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