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Irs Federal Tax Tables 2012

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Irs Federal Tax Tables 2012

Irs federal tax tables 2012 3. Irs federal tax tables 2012   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. Irs federal tax tables 2012 The allowance applies only for the first year you place the property in service. Irs federal tax tables 2012 For qualified property placed in service in 2013, you can take an additional 50% special allowance. Irs federal tax tables 2012 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. Irs federal tax tables 2012 This chapter explains what is qualified property. Irs federal tax tables 2012 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. Irs federal tax tables 2012 Corporations can elect to accelerate certain minimum tax credits in lieu of claiming the special depreciation allowance for eligible qualified property. Irs federal tax tables 2012 See Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance , later. Irs federal tax tables 2012 See chapter 6 for information about getting publications and forms. Irs federal tax tables 2012 What Is Qualified Property? Your property is qualified property if it is one of the following. Irs federal tax tables 2012 Qualified reuse and recycling property. Irs federal tax tables 2012 Qualified cellulosic biofuel plant property. Irs federal tax tables 2012 Qualified disaster assistance property. Irs federal tax tables 2012 Certain qualified property acquired after December 31, 2007. Irs federal tax tables 2012 The following discussions provide information about the types of qualified property listed above for which you can take the special depreciation allowance. Irs federal tax tables 2012 Qualified Reuse and Recycling Property You can take a 50% special depreciation allowance for qualified reuse and recycling property. Irs federal tax tables 2012 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). Irs federal tax tables 2012 Qualified reuse and recycling property also includes software necessary to operate such equipment. Irs federal tax tables 2012 The property must meet the following requirements. Irs federal tax tables 2012 The property must be depreciated under MACRS. Irs federal tax tables 2012 The property must have a useful life of at least 5 years. Irs federal tax tables 2012 The original use of the property must begin with you after August 31, 2008. Irs federal tax tables 2012 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. Irs federal tax tables 2012 The property must be placed in service for use in your trade or business after August 31, 2008. Irs federal tax tables 2012 Excepted Property Qualified reuse and recycling property does not include any of the following. Irs federal tax tables 2012 Any rolling stock or other equipment used to transport reuse or recyclable materials. Irs federal tax tables 2012 Property required to be depreciated using the Alternative Depreciation System (ADS). Irs federal tax tables 2012 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 . Irs federal tax tables 2012 Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Irs federal tax tables 2012 Property for which you elected not to claim any special depreciation allowance (discussed later). Irs federal tax tables 2012 Property placed in service and disposed of in the same tax year. Irs federal tax tables 2012 Property converted from business use to personal use in the same tax year acquired. Irs federal tax tables 2012 Property converted from personal use to business use in the same or later tax year may be qualified reuse and recycling property. Irs federal tax tables 2012 Qualified Cellulosic Biofuel Plant Property You can take a 50% special depreciation allowance for qualified cellulosic biofuel plant property. Irs federal tax tables 2012 Cellulosic biofuel is any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis. Irs federal tax tables 2012 Examples include bagasse (from sugar cane), corn stalks, and switchgrass. Irs federal tax tables 2012 The property must meet the following requirements. Irs federal tax tables 2012 The property is used in the United States solely to produce cellulosic biofuel. Irs federal tax tables 2012 The original use of the property must begin with you after December 20, 2006. Irs federal tax tables 2012 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. Irs federal tax tables 2012 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. Irs federal tax tables 2012 Note. Irs federal tax tables 2012 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)). Irs federal tax tables 2012 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. Irs federal tax tables 2012 Special Rules Sale-leaseback. Irs federal tax tables 2012   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. Irs federal tax tables 2012   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. Irs federal tax tables 2012 Syndicated leasing transactions. Irs federal tax tables 2012   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. Irs federal tax tables 2012   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. Irs federal tax tables 2012 Excepted Property Qualified cellulosic biofuel plant property does not include any of the following. Irs federal tax tables 2012 Property placed in service and disposed of in the same tax year. Irs federal tax tables 2012 Property converted from business use to personal use in the same tax year it is acquired. Irs federal tax tables 2012 Property converted from personal use to business use in the same or later tax year may be qualified cellulosic biomass ethanol plant property. Irs federal tax tables 2012 Property required to be depreciated using the Alternative Depreciation System (ADS). Irs federal tax tables 2012 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 . Irs federal tax tables 2012 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. Irs federal tax tables 2012 Property for which you elected not to claim any special depreciation allowance (discussed later). Irs federal tax tables 2012 Property for which a deduction was taken under section 179C for certain qualified refinery property. Irs federal tax tables 2012 Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Irs federal tax tables 2012 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. Irs federal tax tables 2012 A list of the federally declared disaster areas is available at the FEMA website at www. Irs federal tax tables 2012 fema. Irs federal tax tables 2012 gov. Irs federal tax tables 2012 Your property is qualified disaster assistance property if it meets the following requirements. Irs federal tax tables 2012 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. Irs federal tax tables 2012 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. Irs federal tax tables 2012 The property must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the applicable federally declared disaster. Irs federal tax tables 2012 The property must be similar in nature to, and located in the same county as, the rehabilitated or replaced property. Irs federal tax tables 2012 The original use of the property within the applicable disaster area must have begun with you on or after the applicable disaster date. Irs federal tax tables 2012 The property is placed in service by you on or before the date which is the last day of the fourth calendar year. Irs federal tax tables 2012 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. Irs federal tax tables 2012 It is not excepted property (explained later in Excepted Property ). Irs federal tax tables 2012 Special Rules Sale-leaseback. Irs federal tax tables 2012   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. Irs federal tax tables 2012   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. Irs federal tax tables 2012 Syndicated leasing transactions. Irs federal tax tables 2012   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. Irs federal tax tables 2012   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. Irs federal tax tables 2012 Excepted Property Qualified disaster assistance property does not include any of the following. Irs federal tax tables 2012 Property required to be depreciated using the Alternative Depreciation System (ADS). Irs federal tax tables 2012 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 . Irs federal tax tables 2012 Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103 of the Internal Revenue Code. Irs federal tax tables 2012 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. Irs federal tax tables 2012 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. Irs federal tax tables 2012 Any property for which the special allowance under section 168(k) or section 1400N(d) of the Internal Revenue Code applies. Irs federal tax tables 2012 Property for which you elected not to claim any special depreciation allowance (discussed later). Irs federal tax tables 2012 Property placed in service and disposed of in the same tax year. Irs federal tax tables 2012 Property converted from business use to personal use in the same tax year acquired. Irs federal tax tables 2012 Property converted from personal use to business use in the same or later tax year may be qualified disaster assistance property. Irs federal tax tables 2012 Any gambling or animal racing property (defined later). Irs federal tax tables 2012 Qualified revitalization building. Irs federal tax tables 2012   This is a commercial building and its structural components that you placed in service in a renewal community before January 1, 2010. Irs federal tax tables 2012 If the building is new, the original use of the building must begin with you. Irs federal tax tables 2012 If the building is not new, you must substantially rehabilitate the building and then place it in service. Irs federal tax tables 2012 For more information, including definitions of substantially rehabilitated building and qualified revitalization expenditure, see section 1400I(b) of the Internal Revenue Code. Irs federal tax tables 2012 Gambling or animal racing property. Irs federal tax tables 2012   Gambling or animal racing property includes the following personal and real property. Irs federal tax tables 2012 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. Irs federal tax tables 2012 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. Irs federal tax tables 2012 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. Irs federal tax tables 2012 Your property is qualified property if it meets the following requirements. Irs federal tax tables 2012 It is one of the following types of property. Irs federal tax tables 2012 Tangible property depreciated under MACRS with a recovery period of 20 years or less. Irs federal tax tables 2012 Water utility property. Irs federal tax tables 2012 Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. Irs federal tax tables 2012 (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Irs federal tax tables 2012 ) Qualified leasehold improvement property (defined under Qualified leasehold improvement property later). Irs federal tax tables 2012 You must have acquired the property after December 31, 2007, with no binding written contract for the acquisition in effect before January 1, 2008. Irs federal tax tables 2012 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)). Irs federal tax tables 2012 The original use of the property must begin with you after December 31, 2007. Irs federal tax tables 2012 It is not excepted property (explained later in Excepted property). Irs federal tax tables 2012 Qualified leasehold improvement property. Irs federal tax tables 2012    Generally, this is any improvement to an interior part of a building that is nonresidential real property, if all the following requirements are met. Irs federal tax tables 2012 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. Irs federal tax tables 2012 That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Irs federal tax tables 2012 The improvement is placed in service more than 3 years after the date the building was first placed in service by any person. Irs federal tax tables 2012 The improvement is section 1250 property. Irs federal tax tables 2012 See chapter 3 in Publication 544, Sales and Other Dispositions of Assets, for the definition of section 1250 property. Irs federal tax tables 2012   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Irs federal tax tables 2012 The enlargement of the building. Irs federal tax tables 2012 Any elevator or escalator. Irs federal tax tables 2012 Any structural component benefiting a common area. Irs federal tax tables 2012 The internal structural framework of the building. Irs federal tax tables 2012   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. Irs federal tax tables 2012 However, a lease between related persons is not treated as a lease. Irs federal tax tables 2012 Related persons. Irs federal tax tables 2012   For this purpose, the following are related persons. Irs federal tax tables 2012 Members of an affiliated group. Irs federal tax tables 2012 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. Irs federal tax tables 2012 A corporation and an individual who directly or indirectly owns 80% or more of the value of the outstanding stock of that corporation. Irs federal tax tables 2012 Two corporations that are members of the same controlled group. Irs federal tax tables 2012 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. Irs federal tax tables 2012 The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Irs federal tax tables 2012 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. Irs federal tax tables 2012 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. Irs federal tax tables 2012 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. Irs federal tax tables 2012 A corporation and a partnership if the same persons own both of the following. Irs federal tax tables 2012 80% or more of the value of the outstanding stock of the corporation. Irs federal tax tables 2012 80% or more of the capital or profits interest in the partnership. Irs federal tax tables 2012 The executor and beneficiary of any estate. Irs federal tax tables 2012 Long Production Period Property To be qualified property, long production period property must meet the following requirements. Irs federal tax tables 2012 It must meet the requirements in (2)-(5), above. Irs federal tax tables 2012 The property has a recovery period of at least 10 years or is transportation property. Irs federal tax tables 2012 Transportation property is tangible personal property used in the trade or business of transporting persons or property. Irs federal tax tables 2012 The property is subject to section 263A of the Internal Revenue Code. Irs federal tax tables 2012 The property has an estimated production period exceeding 1 year and an estimated production cost exceeding $1,000,000. Irs federal tax tables 2012 Noncommercial Aircraft To be qualified property, noncommercial aircraft must meet the following requirements. Irs federal tax tables 2012 It must meet the requirements in (2)-(5), above. Irs federal tax tables 2012 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). Irs federal tax tables 2012 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. Irs federal tax tables 2012 The aircraft must have an estimated production period exceeding four months and a cost exceeding $200,000. Irs federal tax tables 2012 Special Rules Sale-leaseback. Irs federal tax tables 2012   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. Irs federal tax tables 2012   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. Irs federal tax tables 2012 Syndicated leasing transactions. Irs federal tax tables 2012   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. Irs federal tax tables 2012   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. Irs federal tax tables 2012 Excepted Property Qualified property does not include any of the following. Irs federal tax tables 2012 Property placed in service and disposed of in the same tax year. Irs federal tax tables 2012 Property converted from business use to personal use in the same tax year acquired. Irs federal tax tables 2012 Property converted from personal use to business use in the same or later tax year may be qualified property. Irs federal tax tables 2012 Property required to be depreciated under the Alternative Depreciation System (ADS). Irs federal tax tables 2012 This includes listed property used 50% or less in a qualified business use. Irs federal tax tables 2012 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 . Irs federal tax tables 2012 Qualified restaurant property (as defined in section 168(e)(7) of the Internal Revenue Code). Irs federal tax tables 2012 Qualified retail improvement property (as defined in section 168(e)(8) of the Internal Revenue Code). Irs federal tax tables 2012 Property for which you elected not to claim any special depreciation allowance (discussed later). Irs federal tax tables 2012 Property for which you elected to accelerate certain credits in lieu of the special depreciation allowance (discussed next). Irs federal tax tables 2012 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. Irs federal tax tables 2012 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. Irs federal tax tables 2012 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. Irs federal tax tables 2012 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. Irs federal tax tables 2012 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. Irs federal tax tables 2012 See Which Depreciation Method Applies in chapter 4 . Irs federal tax tables 2012 Once made, the election cannot be revoked without IRS consent. Irs federal tax tables 2012 Additional guidance. Irs federal tax tables 2012   For additional guidance on the election to accelerate the research or minimum tax credit in lieu of claiming the special depreciation allowance, see Rev. Irs federal tax tables 2012 Proc. Irs federal tax tables 2012 2008-65 on page 1082 of Internal Revenue Bulletin 2008-44, available at www. Irs federal tax tables 2012 irs. Irs federal tax tables 2012 gov/pub/irs-irbs/irb08-44. Irs federal tax tables 2012 pdf, Rev. Irs federal tax tables 2012 Proc. Irs federal tax tables 2012 2009-16 on page 449 of Internal Revenue Bulletin 2009-06, available at www. Irs federal tax tables 2012 irs. Irs federal tax tables 2012 gov/pub/irs-irbs/irb09-06. Irs federal tax tables 2012 pdf, and Rev. Irs federal tax tables 2012 Proc. Irs federal tax tables 2012 2009-33 on page 150 of Internal Revenue Bulletin 2009-29, available at www. Irs federal tax tables 2012 irs. Irs federal tax tables 2012 gov/pub/irs-irbs/irb09-29. Irs federal tax tables 2012 pdf. Irs federal tax tables 2012 Also, see Form 3800, General Business Credit; Form 8827, Credit for Prior Year Minimum Tax — Corporations; and related instructions. Irs federal tax tables 2012   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. Irs federal tax tables 2012 irs. Irs federal tax tables 2012 gov/irb. Irs federal tax tables 2012 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%. Irs federal tax tables 2012 For qualified property other than listed property, enter the special allowance on line 14 in Part II of Form 4562. Irs federal tax tables 2012 For qualified property that is listed property, enter the special allowance on line 25 in Part V of Form 4562. Irs federal tax tables 2012 If you place qualified property in service in a short tax year, you can take the full amount of a special depreciation allowance. Irs federal tax tables 2012 Depreciable basis. Irs federal tax tables 2012   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. Irs federal tax tables 2012   The following are examples of some credits and deductions that reduce depreciable basis. Irs federal tax tables 2012 Any section 179 deduction. Irs federal tax tables 2012 Any deduction for removal of barriers to the disabled and the elderly. Irs federal tax tables 2012 Any disabled access credit, enhanced oil recovery credit, and credit for employer-provided childcare facilities and services. Irs federal tax tables 2012 Basis adjustment to investment credit property under section 50(c) of the Internal Revenue Code. Irs federal tax tables 2012   For additional credits and deductions that affect basis, see section 1016 of the Internal Revenue Code. Irs federal tax tables 2012   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 . Irs federal tax tables 2012 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 . Irs federal tax tables 2012 Depreciating the remaining cost. Irs federal tax tables 2012   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 . Irs federal tax tables 2012 Therefore, you must reduce the depreciable basis of the property by the special depreciation allowance before figuring your regular MACRS depreciation deduction. Irs federal tax tables 2012 Example. Irs federal tax tables 2012 On November 1, 2013, Tom Brown bought and placed in service in his business qualified property that cost $450,000. Irs federal tax tables 2012 He did not elect to claim a section 179 deduction. Irs federal tax tables 2012 He deducts 50% of the cost ($225,000) as a special depreciation allowance for 2013. Irs federal tax tables 2012 He uses the remaining $225,000 of cost to figure his regular MACRS depreciation deduction for 2013 and later years. Irs federal tax tables 2012 Like-kind exchanges and involuntary conversions. Irs federal tax tables 2012   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. Irs federal tax tables 2012 After you figure your special allowance, you can use the remaining carryover basis to figure your regular MACRS depreciation deduction. Irs federal tax tables 2012 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. Irs federal tax tables 2012 See Figuring the Deduction for Property Acquired in a Nontaxable Exchange , in chapter 4 under How Is the Depreciation Deduction Figured . Irs federal tax tables 2012 The excess basis (the part of the acquired property's basis that exceeds its carryover basis) is also eligible for a special depreciation allowance. Irs federal tax tables 2012 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. Irs federal tax tables 2012 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. Irs federal tax tables 2012 When to make election. Irs federal tax tables 2012   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. Irs federal tax tables 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 original return (not including extensions). Irs federal tax tables 2012 Attach the election statement to the amended return. Irs federal tax tables 2012 On the amended return, write “Filed pursuant to section 301. Irs federal tax tables 2012 9100-2. Irs federal tax tables 2012 ” Revoking an election. Irs federal tax tables 2012   Once you elect not to deduct a special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Irs federal tax tables 2012 A request to revoke the election is a request for a letter ruling. Irs federal tax tables 2012 If you elect not to have any special allowance apply, the property may be subject to an alternative minimum tax adjustment for depreciation. Irs federal tax tables 2012 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. Irs federal tax tables 2012 See When Do You Recapture MACRS Depreciation in chapter 4 or more information. Irs federal tax tables 2012 Recapture of allowance deducted for qualified GO Zone property. Irs federal tax tables 2012   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. Irs federal tax tables 2012 For additional guidance, see Notice 2008-25 on page 484 of Internal Revenue Bulletin 2008-9. Irs federal tax tables 2012 Qualified cellulosic biomass ethanol plant property and qualified cellulosic biofuel plant property. Irs federal tax tables 2012   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. Irs federal tax tables 2012 Recapture of allowance for qualified Recovery Assistance property. Irs federal tax tables 2012   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. Irs federal tax tables 2012 For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Irs federal tax tables 2012 Recapture of allowance for qualified disaster assistance property. Irs federal tax tables 2012   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. Irs federal tax tables 2012   For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Irs federal tax tables 2012 Prev  Up  Next   Home   More Online Publications
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The Irs Federal Tax Tables 2012

Irs federal tax tables 2012 4. Irs federal tax tables 2012   Deductions Table of Contents Standard DeductionStandard Deduction for Dependents Itemized DeductionsMedical and Dental Expenses Most taxpayers have a choice of taking a standard deduction or itemizing their deductions. Irs federal tax tables 2012 You benefit from the standard deduction if your standard deduction is more than the total of your allowable itemized deductions. Irs federal tax tables 2012 If you have a choice, you should use the method that gives you the lower tax. Irs federal tax tables 2012 Standard Deduction The standard deduction amount depends on your filing status, whether you are 65 or older or blind, and whether an exemption can be claimed for you by another taxpayer. Irs federal tax tables 2012 Generally, the standard deduction amounts are adjusted each year for inflation. Irs federal tax tables 2012 In most cases, you can use Worksheet 4-1 to figure your standard deduction amount. Irs federal tax tables 2012 Persons not eligible for the standard deduction. Irs federal tax tables 2012   Your standard deduction is zero and you should itemize any deductions you have if: You are married and filing a separate return, and your spouse itemizes deductions, You are filing a tax return for a short tax year because of a change in your annual accounting period, or You are a nonresident or dual-status alien during the year. Irs federal tax tables 2012 You are considered a dual-status alien if you were both a nonresident alien and a resident alien during the year. Irs federal tax tables 2012   If you are a nonresident alien who is married to a U. Irs federal tax tables 2012 S. Irs federal tax tables 2012 citizen or resident alien at the end of the year, you can choose to be treated as a U. Irs federal tax tables 2012 S. Irs federal tax tables 2012 resident. Irs federal tax tables 2012 See Publication 519, U. Irs federal tax tables 2012 S. Irs federal tax tables 2012 Tax Guide for Aliens. Irs federal tax tables 2012 If you make this choice, you can take the standard deduction. Irs federal tax tables 2012 Decedent's final return. Irs federal tax tables 2012   The amount of the standard deduction for a decedent's final tax return is the same as it would have been had the decedent continued to live. Irs federal tax tables 2012 However, if the decedent was not 65 or older at the time of death, the higher standard deduction for age cannot be claimed. Irs federal tax tables 2012 Higher standard deduction for age (65 or older). Irs federal tax tables 2012   If you do not itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. Irs federal tax tables 2012 You are considered age 65 on the day before your 65th birthday. Irs federal tax tables 2012 Therefore, you can take a higher standard deduction for 2013 if you were born before January 2, 1949. Irs federal tax tables 2012 Higher standard deduction for blindness. Irs federal tax tables 2012   If you are blind on the last day of the year and you do not itemize deductions, you are entitled to a higher standard deduction. Irs federal tax tables 2012 You qualify for this benefit if you are totally or partly blind. Irs federal tax tables 2012 Not totally blind. Irs federal tax tables 2012   If you are not totally blind, you must get a certified statement from an eye doctor (ophthalmologist or optometrist) that: You cannot see better than 20/200 in the better eye with glasses or contact lenses, or Your field of vision is not more than 20 degrees. Irs federal tax tables 2012   If your eye condition will never improve beyond these limits, the statement should include this fact. Irs federal tax tables 2012 You must keep the statement in your records. Irs federal tax tables 2012   If your vision can be corrected beyond these limits only by contact lenses that you can wear only briefly because of pain, infection, or ulcers, you can take the higher standard deduction for blindness if you otherwise qualify. Irs federal tax tables 2012 Spouse 65 or older or blind. Irs federal tax tables 2012   You can take the higher standard deduction if your spouse is age 65 or older or blind and: You file a joint return, or You file a separate return and can claim an exemption for your spouse because your spouse had no gross income and an exemption for your spouse could not be claimed by another taxpayer. Irs federal tax tables 2012    You cannot claim the higher standard deduction for an individual other than yourself and your spouse. Irs federal tax tables 2012 Example. Irs federal tax tables 2012 This example illustrates how to determine your standard deduction using Worksheet 4-1. Irs federal tax tables 2012 Bill and Lisa are filing a joint return for 2013. Irs federal tax tables 2012 Both are over age 65. Irs federal tax tables 2012 Neither is blind, and neither can be claimed as a dependent. Irs federal tax tables 2012 They do not itemize deductions, so they use Worksheet 4-1. Irs federal tax tables 2012 Because they are married filing jointly, they enter $12,200 on line 1. Irs federal tax tables 2012 They check the “No” box on line 2, so they also enter $12,200 on line 4. Irs federal tax tables 2012 Because they are both over age 65, they enter $2,400 ($1,200 × 2) on line 5. Irs federal tax tables 2012 They enter $14,600 ($12,200 + $2,400) on line 6, so their standard deduction is $14,600. Irs federal tax tables 2012 Standard Deduction for Dependents The standard deduction for an individual for whom an exemption can be claimed on another person's tax return is generally limited to the greater of: $1,000, or The individual's earned income for the year plus $350 (but not more than the regular standard deduction amount, generally $6,100). Irs federal tax tables 2012 However, the standard deduction may be higher if the individual is 65 or older or blind. Irs federal tax tables 2012 If an exemption for you (or your spouse if you are filing jointly) can be claimed on someone else's return, use Worksheet 4-1, if applicable, to determine your standard deduction. Irs federal tax tables 2012 Worksheet 4-1. Irs federal tax tables 2012 2013 Standard Deduction Worksheet Caution. Irs federal tax tables 2012 If you are married filing separately and your spouse itemizes deductions, or if you are a dual-status alien, do not complete this worksheet. Irs federal tax tables 2012 If you were born before January 2, 1949, and/or blind, check the correct number of boxes below. Irs federal tax tables 2012 Put the total number of boxes checked in box c and go to line 1. Irs federal tax tables 2012 a. Irs federal tax tables 2012 You   Born before  January 2, 1949     Blind b. Irs federal tax tables 2012 Your spouse, if claiming  spouse's exemption   Born before January 2, 1949     Blind c. Irs federal tax tables 2012 Total boxes checked             1. Irs federal tax tables 2012 Enter the amount shown below for your filing status. Irs federal tax tables 2012               Single or married filing separately — $6,100 Married filing jointly or Qualifying widow(er) — $12,200 Head of household — $8,950   1. Irs federal tax tables 2012           2. Irs federal tax tables 2012 Can you (or your spouse if filing jointly) be claimed as a dependent on someone else's return?  No. Irs federal tax tables 2012 Skip line 3; enter the amount from line 1 on line 4. Irs federal tax tables 2012   Yes. Irs federal tax tables 2012 Go to line 3. Irs federal tax tables 2012         3. Irs federal tax tables 2012 Is your earned income* more than $650?               Yes. Irs federal tax tables 2012 Add $350 to your earned income. Irs federal tax tables 2012 Enter the total   3. Irs federal tax tables 2012         No. Irs federal tax tables 2012 Enter $1,000 4. Irs federal tax tables 2012 Enter the smaller of line 1 or line 3 4. Irs federal tax tables 2012   5. Irs federal tax tables 2012 If born before January 2, 1949, or blind, multiply the number in box c by $1,200 ($1,500 if single or head of household). Irs federal tax tables 2012 Enter the result here. Irs federal tax tables 2012 Otherwise, enter -0- 5. Irs federal tax tables 2012   6. Irs federal tax tables 2012 Add lines 4 and 5. Irs federal tax tables 2012 This is your standard deduction for 2013. Irs federal tax tables 2012 6. Irs federal tax tables 2012   * Earned income includes wages, salaries, tips, professional fees, and other compensation received for personal services you performed. Irs federal tax tables 2012 It also includes any amount received as a scholarship that you must include in your income. Irs federal tax tables 2012 Generally, your earned income is the total of the amount(s) you reported on Form 1040, lines 7, 12, and 18, minus the amount, if any, on line 27 (or the amount you reported on Form 1040A, line 7). Irs federal tax tables 2012 Itemized Deductions Some individuals should itemize their deductions because it will save them money. Irs federal tax tables 2012 Others should itemize because they do not qualify for the standard deduction. Irs federal tax tables 2012 See the discussion under Standard Deduction , earlier, to decide if it would be to your advantage to itemize deductions. Irs federal tax tables 2012 You may be subject to a limit on some of your itemized deductions if your adjusted gross income is more than $150,000. Irs federal tax tables 2012 For more information, see Overall limitation, later. Irs federal tax tables 2012 Medical and dental expenses, some taxes, certain interest expenses, charitable contributions, casualty and theft losses, and certain other miscellaneous expenses may be itemized as deductions on Schedule A (Form 1040). Irs federal tax tables 2012 You may benefit from itemizing your deductions on Schedule A (Form 1040) if you: Cannot take the standard deduction, Had uninsured medical or dental expenses that are more than 10% of your adjusted gross income (or more than 7. Irs federal tax tables 2012 5% of your adjusted gross income if either you or your spouse is age 65 or older), Paid interest on your home, Paid real estate or personal property taxes, Paid mortgage insurance premiums, Paid state and local income or general sales taxes, Had large unreimbursed employee business expenses or other miscellaneous deductions, Had large uninsured casualty or theft losses, Made large contributions to qualified charities (see Publication 526, Charitable Contributions), or Have total itemized deductions that are more than the standard deduction that applies to you. Irs federal tax tables 2012 See the Schedule A (Form 1040) instructions for more information. Irs federal tax tables 2012 Overall limitation. Irs federal tax tables 2012   You may not be able to deduct all of your itemized deductions if your adjusted gross income is more than: $150,000, if married filing separately, $250,000, if single, $275,000, if head of household, or $300,000, if married filing jointly or qualifying widow(er). Irs federal tax tables 2012  If your adjusted gross income exceeds the applicable amount, you will use the Itemized Deductions Worksheet in the Instructions for Schedule A (Form 1040) to figure your total itemized deductions. Irs federal tax tables 2012 Medical and Dental Expenses You can deduct certain medical and dental expenses you paid for yourself, your spouse, and your dependent(s) if you itemize your deductions on Schedule A (Form 1040). Irs federal tax tables 2012 Table 4-1 shows some common items that you can or cannot include in figuring your medical expense deduction. Irs federal tax tables 2012 For more information, see the following discussions of selected items, which are presented in alphabetical order. Irs federal tax tables 2012 A more extensive list of items and further details can be found in Publication 502, Medical and Dental Expenses. Irs federal tax tables 2012 Table 4-1. Irs federal tax tables 2012 Medical and Dental Expenses Checklist You can include: You cannot include: Bandages Capital expenses for equipment or improvements to your home needed for medical care (see Publication 502) Certain weight-loss expenses for obesity Diagnostic devices Expenses of an organ donor Eye surgery—to promote the correct function of the eye Guide dogs or other animals aiding the blind, deaf, and disabled Hospital services fees (lab work, therapy, nursing services, surgery, etc. Irs federal tax tables 2012 ) Lead-based paint removal (see Publication 502) Long-term care contracts, qualified (see Publication 502) Meals and lodging provided by a hospital during medical treatment Medical and hospital insurance premiums Medical services fees (from doctors, dentists, surgeons, specialists, and other medical practitioners) Medicare Part D premiums Oxygen equipment and oxygen Part of life-care fee paid to retirement home designated for medical care Prescription medicines (prescribed by a doctor) and insulin Psychiatric and psychological treatment Social security tax, Medicare tax, FUTA, and state employment tax for worker providing medical care (see Publication 502) Special items (artificial limbs, false teeth, eyeglasses, contact lenses, hearing aids, crutches, wheelchair, etc. Irs federal tax tables 2012 ) Special education for mentally or physically disabled persons (see Publication 502) Stop-smoking programs Transportation for needed medical care Treatment at a drug or alcohol center (includes meals and lodging provided by the center) Wages for nursing services (see Publication 502) Contributions to Archer MSAs (see Publication 969) Bottled water Diaper service Expenses for your general health (even if following your doctor's advice) such as: —Health club dues —Household help (even if recommended by a doctor) —Social activities, such as dancing or swimming lessons —Trip for general health improvement Flexible spending account reimbursements for medical expenses (if contributions were on a pretax basis) (see Publication 502) Funeral, burial, or cremation expenses Health savings account payments for medical expenses (see Publication 502) Illegal operation or treatment Life insurance or income protection policies, or policies providing payment for loss of life, limb, sight, etc. Irs federal tax tables 2012 Medical insurance included in a car insurance policy covering all persons injured in or by your car Medicine you buy without a prescription Nursing care for a healthy baby Prescription drugs you brought in (or ordered shipped) from another country, in most cases (see Publication 502) Surgery for purely cosmetic reasons (see Publication 502) Toothpaste, toiletries, cosmetics, etc. Irs federal tax tables 2012 Teeth whitening Weight-loss expenses not for the treatment of obesity or other disease You can deduct only the amount of your medical and dental expenses that is more than 10% of your adjusted gross income (or that is more than 7. Irs federal tax tables 2012 5% of your adjusted gross income if you or your spouse is age 65 or older). Irs federal tax tables 2012 What to include. Irs federal tax tables 2012   Generally, you can include only the medical and dental expenses you paid this year, regardless of when the services were provided. Irs federal tax tables 2012 If you pay medical expenses by check, the day you mail or deliver the check generally is the date of payment. Irs federal tax tables 2012 If you use a pay-by-phone or online account to pay your medical expenses, the date reported on the statement of the financial institution showing when payment was made is the date of payment. Irs federal tax tables 2012 You can include medical expenses you charge to your credit card in the year the charge is made. Irs federal tax tables 2012 It does not matter when you actually pay the amount charged. Irs federal tax tables 2012 Home Improvements You can include in medical expenses amounts you pay for home improvements if their main purpose is medical care for you, your spouse, or your dependent. Irs federal tax tables 2012 Only reasonable costs to accommodate a home to your disabled condition (or that of your spouse or your dependent(s) who live with you) are considered medical care. Irs federal tax tables 2012 Additional costs for personal motives, such as for architectural or aesthetic reasons, are not medical expenses. Irs federal tax tables 2012 Publication 502 contains additional information and examples, including a capital expense worksheet, to assist you in figuring the amount of the capital expense that you can include in your medical expenses. Irs federal tax tables 2012 Also, see Publication 502 for information about deductible operating and upkeep expenses related to such capital expense items, and for information about improvements, for medical reasons, to property rented by a person with disabilities. Irs federal tax tables 2012 Household Help You cannot include in medical expenses the cost of household help, even if such help is recommended by a doctor. Irs federal tax tables 2012 This is a personal expense that is not deductible. Irs federal tax tables 2012 However, you may be able to include certain expenses paid to a person providing nursing-type services. Irs federal tax tables 2012 For more information, see Nursing Services , later. Irs federal tax tables 2012 Also, certain maintenance or personal care services provided for qualified long-term care can be included in medical expenses. Irs federal tax tables 2012 For more information, see Qualified long-term care services under Long-Term Care, later. Irs federal tax tables 2012 Hospital Services You can include in medical expenses amounts you pay for the cost of inpatient care at a hospital or similar institution if a principal reason for being there is to receive medical care. Irs federal tax tables 2012 This includes amounts paid for meals and lodging. Irs federal tax tables 2012 Also, see Meals and Lodging , later. Irs federal tax tables 2012 Long-Term Care You can include in medical expenses amounts paid for qualified long-term care services and premiums paid for qualified long-term care insurance contracts. Irs federal tax tables 2012 Qualified long-term care services. Irs federal tax tables 2012   Qualified long-term care services are necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, rehabilitative services, and maintenance and personal care services (defined later) that are: Required by a chronically ill individual, and Provided under a plan of care prescribed by a licensed health care practitioner. Irs federal tax tables 2012 Chronically ill individual. Irs federal tax tables 2012    An individual is chronically ill if, within the previous 12 months, a licensed health care practitioner has certified that the individual meets either of the following descriptions. Irs federal tax tables 2012 He or she is unable to perform at least two activities of daily living without substantial assistance from another individual for at least 90 days, due to a loss of functional capacity. Irs federal tax tables 2012 Activities of daily living are eating, toileting, transferring, bathing, dressing, and continence. Irs federal tax tables 2012 He or she requires substantial supervision to be protected from threats to health and safety due to severe cognitive impairment. Irs federal tax tables 2012 Maintenance and personal care services. Irs federal tax tables 2012    Maintenance or personal care services is care which has as its primary purpose the providing of a chronically ill individual with needed assistance with his or her disabilities (including protection from threats to health and safety due to severe cognitive impairment). Irs federal tax tables 2012 Qualified long-term care insurance contracts. Irs federal tax tables 2012   A qualified long-term care insurance contract is an insurance contract that provides only coverage of qualified long-term care services. Irs federal tax tables 2012 The contract must: Be guaranteed renewable, Not provide for a cash surrender value or other money that can be paid, assigned, pledged, or borrowed, Provide that refunds, other than refunds on the death of the insured or complete surrender or cancellation of the contract, and dividends under the contract must be used only to reduce future premiums or increase future benefits, and Generally not pay or reimburse expenses incurred for services or items that would be reimbursed under Medicare, except where Medicare is a secondary payer, or the contract makes per diem or other periodic payments without regard to expenses. Irs federal tax tables 2012   The amount of qualified long-term care premiums you can include is limited. Irs federal tax tables 2012 You can include the following as medical expenses on Schedule A (Form 1040). Irs federal tax tables 2012 Qualified long-term care premiums up to the following amounts. Irs federal tax tables 2012 Age 40 or under – $360. Irs federal tax tables 2012 Age 41 to 50 – $680. Irs federal tax tables 2012 Age 51 to 60 – $1,360. Irs federal tax tables 2012 Age 61 to 70 – $3,640. Irs federal tax tables 2012 Age 71 or over – $4,550. Irs federal tax tables 2012 Unreimbursed expenses for qualified long-term care services. Irs federal tax tables 2012 Note. Irs federal tax tables 2012 The limit on premiums is for each person. Irs federal tax tables 2012 Meals and Lodging You can include in medical expenses the cost of meals and lodging at a hospital or similar institution if your main reason for being there is to receive medical care. Irs federal tax tables 2012 You may be able to include in medical expenses the cost of lodging (but not meals) not provided in a hospital or similar institution. Irs federal tax tables 2012 You can include the cost of such lodging while away from home if all of the following requirements are met. Irs federal tax tables 2012 The lodging is primarily for, and essential to, medical care. Irs federal tax tables 2012 The medical care is provided by a doctor in a licensed hospital or in a medical care facility related to, or the equivalent of, a licensed hospital. Irs federal tax tables 2012 The lodging is not lavish or extravagant under the circumstances. Irs federal tax tables 2012 There is no significant element of personal pleasure, recreation, or vacation in the travel away from home. Irs federal tax tables 2012 The amount you include in medical expenses for lodging cannot be more than $50 per night for each person. Irs federal tax tables 2012 You can include lodging for a person traveling with the person receiving the medical care. Irs federal tax tables 2012 For example, if a parent is traveling with a sick child, up to $100 per night can be included as a medical expense for lodging. Irs federal tax tables 2012 (Meals are not included. Irs federal tax tables 2012 ) Nursing home. Irs federal tax tables 2012   You can include in medical expenses the cost of medical care in a nursing home or a home for the aged for yourself, your spouse, or your dependent(s). Irs federal tax tables 2012 This includes the cost of meals and lodging in the home if a main reason for being there is to get medical care. Irs federal tax tables 2012   Do not include the cost of meals and lodging if the reason for being in the home is personal. Irs federal tax tables 2012 However, you can include in medical expenses the part of the cost that is for medical or nursing care. Irs federal tax tables 2012 Medical Insurance Premiums You can include in medical expenses insurance premiums you pay for policies that cover medical care. Irs federal tax tables 2012 Policies can provide payment for: Hospitalization, surgical fees, X-rays, Prescription drugs and insulin, Dental care, Replacement of lost or damaged contact lenses, and Qualified long-term care insurance contracts (subject to the additional limits included in the discussion on qualified long-term care insurance contracts under Long-Term Care , earlier). Irs federal tax tables 2012 If you have a policy that provides payments for other than medical care, you can include the premiums for the medical care part of the policy if the charge for the medical part is reasonable. Irs federal tax tables 2012 The cost of the medical portion must be separately stated in the insurance contract or given to you in a separate statement. Irs federal tax tables 2012 Medicare Part A. Irs federal tax tables 2012   If you are covered under social security (or if you are a government employee who paid Medicare tax), you are enrolled in Medicare Part A. Irs federal tax tables 2012 The payroll tax paid for Medicare Part A is not a medical expense. Irs federal tax tables 2012 If you are not covered under social security (or were not a government employee who paid Medicare tax), you can enroll voluntarily in Medicare Part A. Irs federal tax tables 2012 In this situation you can include the premiums you paid for Medicare Part A as a medical expense. Irs federal tax tables 2012 Medicare Part B. Irs federal tax tables 2012   Medicare Part B is a supplemental medical insurance. Irs federal tax tables 2012 Premiums you pay for Medicare Part B are a medical expense. Irs federal tax tables 2012 If you applied for it at age 65 or after you became disabled, you can include in medical expenses the monthly premiums you paid. Irs federal tax tables 2012 If you were over age 65 or disabled when you first enrolled, check with your local Social Security Administration office, or go to their website at www. Irs federal tax tables 2012 SSA. Irs federal tax tables 2012 gov, to find out your premium. Irs federal tax tables 2012 Medicare Part D. Irs federal tax tables 2012   Medicare Part D is a voluntary prescription drug insurance program for persons with Medicare Part A or Part B. Irs federal tax tables 2012 You can include as a medical expense premiums you pay for Medicare Part D. Irs federal tax tables 2012 Prepaid insurance premiums. Irs federal tax tables 2012   Insurance premiums you pay before you are age 65 for medical care for yourself, your spouse, or your dependents after you reach age 65 are medical care expenses in the year paid if they are: Payable in equal yearly installments, or more often, and Payable for at least 10 years, or until you reach age 65 (but not for less than 5 years). Irs federal tax tables 2012 Medicines You can include in medical expenses amounts you pay for prescribed medicines and drugs. Irs federal tax tables 2012 A prescribed drug is one that requires a prescription by a doctor for its use by an individual. Irs federal tax tables 2012 You can also include amounts you pay for insulin. Irs federal tax tables 2012 Except for insulin, you cannot include in medical expenses amounts you pay for a drug that is not prescribed. Irs federal tax tables 2012 Imported medicines and drugs. Irs federal tax tables 2012   If you import medicines or drugs from other countries, see Medicines and Drugs From Other Countries, under What Expenses Are Not Includible, in Publication 502. Irs federal tax tables 2012 Nursing Services You can include in medical expenses wages and other amounts you pay for nursing services. Irs federal tax tables 2012 The services need not be performed by a nurse as long as the services are of a kind generally performed by a nurse. Irs federal tax tables 2012 This includes services connected with caring for the patient's condition, such as giving medication or changing dressings, as well as bathing and grooming the patient. Irs federal tax tables 2012 These services can be provided in your home or another care facility. Irs federal tax tables 2012 Generally, only the amount spent for nursing services is a medical expense. Irs federal tax tables 2012 If the attendant also provides personal and household services, amounts paid to the attendant must be divided between the time spent performing household and personal services and the time spent for nursing services. Irs federal tax tables 2012 However, certain maintenance or personal care services provided for qualified long-term care can be included in medical expenses. Irs federal tax tables 2012 See Maintenance and personal care services under Qualified long-term care services, earlier. Irs federal tax tables 2012 Additionally, certain expenses for household services or for the care of a qualifying individual incurred to allow you to work may qualify for the child and dependent care credit. Irs federal tax tables 2012 See Child and Dependent Care Credit , later, and Publication 503, Child and Dependent Care Expenses. Irs federal tax tables 2012 You can also include in medical expenses part of the amount you pay for that attendant's meals. Irs federal tax tables 2012 Divide the food expense among the household members to find the cost of the attendant's food. Irs federal tax tables 2012 Then divide that cost in the same manner as in the preceding paragraph. Irs federal tax tables 2012 If you had to pay additional amounts for household upkeep because of the attendant, you can include the extra amounts with your medical expenses. Irs federal tax tables 2012 This includes extra rent or utilities you pay because you moved to a larger apartment to provide space for the attendant. Irs federal tax tables 2012 Employment taxes. Irs federal tax tables 2012   You can include as a medical expense social security tax, FUTA, Medicare tax, and state employment taxes you pay for a nurse, attendant, or other person who provides medical care. Irs federal tax tables 2012 If the attendant also provides personal and household services, you can include as a medical expense only the amount of employment taxes paid for medical services as explained earlier under Nursing Services. Irs federal tax tables 2012 For information on employment tax responsibilities of household employers, see Publication 926, Household Employer's Tax Guide. Irs federal tax tables 2012 Transportation You can include in medical expenses amounts paid for transportation primarily for, and essential to, medical care. Irs federal tax tables 2012 Car expenses. Irs federal tax tables 2012    You can include out-of-pocket expenses, such as the cost of gas and oil, when you use a car for medical reasons. Irs federal tax tables 2012 You cannot include depreciation, insurance, general repair, or maintenance expenses. Irs federal tax tables 2012   If you do not want to use your actual expenses for 2013, you can use the standard medical mileage rate of 24 cents a mile. Irs federal tax tables 2012   You can also include parking fees and tolls. Irs federal tax tables 2012 You can add these fees and tolls to your medical expenses whether you use actual expenses or use the standard mileage rate. Irs federal tax tables 2012 You can also include:    Bus, taxi, train, or plane fares or ambulance service, and Transportation expenses of a nurse or other person who can give injections, medications, or other treatment required by a patient who is traveling to get medical care and is unable to travel alone. Irs federal tax tables 2012 Do not include transportation expenses if, for purely personal reasons, you choose to travel to another city for an operation or other medical care prescribed by your doctor. Irs federal tax tables 2012 Prev  Up  Next   Home   More Online Publications