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Turbotax login online 1. Turbotax login online   Rental Income and Expenses (If No Personal Use of Dwelling) Table of Contents Rental IncomeWhen To Report Types of Income Rental ExpensesWhen To Deduct Types of Expenses This chapter discusses the various types of rental income and expenses for a residential rental activity with no personal use of the dwelling. Turbotax login online Generally, each year you will report all income and deduct all out-of-pocket expenses in full. Turbotax login online The deduction to recover the cost of your rental property—depreciation—is taken over a prescribed number of years, and is discussed in chapter 2, Depreciation of Rental Property. Turbotax login online If your rental income is from property you also use personally or rent to someone at less than a fair rental price, first read the information in chapter 5 , Personal Use of Dwelling Unit (Including Vacation Home). Turbotax login online Rental Income In most cases, you must include in your gross income all amounts you receive as rent. Turbotax login online Rental income is any payment you receive for the use or occupation of property. Turbotax login online In addition to amounts you receive as normal rental payments, there are other amounts that may be rental income. Turbotax login online When To Report When you report rental income on your tax return generally depends on whether you are a cash basis taxpayer or use an accrual method. Turbotax login online Most individual taxpayers use the cash method. Turbotax login online Cash method. Turbotax login online   You are a cash basis taxpayer if you report income on your return in the year you actually or constructively receive it, regardless of when it was earned. Turbotax login online You constructively receive income when it is made available to you, for example, by being credited to your bank account. Turbotax login online Accrual method. Turbotax login online    If you are an accrual basis taxpayer, you generally report income when you earn it, rather than when you receive it. Turbotax login online You generally deduct your expenses when you incur them, rather than when you pay them. Turbotax login online More information. Turbotax login online   See Publication 538, Accounting Periods and Methods, for more information about when you constructively receive income and accrual methods of accounting. Turbotax login online Types of Income The following are common types of rental income. Turbotax login online Advance rent. Turbotax login online   Advance rent is any amount you receive before the period that it covers. Turbotax login online Include advance rent in your rental income in the year you receive it regardless of the period covered or the method of accounting you use. Turbotax login online Example. Turbotax login online On March 18, 2013, you signed a 10-year lease to rent your property. Turbotax login online During 2013, you received $9,600 for the first year's rent and $9,600 as rent for the last year of the lease. Turbotax login online You must include $19,200 in your rental income in the first year. Turbotax login online Canceling a lease. Turbotax login online   If your tenant pays you to cancel a lease, the amount you receive is rent. Turbotax login online Include the payment in your income in the year you receive it regardless of your method of accounting. Turbotax login online Expenses paid by tenant. Turbotax login online   If your tenant pays any of your expenses, those payments are rental income. Turbotax login online Because you must include this amount in income, you can also deduct the expenses if they are deductible rental expenses. Turbotax login online For more information, see Rental Expenses , later. Turbotax login online Example 1. Turbotax login online Your tenant pays the water and sewage bill for your rental property and deducts the amount from the normal rent payment. Turbotax login online Under the terms of the lease, your tenant does not have to pay this bill. Turbotax login online Include the utility bill paid by the tenant and any amount received as a rent payment in your rental income. Turbotax login online You can deduct the utility payment made by your tenant as a rental expense. Turbotax login online Example 2. Turbotax login online While you are out of town, the furnace in your rental property stops working. Turbotax login online Your tenant pays for the necessary repairs and deducts the repair bill from the rent payment. Turbotax login online Include the repair bill paid by the tenant and any amount received as a rent payment in your rental income. Turbotax login online You can deduct the repair payment made by your tenant as a rental expense. Turbotax login online Property or services. Turbotax login online   If you receive property or services as rent, instead of money, include the fair market value of the property or services in your rental income. Turbotax login online   If the services are provided at an agreed upon or specified price, that price is the fair market value unless there is evidence to the contrary. Turbotax login online Example. Turbotax login online Your tenant is a house painter. Turbotax login online He offers to paint your rental property instead of paying 2 months rent. Turbotax login online You accept his offer. Turbotax login online Include in your rental income the amount the tenant would have paid for 2 months rent. Turbotax login online You can deduct that same amount as a rental expense for painting your property. Turbotax login online Security deposits. Turbotax login online   Do not include a security deposit in your income when you receive it if you plan to return it to your tenant at the end of the lease. Turbotax login online But if you keep part or all of the security deposit during any year because your tenant does not live up to the terms of the lease, include the amount you keep in your income in that year. Turbotax login online    If an amount called a security deposit is to be used as a final payment of rent, it is advance rent. Turbotax login online Include it in your income when you receive it. Turbotax login online Other Sources of Rental Income Lease with option to buy. Turbotax login online   If the rental agreement gives your tenant the right to buy your rental property, the payments you receive under the agreement are generally rental income. Turbotax login online If your tenant exercises the right to buy the property, the payments you receive for the period after the date of sale are considered part of the selling price. Turbotax login online Part interest. Turbotax login online   If you own a part interest in rental property, you must report your part of the rental income from the property. Turbotax login online Rental of property also used as your home. Turbotax login online   If you rent property that you also use as your home and you rent it less than 15 days during the tax year, do not include the rent you receive in your income and do not deduct rental expenses. Turbotax login online However, you can deduct on Schedule A (Form 1040), Itemized Deductions, the interest, taxes, and casualty and theft losses that are allowed for nonrental property. Turbotax login online See chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). Turbotax login online Rental Expenses In most cases, the expenses of renting your property, such as maintenance, insurance, taxes, and interest, can be deducted from your rental income. Turbotax login online Personal use of rental property. Turbotax login online   If you sometimes use your rental property for personal purposes, you must divide your expenses between rental and personal use. Turbotax login online Also, your rental expense deductions may be limited. Turbotax login online See chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). Turbotax login online Part interest. Turbotax login online   If you own a part interest in rental property, you can deduct expenses you paid according to your percentage of ownership. Turbotax login online Example. Turbotax login online Roger owns a one-half undivided interest in a rental house. Turbotax login online Last year he paid $968 for necessary repairs on the property. Turbotax login online Roger can deduct $484 (50% × $968) as a rental expense. Turbotax login online He is entitled to reimbursement for the remaining half from the co-owner. Turbotax login online When To Deduct You generally deduct your rental expenses in the year you pay them. Turbotax login online If you use the accrual method, see Publication 538 for more information. Turbotax login online Types of Expenses Listed below are the most common rental expenses. Turbotax login online Advertising. Turbotax login online Auto and travel expenses. Turbotax login online Cleaning and maintenance. Turbotax login online Commissions. Turbotax login online Depreciation. Turbotax login online Insurance. Turbotax login online Interest (other). Turbotax login online Legal and other professional fees. Turbotax login online Local transportation expenses. Turbotax login online Management fees. Turbotax login online Mortgage interest paid to banks, etc. Turbotax login online Points. Turbotax login online Rental payments. Turbotax login online Repairs. Turbotax login online Taxes. Turbotax login online Utilities. Turbotax login online Some of these expenses, as well as other less common ones, are discussed below. Turbotax login online Depreciation. Turbotax login online   Depreciation is a capital expense. Turbotax login online It is the mechanism for recovering your cost in an income producing property and must be taken over the expected life of the property. Turbotax login online   You can begin to depreciate rental property when it is ready and available for rent. Turbotax login online See Placed in Service under When Does Depreciation Begin and End in chapter 2. Turbotax login online Insurance premiums paid in advance. Turbotax login online   If you pay an insurance premium for more than one year in advance, for each year of coverage you can deduct the part of the premium payment that will apply to that year. Turbotax login online You cannot deduct the total premium in the year you pay it. Turbotax login online See chapter 6 of Publication 535 for information on deductible premiums. Turbotax login online Interest expense. Turbotax login online   You can deduct mortgage interest you pay on your rental property. Turbotax login online When you refinance a rental property for more than the previous outstanding balance, the portion of the interest allocable to loan proceeds not related to rental use generally cannot be deducted as a rental expense. Turbotax login online Chapter 4 of Publication 535 explains mortgage interest in detail. Turbotax login online Expenses paid to obtain a mortgage. Turbotax login online   Certain expenses you pay to obtain a mortgage on your rental property cannot be deducted as interest. Turbotax login online These expenses, which include mortgage commissions, abstract fees, and recording fees, are capital expenses that are part of your basis in the property. Turbotax login online Form 1098, Mortgage Interest Statement. Turbotax login online   If you paid $600 or more of mortgage interest on your rental property to any one person, you should receive a Form 1098 or similar statement showing the interest you paid for the year. Turbotax login online If you and at least one other person (other than your spouse if you file a joint return) were liable for, and paid interest on, the mortgage, and the other person received the Form 1098, report your share of the interest on Schedule E (Form 1040), line 13. Turbotax login online Attach a statement to your return showing the name and address of the other person. Turbotax login online On the dotted line next to line 13, enter “See attached. Turbotax login online ” Legal and other professional fees. Turbotax login online   You can deduct, as a rental expense, legal and other professional expenses such as tax return preparation fees you paid to prepare Schedule E, Part I. Turbotax login online For example, on your 2013 Schedule E you can deduct fees paid in 2013 to prepare Part I of your 2012 Schedule E. Turbotax login online You can also deduct, as a rental expense, any expense (other than federal taxes and penalties) you paid to resolve a tax underpayment related to your rental activities. Turbotax login online Local benefit taxes. Turbotax login online   In most cases, you cannot deduct charges for local benefits that increase the value of your property, such as charges for putting in streets, sidewalks, or water and sewer systems. Turbotax login online These charges are nondepreciable capital expenditures and must be added to the basis of your property. Turbotax login online However, you can deduct local benefit taxes that are for maintaining, repairing, or paying interest charges for the benefits. Turbotax login online Local transportation expenses. Turbotax login online   You may be able to deduct your ordinary and necessary local transportation expenses if you incur them to collect rental income or to manage, conserve, or maintain your rental property. Turbotax login online However, transportation expenses incurred to travel between your home and a rental property generally constitute nondeductible commuting costs unless you use your home as your principal place of business. Turbotax login online See Publication 587, Business Use of Your Home, for information on determining if your home office qualifies as a principal place of business. Turbotax login online   Generally, if you use your personal car, pickup truck, or light van for rental activities, you can deduct the expenses using one of two methods: actual expenses or the standard mileage rate. Turbotax login online For 2013, the standard mileage rate for business use is 56. Turbotax login online 5 cents per mile. Turbotax login online For more information, see chapter 4 of Publication 463. Turbotax login online    To deduct car expenses under either method, you must keep records that follow the rules in chapter 5 of Publication 463. Turbotax login online In addition, you must complete Form 4562, Part V, and attach it to your tax return. Turbotax login online Pre-rental expenses. Turbotax login online   You can deduct your ordinary and necessary expenses for managing, conserving, or maintaining rental property from the time you make it available for rent. Turbotax login online Rental of equipment. Turbotax login online   You can deduct the rent you pay for equipment that you use for rental purposes. Turbotax login online However, in some cases, lease contracts are actually purchase contracts. Turbotax login online If so, you cannot deduct these payments. Turbotax login online You can recover the cost of purchased equipment through depreciation. Turbotax login online Rental of property. Turbotax login online   You can deduct the rent you pay for property that you use for rental purposes. Turbotax login online If you buy a leasehold for rental purposes, you can deduct an equal part of the cost each year over the term of the lease. Turbotax login online Travel expenses. Turbotax login online   You can deduct the ordinary and necessary expenses of traveling away from home if the primary purpose of the trip is to collect rental income or to manage, conserve, or maintain your rental property. Turbotax login online You must properly allocate your expenses between rental and nonrental activities. Turbotax login online You cannot deduct the cost of traveling away from home if the primary purpose of the trip is to improve the property. Turbotax login online The cost of improvements is recovered by taking depreciation. Turbotax login online For information on travel expenses, see chapter 1 of Publication 463. Turbotax login online    To deduct travel expenses, you must keep records that follow the rules in chapter 5 of Publication 463. Turbotax login online Uncollected rent. Turbotax login online   If you are a cash basis taxpayer, do not deduct uncollected rent. Turbotax login online Because you have not included it in your income, it is not deductible. Turbotax login online   If you use an accrual method, report income when you earn it. Turbotax login online If you are unable to collect the rent, you may be able to deduct it as a business bad debt. Turbotax login online See chapter 10 of Publication 535 for more information about business bad debts. Turbotax login online Vacant rental property. Turbotax login online   If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant. Turbotax login online However, you cannot deduct any loss of rental income for the period the property is vacant. Turbotax login online Vacant while listed for sale. Turbotax login online   If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold. Turbotax login online If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses. Turbotax login online Points The term “points” is often used to describe some of the charges paid, or treated as paid, by a borrower to take out a loan or a mortgage. Turbotax login online These charges are also called loan origination fees, maximum loan charges, or premium charges. Turbotax login online Any of these charges (points) that are solely for the use of money are interest. Turbotax login online Because points are prepaid interest, you generally cannot deduct the full amount in the year paid, but must deduct the interest over the term of the loan. Turbotax login online The method used to figure the amount of points you can deduct each year follows the original issue discount (OID) rules. Turbotax login online In this case, points are equivalent to OID, which is the difference between: The amount borrowed (redemption price at maturity, or principal) and The proceeds (issue price). Turbotax login online The first step is to determine whether your total OID (which you may have on bonds or other investments in addition to the mortgage loan), including the OID resulting from the points, is insignificant or de minimis. Turbotax login online If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct. Turbotax login online De minimis OID. Turbotax login online   The OID is de minimis if it is less than one-fourth of 1% (. Turbotax login online 0025) of the stated redemption price at maturity (principal amount of the loan) multiplied by the number of full years from the date of original issue to maturity (term of the loan). Turbotax login online   If the OID is de minimis, you can choose one of the following ways to figure the amount of points you can deduct each year. Turbotax login online On a constant-yield basis over the term of the loan. Turbotax login online On a straight line basis over the term of the loan. Turbotax login online In proportion to stated interest payments. Turbotax login online In its entirety at maturity of the loan. Turbotax login online You make this choice by deducting the OID (points) in a manner consistent with the method chosen on your timely filed tax return for the tax year in which the loan is issued. Turbotax login online Example. Turbotax login online Carol Madison took out a $100,000 mortgage loan on January 1, 2013, to buy a house she will use as a rental during 2013. Turbotax login online The loan is to be repaid over 30 years. Turbotax login online During 2013, Carol paid $10,000 of mortgage interest (stated interest) to the lender. Turbotax login online When the loan was made, she paid $1,500 in points to the lender. Turbotax login online The points reduced the principal amount of the loan from $100,000 to $98,500, resulting in $1,500 of OID. Turbotax login online Carol determines that the points (OID) she paid are de minimis based on the following computation. Turbotax login online Redemption price at maturity (principal amount of the loan) $100,000 Multiplied by: The term of the  loan in complete years ×30 Multiplied by ×. Turbotax login online 0025 De minimis amount $7,500 The points (OID) she paid ($1,500) are less than the de minimis amount ($7,500). Turbotax login online Therefore, Carol has de minimis OID and she can choose one of the four ways discussed earlier to figure the amount she can deduct each year. Turbotax login online Under the straight line method, she can deduct $50 each year for 30 years. Turbotax login online Constant-yield method. Turbotax login online   If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct each year. Turbotax login online   You figure your deduction for the first year in the following manner. Turbotax login online Determine the issue price of the loan. Turbotax login online If you paid points on the loan, the issue price generally is the difference between the principal and the points. Turbotax login online Multiply the result in (1) by the yield to maturity (defined later). Turbotax login online Subtract any qualified stated interest payments (defined later) from the result in (2). Turbotax login online This is the OID you can deduct in the first year. Turbotax login online Yield to maturity (YTM). Turbotax login online   This rate is generally shown in the literature you receive from your lender. Turbotax login online If you do not have this information, consult your lender or tax advisor. Turbotax login online In general, the YTM is the discount rate that, when used in computing the present value of all principal and interest payments, produces an amount equal to the principal amount of the loan. Turbotax login online Qualified stated interest (QSI). Turbotax login online   In general, this is the stated interest that is unconditionally payable in cash or property (other than another loan of the issuer) at least annually over the term of the loan at a fixed rate. Turbotax login online Example—Year 1. Turbotax login online The facts are the same as in the previous example. Turbotax login online The yield to maturity on Carol's loan is 10. Turbotax login online 2467%, compounded annually. Turbotax login online She figured the amount of points (OID) she could deduct in 2013 as follows. Turbotax login online Principal amount of the loan $100,000 Minus: Points (OID) –1,500 Issue price of the loan $98,500 Multiplied by: YTM × . Turbotax login online 102467 Total 10,093 Minus: QSI –10,000 Points (OID) deductible in 2013 $93 To figure your deduction in any subsequent year, you start with the adjusted issue price. Turbotax login online To get the adjusted issue price, add to the issue price figured in Year 1 any OID previously deducted. Turbotax login online Then follow steps (2) and (3), earlier. Turbotax login online Example—Year 2. Turbotax login online Carol figured the deduction for 2014 as follows. Turbotax login online Issue price $98,500 Plus: Points (OID) deducted  in 2013 +93 Adjusted issue price $98,593 Multiplied by: YTM × . Turbotax login online 102467 Total 10,103 Minus: QSI –10,000 Points (OID) deductible in 2014 $103 Loan or mortgage ends. Turbotax login online    If your loan or mortgage ends, you may be able to deduct any remaining points (OID) in the tax year in which the loan or mortgage ends. Turbotax login online A loan or mortgage may end due to a refinancing, prepayment, foreclosure, or similar event. Turbotax login online However, if the refinancing is with the same lender, the remaining points (OID) generally are not deductible in the year in which the refinancing occurs, but may be deductible over the term of the new mortgage or loan. Turbotax login online Points when loan refinance is more than the previous outstanding balance. Turbotax login online   When you refinance a rental property for more than the previous outstanding balance, the portion of the points allocable to loan proceeds not related to rental use generally cannot be deducted as a rental expense. Turbotax login online For example, if an individual refinanced a loan with a balance of $100,000, the amount of the new loan was $120,000, and the taxpayer used $20,000 to purchase a car, points allocable to the $20,000 would be treated as nondeductible personal interest. Turbotax login online Repairs and Improvements Generally, an expense for repairing or maintaining your rental property may be deducted if you are not required to capitalize the expense. Turbotax login online Improvements. Turbotax login online   You must capitalize any expense you pay to improve your rental property. Turbotax login online An expense is for an improvement if it results in a betterment to your property, restores your property, or adapts your property to a new or different use. Turbotax login online Betterments. Turbotax login online   Expenses that may result in a betterment to your property include expenses for fixing a pre-existing defect or condition, enlarging or expanding your property, or increasing the capacity, strength, or quality of your property. Turbotax login online Restoration. Turbotax login online   Expenses that may be for restoration include expenses for replacing a substantial structural part of your property, repairing damage to your property after you properly adjusted the basis of your property as a result of a casualty loss, or rebuilding your property to a like-new condition. Turbotax login online Adaptation. Turbotax login online   Expenses that may be for adaptation include expenses for altering your property to a use that is not consistent with the intended ordinary use of your property when you began renting the property. Turbotax login online Separate the costs of repairs and improvements, and keep accurate records. Turbotax login online You will need to know the cost of improvements when you sell or depreciate your property. Turbotax login online The expenses you capitalize for improving your property can generally be depreciated as if the improvement were separate property. Turbotax login online Table 1-1. Turbotax login online Examples of Improvements Additions Bedroom Bathroom Deck Garage Porch Patio  Lawn & Grounds Landscaping Driveway Walkway Fence Retaining wall Sprinkler system Swimming pool Miscellaneous Storm windows, doors New roof Central vacuum Wiring upgrades Satellite dish Security system   Heating & Air Conditioning Heating system Central air conditioning Furnace Duct work Central humidifier Filtration system Plumbing Septic system Water heater Soft water system Filtration system  Interior Improvements Built-in appliances Kitchen modernization Flooring Wall-to-wall carpeting  Insulation Attic Walls, floor Pipes, duct work Prev  Up  Next   Home   More Online Publications
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Understanding Your CP288 Notice

We accepted your election to be treated as a Qualified Subchapter S Trust (QSST).


What you need to do

  • File Form 1041, U.S. Income Tax Return for Estates and Trusts, timely.
  • Include Schedule K-1, Beneficiary’s Share of Income, Deductions, Credits, etc., reflecting your ownership in the S corporation.
  • Keep this notice for your records.

You may want to


  • Answers to Common Questions

    How do I terminate the QSST election?
    This election can only be terminated by permission of the Commissioner of Internal Revenue. See IR Bulletin 2012-1 for instructions


    Understanding your notice

    Your notice may look different from the sample because the information contained in your notice is tailored to your situation.

    Notice CP288, Page 1

Page Last Reviewed or Updated: 09-Dec-2013

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The Turbotax Login Online

Turbotax login online Publication 534 - Introductory Material Table of Contents Important Change for 1995 Introduction How To Use This Publication Important Change for 1995 Major changes to Publications 534 and 946. Turbotax login online  This publication, as well as Publication 946,How To Depreciate Property, has been changed. Turbotax login online Publication 534 has been shortened. Turbotax login online It no longer contains general information on MACRS and the section 179 deduction. Turbotax login online It contains a discussion of the accelerated cost recovery system (ACRS), the ACRS Percentage Tables, a discussion of other methods of depreciation, and a limited discussion of listed property. Turbotax login online We expanded Publication 946 by adding material taken from Publication 534. Turbotax login online We added more detail to the discussions of the section 179 deduction, the modified accelerated cost recovery system (MACRS), and listed property. Turbotax login online We replaced the partialMACRS Percentage Tables with the complete ones from Publication 534. Turbotax login online We also added the Table of Class Lives and Recovery Periods from Publication 534. Turbotax login online We made these changes to eliminate most of the duplication that existed in the two publications. Turbotax login online This will save money and make it easier for you to decide which publication you need. Turbotax login online Use this publication to figure depreciation on property you placed in service before 1987; use Publication 946 to figure depreciation on property you placed in service after 1986. Turbotax login online Introduction The law allows you to recover your cost in business or income-producing property through yearly tax deductions. Turbotax login online You do this by depreciating your property, that is, by deducting some of your cost on your tax return each year. Turbotax login online You can depreciate both tangible property, such as a car, building, or machinery, and certain intangible property, such as a copyright or a patent. Turbotax login online The amount you can deduct depends on: How much the property cost, When you began using it, How long it will take to recover your cost, and Which of several depreciation methods you use. Turbotax login online Depreciation defined. Turbotax login online   Depreciation is a loss in the value of property over the time the property is being used. Turbotax login online Events that can cause property to depreciate include wear and tear, age, deterioration, and obsolescence. Turbotax login online You can get back your cost of certain property, such as equipment you use in your business or property used for the production of income by taking deductions for depreciation. Turbotax login online Black's Law Dictionary Amortization. Turbotax login online   Amortization is similar to depreciation. Turbotax login online Using amortization, you can recover your cost or basis in certain property proportionately over a specific number of years or months. Turbotax login online Examples of costs you can amortize are the costs of starting a business, reforestation, and pollution control facilities. Turbotax login online You can find information on amortization inchapter 12 of Publication 535, Business Expenses. Turbotax login online Alternative minimum tax. Turbotax login online   If you use accelerated depreciation for real property, or personal property that is leased to others, you may be liable for the alternative minimum tax. Turbotax login online Accelerated depreciation is any method, that allows recovery at a faster rate in the earlier years than the straight line method. Turbotax login online For more information, you may wish to see the following: Form 6251, Alternative Minimum Tax-Individuals, and Publication 542, Tax Information on Corporations. Turbotax login online Ordering publications and forms. Turbotax login online   To order free publications and forms, 1-800-TAX-FORM (1-800-829-3676). Turbotax login online You can also write to the IRS Forms Distribution Center nearest you. Turbotax login online Check your income tax package for the address. Turbotax login online   If you have access to a personal computer and a modem, you can also get many forms and publications electronically. Turbotax login online See How To Get Forms and Publications in your income tax package for details. Turbotax login online Telephone help. Turbotax login online   You can call the IRS with your tax question Monday through Friday during regular business hours. Turbotax login online Check your telephone book for the local number or you can call1-800-829-1040. Turbotax login online Telephone help for hearing-impaired persons. Turbotax login online   If you have access to TDD equipment, you can call 1-800-829-4059 with your tax question or to order forms and publications. Turbotax login online See your tax package for the hours of operation. Turbotax login online How To Use This Publication This publication describes the kinds of property that can be depreciated and the methods used to figure depreciation on property placed in service before 1987. Turbotax login online It is divided into three chapters and contains an appendix. Turbotax login online Chapter 1 explains the rules for depreciating property under the Accelerated Cost Recovery System (ACRS). Turbotax login online Chapter 2 explains the rules for depreciating property first used before 1981. Turbotax login online Chapter 3 explains the rules for listed property. Turbotax login online Also this chapter defines listed property. Turbotax login online The appendix contains the ACRS Percentage Tables. 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