filing an amended tax return pdf. Instructions for filing an amended tax return Also, see Form 3800, General Business Credit; Form 8827, Credit for Prior Year Minimum Tax — Corporations; and related instructions. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return irs. Instructions for filing an amended tax return gov/irb. Instructions for filing an amended tax return 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%. Instructions for filing an amended tax return For qualified property other than listed property, enter the special allowance on line 14 in Part II of Form 4562. Instructions for filing an amended tax return For qualified property that is listed property, enter the special allowance on line 25 in Part V of Form 4562. Instructions for filing an amended tax return If you place qualified property in service in a short tax year, you can take the full amount of a special depreciation allowance. Instructions for filing an amended tax return Depreciable basis. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return   The following are examples of some credits and deductions that reduce depreciable basis. Instructions for filing an amended tax return Any section 179 deduction. Instructions for filing an amended tax return Any deduction for removal of barriers to the disabled and the elderly. Instructions for filing an amended tax return Any disabled access credit, enhanced oil recovery credit, and credit for employer-provided childcare facilities and services. Instructions for filing an amended tax return Basis adjustment to investment credit property under section 50(c) of the Internal Revenue Code. Instructions for filing an amended tax return   For additional credits and deductions that affect basis, see section 1016 of the Internal Revenue Code. Instructions for filing an amended tax return   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 . Instructions for filing an amended tax return 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 . Instructions for filing an amended tax return Depreciating the remaining cost. Instructions for filing an amended tax return   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 . Instructions for filing an amended tax return Therefore, you must reduce the depreciable basis of the property by the special depreciation allowance before figuring your regular MACRS depreciation deduction. Instructions for filing an amended tax return Example. Instructions for filing an amended tax return On November 1, 2013, Tom Brown bought and placed in service in his business qualified property that cost $450,000. Instructions for filing an amended tax return He did not elect to claim a section 179 deduction. Instructions for filing an amended tax return He deducts 50% of the cost ($225,000) as a special depreciation allowance for 2013. Instructions for filing an amended tax return He uses the remaining $225,000 of cost to figure his regular MACRS depreciation deduction for 2013 and later years. Instructions for filing an amended tax return Like-kind exchanges and involuntary conversions. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return After you figure your special allowance, you can use the remaining carryover basis to figure your regular MACRS depreciation deduction. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return See Figuring the Deduction for Property Acquired in a Nontaxable Exchange , in chapter 4 under How Is the Depreciation Deduction Figured . Instructions for filing an amended tax return The excess basis (the part of the acquired property's basis that exceeds its carryover basis) is also eligible for a special depreciation allowance. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return When to make election. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return   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). Instructions for filing an amended tax return Attach the election statement to the amended return. Instructions for filing an amended tax return On the amended return, write “Filed pursuant to section 301. Instructions for filing an amended tax return 9100-2. Instructions for filing an amended tax return ” Revoking an election. Instructions for filing an amended tax return   Once you elect not to deduct a special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Instructions for filing an amended tax return A request to revoke the election is a request for a letter ruling. Instructions for filing an amended tax return If you elect not to have any special allowance apply, the property may be subject to an alternative minimum tax adjustment for depreciation. Instructions for filing an amended tax return 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. Instructions for filing an amended tax return See When Do You Recapture MACRS Depreciation in chapter 4 or more information. Instructions for filing an amended tax return Recapture of allowance deducted for qualified GO Zone property. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return For additional guidance, see Notice 2008-25 on page 484 of Internal Revenue Bulletin 2008-9. Instructions for filing an amended tax return Qualified cellulosic biomass ethanol plant property and qualified cellulosic biofuel plant property. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return Recapture of allowance for qualified Recovery Assistance property. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Instructions for filing an amended tax return Recapture of allowance for qualified disaster assistance property. Instructions for filing an amended tax return   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. Instructions for filing an amended tax return   For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Instructions for filing an amended tax return Prev  Up  Next   Home   More Online Publications
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The Instructions For Filing An Amended Tax Return

Instructions for filing an amended tax return Publication 503 - Introductory Material Table of Contents Future Developments Reminders IntroductionOrdering forms and publications. Instructions for filing an amended tax return Tax questions. Instructions for filing an amended tax return Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 503, such as legislation enacted after it was published, go to www. Instructions for filing an amended tax return irs. Instructions for filing an amended tax return gov/pub503. Instructions for filing an amended tax return Reminders Taxpayer identification number needed for each qualifying person. Instructions for filing an amended tax return  You must include on line 2 of Form 2441, Child and Dependent Care Expenses, the name and taxpayer identification number (generally the social security number) of each qualifying person. Instructions for filing an amended tax return See Taxpayer identification number under Qualifying Person Test, later. Instructions for filing an amended tax return You may have to pay employment taxes. Instructions for filing an amended tax return  If you pay someone to come to your home and care for your dependent or spouse, you may be a household employer who has to pay employment taxes. Instructions for filing an amended tax return Usually, you are not a household employer if the person who cares for your dependent or spouse does so at his or her home or place of business. Instructions for filing an amended tax return See Employment Taxes for Household Employers, later. Instructions for filing an amended tax return Photographs of missing children. Instructions for filing an amended tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Instructions for filing an amended tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Instructions for filing an amended tax return You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Instructions for filing an amended tax return Introduction This publication explains the tests you must meet to claim the credit for child and dependent care expenses. Instructions for filing an amended tax return It explains how to figure and claim the credit. Instructions for filing an amended tax return You may be able to claim the credit if you pay someone to care for your dependent who is under age 13 or for your spouse or dependent who is not able to care for himself or herself. Instructions for filing an amended tax return The credit can be up to 35% of your expenses. Instructions for filing an amended tax return To qualify, you must pay these expenses so you can work or look for work. Instructions for filing an amended tax return This publication also discusses some of the employment tax rules for household employers. Instructions for filing an amended tax return Dependent care benefits. Instructions for filing an amended tax return   If you received any dependent care benefits from your employer during the year, you may be able to exclude from your income all or part of them. Instructions for filing an amended tax return You must complete Form 2441, Part III, before you can figure the amount of your credit. Instructions for filing an amended tax return See Dependent Care Benefits under How To Figure the Credit, later. Instructions for filing an amended tax return Comments and suggestions. Instructions for filing an amended tax return   We welcome your comments about this publication and your suggestions for future editions. Instructions for filing an amended tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Instructions for filing an amended tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Instructions for filing an amended tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Instructions for filing an amended tax return   You can send your comments from www. Instructions for filing an amended tax return irs. Instructions for filing an amended tax return gov/formspubs/. Instructions for filing an amended tax return Click on “More Information” and then on “Comment on Tax Forms and Publications. Instructions for filing an amended tax return ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Instructions for filing an amended tax return Ordering forms and publications. Instructions for filing an amended tax return   Visit www. Instructions for filing an amended tax return irs. Instructions for filing an amended tax return gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Instructions for filing an amended tax return Internal Revenue Service 1201 N. Instructions for filing an amended tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Instructions for filing an amended tax return   If you have a tax question, check the information available on IRS. Instructions for filing an amended tax return gov or call 1-800-829-1040. Instructions for filing an amended tax return We cannot answer tax questions sent to either of the above addresses. Instructions for filing an amended tax return Useful Items - You may want to see: Publication 501 Exemptions, Standard Deduction, and Filing Information 926 Household Employer's Tax Guide Form (and Instructions) 2441 Child and Dependent Care Expenses Schedule H (Form 1040) Household Employment Taxes W-10 Dependent Care Provider's Identification and Certification See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Instructions for filing an amended tax return Prev  Up  Next   Home   More Online Publications