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Can I Still File My 2012 Taxes

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Can I Still File My 2012 Taxes

Can i still file my 2012 taxes Depreciation Table of Contents Introduction Special Depreciation AllowanceQualified Property Election Not To Claim the Allowance Rules for Returns Filed Before June 1, 2002 Passenger Automobiles New York Liberty Zone BenefitsSpecial Liberty Zone Depreciation Allowance Increased Section 179 Deduction Liberty Zone Leasehold Improvement Property If you depreciate business property that you acquired and placed in service after September 10, 2001, new law contains provisions that may affect your depreciation deduction for that property. Can i still file my 2012 taxes Publication 946, How To Depreciate Property, contains information on depreciation. Can i still file my 2012 taxes However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Can i still file my 2012 taxes The new provisions are in the Supplement to Publication 946, which is reprinted below. Can i still file my 2012 taxes Supplement to Publication 946 How To Depreciate Property   Introduction After Publication 946 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Can i still file my 2012 taxes The new law made several changes in the tax rules explained in the publication. Can i still file my 2012 taxes Some of the changes apply to property placed in service during 2001. Can i still file my 2012 taxes This supplemental publication describes those changes and explains what you should do if you are affected by them. Can i still file my 2012 taxes The situations and examples in Publication 946 do not reflect any of the changes made by the Job Creation and Worker Assistance Act of 2002. Can i still file my 2012 taxes The new law contains the following provisions. Can i still file my 2012 taxes 30% depreciation deductions (special depreciation allowance and special New York Liberty Zone (Liberty Zone) depreciation allowance) for the year qualified property is placed in service after September 10, 2001. Can i still file my 2012 taxes An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Can i still file my 2012 taxes A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Can i still file my 2012 taxes An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Can i still file my 2012 taxes If you believe you qualify for an increased deduction under any of these new rules, you must file the revised 2001 Form 4562 (dated March 2002) for 2001 calendar or fiscal years and 2000 fiscal years ending after September 10, 2001. Can i still file my 2012 taxes If you have already filed a tax return, this supplemental publication explains how to claim these benefits and how to elect not to claim the special depreciation allowance or special Liberty Zone depreciation allowance. Can i still file my 2012 taxes See Table 2 at the end of the supplement for an overview of the rules that apply if you filed your return before June 1, 2002. Can i still file my 2012 taxes Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Can i still file my 2012 taxes The allowance is an additional deduction of 30% of the property's depreciable basis. Can i still file my 2012 taxes To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Can i still file my 2012 taxes See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Can i still file my 2012 taxes The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Can i still file my 2012 taxes There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Can i still file my 2012 taxes In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Can i still file my 2012 taxes Example 1. Can i still file my 2012 taxes On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Can i still file my 2012 taxes You did not elect to claim a section 179 deduction. Can i still file my 2012 taxes You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Can i still file my 2012 taxes You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Can i still file my 2012 taxes Example 2. Can i still file my 2012 taxes The facts are the same as in Example 1, except that you choose to deduct $24,000 of the property's cost as a section 179 deduction. Can i still file my 2012 taxes You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Can i still file my 2012 taxes You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Can i still file my 2012 taxes Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Can i still file my 2012 taxes It is new property of one of the following types. Can i still file my 2012 taxes Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Can i still file my 2012 taxes See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Can i still file my 2012 taxes Water utility property. Can i still file my 2012 taxes See 25-year property on page 22 in Publication 946. Can i still file my 2012 taxes Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Can i still file my 2012 taxes (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Can i still file my 2012 taxes ) Qualified leasehold improvement property (defined later). Can i still file my 2012 taxes It meets the following tests (explained later under Tests To Be Met). Can i still file my 2012 taxes Acquisition date test. Can i still file my 2012 taxes Placed in service date test. Can i still file my 2012 taxes Original use test. Can i still file my 2012 taxes It is not excepted property (explained later under Excepted Property). Can i still file my 2012 taxes Qualified leasehold improvement property. Can i still file my 2012 taxes    Generally, this is any improvement to an interior part of a building that is nonresidential real property, provided all of the following requirements are met. Can i still file my 2012 taxes The improvement is made under or pursuant to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Can i still file my 2012 taxes That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Can i still file my 2012 taxes The improvement is placed in service more than 3 years after the date the building was first placed in service. Can i still file my 2012 taxes   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Can i still file my 2012 taxes The enlargement of the building. Can i still file my 2012 taxes Any elevator or escalator. Can i still file my 2012 taxes Any structural component benefiting a common area. Can i still file my 2012 taxes The internal structural framework of the building. Can i still file my 2012 taxes   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. Can i still file my 2012 taxes However, a binding commitment between related persons is not treated as a lease. Can i still file my 2012 taxes Related persons. Can i still file my 2012 taxes   For this purpose, the following are related persons. Can i still file my 2012 taxes Members of an affiliated group. Can i still file my 2012 taxes The persons listed in items (1) through (9) under Related persons on page 8 of Publication 946 (except that “80% or more” should be substituted for “more than 10%” each place it appears). Can i still file my 2012 taxes An executor and a beneficiary of the same estate. Can i still file my 2012 taxes Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Can i still file my 2012 taxes Acquisition date test. Can i still file my 2012 taxes    Generally, you must have acquired the property either: After September 10, 2001, and before September 11, 2004, but only if no written binding contract for the acquisition was in effect before September 11, 2001, or Pursuant to a written binding contract entered into after September 10, 2001, and before September 11, 2004. Can i still file my 2012 taxes   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001, and before September 11, 2004. Can i still file my 2012 taxes Placed in service date test. Can i still file my 2012 taxes   Generally, the property must be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Can i still file my 2012 taxes   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Can i still file my 2012 taxes Original use test. Can i still file my 2012 taxes   The original use of the property must have begun with you after September 10, 2001. Can i still file my 2012 taxes “Original use” means the first use to which the property is put, whether or not by you. Can i still file my 2012 taxes Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Can i still file my 2012 taxes Excepted Property The following property does not qualify for the special depreciation allowance. Can i still file my 2012 taxes Property used by any person before September 11, 2001. Can i still file my 2012 taxes Property required to be depreciated using ADS. Can i still file my 2012 taxes This includes listed property used 50% or less in a qualified business use. Can i still file my 2012 taxes Qualified New York Liberty Zone leasehold improvement property (defined next). Can i still file my 2012 taxes Qualified New York Liberty Zone leasehold improvement property. Can i still file my 2012 taxes   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Can i still file my 2012 taxes The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Can i still file my 2012 taxes The improvement is placed in service after September 10, 2001, and before January 1, 2007. Can i still file my 2012 taxes No written binding contract for the improvement was in effect before September 11, 2001. Can i still file my 2012 taxes Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Can i still file my 2012 taxes If you make this election for any property, it applies to all property in the same property class placed in service during the year. Can i still file my 2012 taxes To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Can i still file my 2012 taxes When to make election. Can i still file my 2012 taxes   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. Can i still file my 2012 taxes   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). Can i still file my 2012 taxes Attach the election statement to the amended return. Can i still file my 2012 taxes At the top of the election statement, write “Filed pursuant to section 301. Can i still file my 2012 taxes 9100–2. Can i still file my 2012 taxes ” Revoking an election. Can i still file my 2012 taxes   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Can i still file my 2012 taxes A request to revoke the election is subject to a user fee. Can i still file my 2012 taxes Rules for Returns Filed Before June 1, 2002 The following rules apply if you placed qualified property in service after September 10, 2001, and filed your return before June 1, 2002. Can i still file my 2012 taxes The rules apply to returns for the following years. Can i still file my 2012 taxes 2000 fiscal years that end after September 10, 2001. Can i still file my 2012 taxes 2001 calendar and fiscal years. Can i still file my 2012 taxes Claiming the allowance. Can i still file my 2012 taxes   If you did not claim the allowance on your return and did not make the election not to claim the allowance, you can do either of the following to claim the allowance. Can i still file my 2012 taxes File an amended return by the due date (not including extensions) of your return for the year following the year the property was placed in service. Can i still file my 2012 taxes Write “Filed Pursuant to Rev. Can i still file my 2012 taxes Proc. Can i still file my 2012 taxes 2002–33” at the top of the amended return. Can i still file my 2012 taxes File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. Can i still file my 2012 taxes Your return must be filed by the due date (including extensions). Can i still file my 2012 taxes Write “Automatic Change Filed Under Rev. Can i still file my 2012 taxes Proc. Can i still file my 2012 taxes 2002–33” on the appropriate line of Form 3115. Can i still file my 2012 taxes You must also file a copy (with signature) of the completed Form 3115 with the IRS National Office no later than when you file the original with your return. Can i still file my 2012 taxes For more information about filing Form 3115, including the address to send it to, see Revenue Procedure 2002–9, Revenue Procedure 2002–19, and Revenue Procedure 2002–33. Can i still file my 2012 taxes Example 1. Can i still file my 2012 taxes You are an individual and you use the calendar year. Can i still file my 2012 taxes You placed qualified property in service for your business in December 2001. Can i still file my 2012 taxes You filed your 2001 income tax return before April 15, 2002. Can i still file my 2012 taxes You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Can i still file my 2012 taxes You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Can i still file my 2012 taxes Proc. Can i still file my 2012 taxes 2002–33” at the top of the amended return. Can i still file my 2012 taxes You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. Can i still file my 2012 taxes Example 2. Can i still file my 2012 taxes The facts concerning your 2001 return are the same as in Example 1. Can i still file my 2012 taxes In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Can i still file my 2012 taxes You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Can i still file my 2012 taxes Proc. Can i still file my 2012 taxes 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Can i still file my 2012 taxes You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. Can i still file my 2012 taxes Electing not to claim the allowance. Can i still file my 2012 taxes   Generally, you have elected not to claim the special depreciation allowance for a class of property if you: Filed your return timely (including extensions) for the year you placed qualified property in service and indicated on a statement with the return that you are not claiming the allowance, or Filed your return timely and filed an amended return within 6 months of the due date of the original return (not including extensions) and indicated on a statement with the amended return that you are not claiming the allowance. Can i still file my 2012 taxes The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Can i still file my 2012 taxes The statement can be either attached to or written on the return. Can i still file my 2012 taxes You can, for example, write “not deducting 30%” on Form 4562. Can i still file my 2012 taxes Deemed election. Can i still file my 2012 taxes   If you have not followed either of the procedures described above to elect not to claim the allowance, you may still be treated as making the election. Can i still file my 2012 taxes You will be treated as making the election if you meet both of the following conditions. Can i still file my 2012 taxes You filed your return for the year you placed the property in service and claimed depreciation, but not the special allowance, for any class of property. Can i still file my 2012 taxes You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Can i still file my 2012 taxes See Claiming the allowance, earlier. Can i still file my 2012 taxes Passenger Automobiles The limit on your depreciation deduction (including any section 179 deduction) for any passenger automobile that is qualified property (defined earlier) placed in service after September 10, 2001, and for which you claim the special depreciation allowance is increased. Can i still file my 2012 taxes Generally, the limit is increased from $3,060 to $7,660. Can i still file my 2012 taxes However, if the automobile is a qualified electric car, the limit is increased from $9,280 to $23,080 ($22,980 if placed in service in 2002). Can i still file my 2012 taxes Table 1 shows the maximum deduction amounts for 2001. Can i still file my 2012 taxes Table 1. Can i still file my 2012 taxes Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Can i still file my 2012 taxes 11 Placed in Service After Sept. Can i still file my 2012 taxes 10 Passenger automobile $3,060 $7,660 Electric car 9,280 23,080 1 1$22,980 if you place an electric car in service in 2002. Can i still file my 2012 taxes Election not to claim the allowance. Can i still file my 2012 taxes   The increased maximum depreciation deduction does not apply if you elected not to claim the special depreciation allowance as explained earlier under Election Not To Claim the Allowance and Rules for Returns Filed Before June 1, 2002. Can i still file my 2012 taxes New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Can i still file my 2012 taxes They include a special depreciation allowance for the year you place the property in service, an increased section 179 deduction, and the classification of certain leasehold improvement property as 5-year property. Can i still file my 2012 taxes Area defined. Can i still file my 2012 taxes   The New York Liberty Zone is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway) in the Borough of Manhattan in the City of New York, New York. Can i still file my 2012 taxes Special Liberty Zone Depreciation Allowance You can take a special depreciation allowance for qualified Liberty Zone property you place in service after September 10, 2001. Can i still file my 2012 taxes The allowance is an additional deduction of 30% of the property's depreciable basis. Can i still file my 2012 taxes To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Can i still file my 2012 taxes See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Can i still file my 2012 taxes The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Can i still file my 2012 taxes There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Can i still file my 2012 taxes In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Can i still file my 2012 taxes You cannot claim the special Liberty Zone depreciation allowance for property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Can i still file my 2012 taxes Qualified property is eligible for only one special depreciation allowance. Can i still file my 2012 taxes Example 1. Can i still file my 2012 taxes On November 1, 2001, you bought and placed in service in your business, which is in the Liberty Zone, qualified Liberty Zone property that cost $200,000. Can i still file my 2012 taxes You did not elect to claim a section 179 deduction. Can i still file my 2012 taxes You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Can i still file my 2012 taxes You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Can i still file my 2012 taxes Example 2. Can i still file my 2012 taxes The facts are the same as in Example 1, except that you choose to deduct $59,000 of the property's cost as a section 179 deduction. Can i still file my 2012 taxes (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Can i still file my 2012 taxes You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Can i still file my 2012 taxes You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Can i still file my 2012 taxes Qualified Liberty Zone Property For a 2001 calendar or fiscal year and a 2000 fiscal year that ends after September 10, 2001, property qualifies for the special Liberty Zone depreciation allowance if it meets the following requirements. Can i still file my 2012 taxes It is one of the following types of property. Can i still file my 2012 taxes Used property depreciated under MACRS with a recovery period of 20 years or less. Can i still file my 2012 taxes See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Can i still file my 2012 taxes Used water utility property. Can i still file my 2012 taxes See 25-year property on page 22 in Publication 946. Can i still file my 2012 taxes Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Can i still file my 2012 taxes (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Can i still file my 2012 taxes ) Certain nonresidential real property and residential rental property (defined later). Can i still file my 2012 taxes It meets the following tests (explained later under Tests to be met). Can i still file my 2012 taxes Acquisition date test. Can i still file my 2012 taxes Placed in service date test. Can i still file my 2012 taxes Substantial use test. Can i still file my 2012 taxes Original use test. Can i still file my 2012 taxes It is not excepted property (explained later under Excepted property). Can i still file my 2012 taxes Nonresidential real property and residential rental property. Can i still file my 2012 taxes   This property is qualifying property only to the extent it rehabilitates real property damaged, or replaces real property destroyed or condemned, as a result of the terrorist attack of September 11, 2001. Can i still file my 2012 taxes Property is treated as replacing destroyed or condemned property if, as part of an integrated plan, such property replaces real property included in a continuous area that includes real property destroyed or condemned. Can i still file my 2012 taxes   For these purposes, real property is considered destroyed (or condemned) only if an entire building or structure was destroyed (or condemned) as a result of the terrorist attack. Can i still file my 2012 taxes Otherwise, the property is considered damaged real property. Can i still file my 2012 taxes For example, if certain structural components of a building (such as walls, floors, or plumbing fixtures) are damaged or destroyed as a result of the terrorist attack, but the building is not destroyed (or condemned), then only costs related to replacing the damaged or destroyed structural components qualify for the special Liberty Zone depreciation allowance. Can i still file my 2012 taxes Tests to be met. Can i still file my 2012 taxes   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Can i still file my 2012 taxes Acquisition date test. Can i still file my 2012 taxes   You must have acquired the property by purchase after September 10, 2001, and there must not have been a binding written contract for the acquisition in effect before September 11, 2001. Can i still file my 2012 taxes   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Can i still file my 2012 taxes   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001. Can i still file my 2012 taxes Placed in service date test. Can i still file my 2012 taxes   Generally, the property must be placed in service for use in your trade or business or for the production of income before January 1, 2007 (January 1, 2010, in the case of qualifying nonresidential real property and residential rental property). Can i still file my 2012 taxes   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Can i still file my 2012 taxes Substantial use test. Can i still file my 2012 taxes   Substantially all use of the property must be in the Liberty Zone and in the active conduct of your trade or business in the Liberty Zone. Can i still file my 2012 taxes Original use test. Can i still file my 2012 taxes   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Can i still file my 2012 taxes   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Can i still file my 2012 taxes Also, additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test if the original use of the property in the Liberty Zone began with you. Can i still file my 2012 taxes Excepted property. Can i still file my 2012 taxes   The following property does not qualify for the special Liberty Zone depreciation allowance. Can i still file my 2012 taxes Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Can i still file my 2012 taxes Property required to be depreciated using ADS. Can i still file my 2012 taxes This includes listed property used 50% or less in a qualified business use. Can i still file my 2012 taxes Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Can i still file my 2012 taxes Example. Can i still file my 2012 taxes In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Can i still file my 2012 taxes New office furniture with a MACRS recovery period of 7 years. Can i still file my 2012 taxes A used computer with a MACRS recovery period of 5 years. Can i still file my 2012 taxes The computer had not previously been used within the Liberty Zone. Can i still file my 2012 taxes Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Can i still file my 2012 taxes Because the computer is used property that had not previously been used in the Liberty Zone, it qualifies for the special Liberty Zone depreciation allowance, but not the special depreciation allowance. Can i still file my 2012 taxes Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Can i still file my 2012 taxes If you make this election for any property, it applies to all property in the same property class placed in service during the year. Can i still file my 2012 taxes To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Can i still file my 2012 taxes When to make the election. Can i still file my 2012 taxes   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. Can i still file my 2012 taxes   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). Can i still file my 2012 taxes Attach the election statement to the amended return. Can i still file my 2012 taxes At the top of the election statement, write “Filed pursuant to section 301. Can i still file my 2012 taxes 9100–2. Can i still file my 2012 taxes ” Revoking an election. Can i still file my 2012 taxes   Once you elect not to deduct the special Liberty Zone depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Can i still file my 2012 taxes A request to revoke the election is subject to a user fee. Can i still file my 2012 taxes Returns filed before June 1, 2002. Can i still file my 2012 taxes   The rules that apply to the special depreciation allowance discussed earlier in Rules for Returns Filed Before June 1, 2002 under Special Depreciation Allowance also apply to the special Liberty Zone depreciation allowance. Can i still file my 2012 taxes Increased Section 179 Deduction Under section 179 of the Internal Revenue Code, you can choose to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. Can i still file my 2012 taxes For tax years beginning in 2000, that limit was $20,000. Can i still file my 2012 taxes For tax years beginning in 2001 and 2002, that limit is generally $24,000. Can i still file my 2012 taxes If the cost of qualifying section 179 property placed in service in a year is over $200,000, you must reduce the dollar limit (but not below zero) by the amount of the cost over $200,000. Can i still file my 2012 taxes Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Can i still file my 2012 taxes The increase is the smaller of the following amounts. Can i still file my 2012 taxes $35,000. Can i still file my 2012 taxes The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Can i still file my 2012 taxes If you use the revised 2001 Form 4562 (dated March 2002) for a tax year beginning in 2000, you must reduce the section 179 dollar limit to $20,000 before adding the additional amount for qualified property. Can i still file my 2012 taxes Qualified property. Can i still file my 2012 taxes   To qualify for the increased section 179 deduction, your property must be section 179 property that is either: Qualified Liberty Zone property, or Property that would be qualified Liberty Zone property except that it is eligible for the special depreciation allowance. Can i still file my 2012 taxes Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Can i still file my 2012 taxes Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Can i still file my 2012 taxes For information on the requirements that must be met for property to qualify for the section 179 deduction, see What Property Qualifies? on page 14 of Publication 946. Can i still file my 2012 taxes Example 1. Can i still file my 2012 taxes In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Can i still file my 2012 taxes Because this cost is less than $35,000, the dollar limit on the section 179 deduction is increased by $25,000 to $49,000 ($24,000 + $25,000). Can i still file my 2012 taxes Example 2. Can i still file my 2012 taxes In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Can i still file my 2012 taxes Because $35,000 is less than the cost of the property you place in service, the dollar limit on the section 179 deduction you can claim is increased by $35,000 to $59,000 ($24,000 + $35,000). Can i still file my 2012 taxes Reduced Dollar Limit Generally, you must reduce the dollar limit for a year by the cost of qualifying section 179 property placed in service in the year that is more than $200,000. Can i still file my 2012 taxes However, if the cost of your Liberty Zone property exceeds $200,000, you take into account only 50% (instead of 100%) of the cost of qualified property placed in service in a year. Can i still file my 2012 taxes Example. Can i still file my 2012 taxes In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Can i still file my 2012 taxes Your increased dollar limit is $59,000 ($35,000 + $24,000). Can i still file my 2012 taxes Because 50% of the cost of the property you place in service ($230,000) is $30,000 more than $200,000, you must reduce your $59,000 dollar limit to $29,000 ($59,000 - $30,000). Can i still file my 2012 taxes Recapture Rules Rules similar to those explained on page 20 of Publication 946 under When Must You Recapture the Deduction? apply with respect to any qualified property you stop using in the Liberty Zone. Can i still file my 2012 taxes Returns Filed Before June 1, 2002 If you filed a return before June 1, 2002, and did not deduct the increased section 179 amount for qualified property placed in service after September 10, 2001, you can deduct the increased amount by filing an amended return by the due date (not including extensions) of the return for the year after the year the property was placed in service. Can i still file my 2012 taxes This rule applies to returns for the following years. Can i still file my 2012 taxes 2000 fiscal years that end after September 10, 2001. Can i still file my 2012 taxes 2001 calendar and fiscal years. Can i still file my 2012 taxes On the amended return, write “Filed Pursuant to Rev. Can i still file my 2012 taxes Proc. Can i still file my 2012 taxes 2002–33. Can i still file my 2012 taxes ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. Can i still file my 2012 taxes This means that it is depreciated over a recovery period of 5 years. Can i still file my 2012 taxes For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Can i still file my 2012 taxes The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Can i still file my 2012 taxes Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Can i still file my 2012 taxes Returns Filed Before June 1, 2002 If you filed either of the following returns before June 1, 2002, and did not depreciate qualified Liberty Zone leasehold improvement property placed in service during the tax year as 5-year property using the straight line method, you should file an amended return before you file your return for the year after the year the property was placed in service. Can i still file my 2012 taxes Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Can i still file my 2012 taxes Your 2001 calendar or fiscal year return. Can i still file my 2012 taxes On the amended return, write “Filed Pursuant to Rev. Can i still file my 2012 taxes Proc. Can i still file my 2012 taxes 2002–33. Can i still file my 2012 taxes ” Table 2. Can i still file my 2012 taxes Rules for Returns Filed Before June 1, 2002 Note:This chart highlights the rules for returns affected by the Job Creation and Worker Assistance Act of 2002 that were filed before June 1, 2002, without accounting for any of the new benefits under the law. Can i still file my 2012 taxes See the text for definitions and examples. Can i still file my 2012 taxes Do not rely on this chart alone. Can i still file my 2012 taxes IF you want to. Can i still file my 2012 taxes . Can i still file my 2012 taxes . Can i still file my 2012 taxes THEN you. Can i still file my 2012 taxes . Can i still file my 2012 taxes . Can i still file my 2012 taxes BY. Can i still file my 2012 taxes . Can i still file my 2012 taxes . Can i still file my 2012 taxes claim the special depreciation allowance or special Liberty Zone depreciation allowance • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service, or • must file Form 3115, Application for Change in Accounting Method, with your return for the year after the year the property was placed in service • the due date (including extensions) of your return for the year after the year the property was placed in service, and • must file a copy of your completed Form 3115 with the IRS National Office • the date you file the original Form 3115 with your return for the year after the year the property was placed in service. Can i still file my 2012 taxes elect not to claim the special depreciation allowance or the special Liberty Zone depreciation allowance 1 • must have filed your return timely for the year the property was placed in service, and   • must file an amended return stating you are not claiming the allowance • the date that is 6 months after the due date of the original return (not including extensions). Can i still file my 2012 taxes deduct the increased section 179 amount • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service. Can i still file my 2012 taxes use a 5-year recovery period for depreciating qualified Liberty Zone leasehold improvement property • should file an amended return • the date you file your return for the year after the year the property was placed in service. Can i still file my 2012 taxes 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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Federal Agencies Can Help

Several federal agencies offer advice and information on the Internet that can help insure you have a safe trip. For advice on:

  • Airline, highway, and rail safety information- Check out the U.S. Department of Transportation. Look up crash-safety reports on cars or find out how weather is affecting air travel and road conditions.
  • Safe travel by air, land and sea- Contact the Transportation Security Administration. They post tips on dealing with airline security checks, traveling with kids, and warnings on prohibited items.
  • What to do before, during, and when you return from a trip overseas - Visit the U.S. Department of State. You can also get warnings on locations to avoid and what to do in an overseas emergency.
  • Health-related travel information - Consult the Centers for Disease Control and Prevention. Research vaccination requirements, find information on how to avoid illnesses caused by food and water, and review inspection scores on specific cruise ships.

Check Bus Safety Records

Some travelers have turned to commercial buses as an inexpensive option for traveling long distances. Before planning a trip on a commercial bus or hired motorcoach, you should research the company’s record. The Federal Motor Carrier Safety Administration (FMCSA) recommends that you contact the company and ask these questions:

  • Do the drivers hold valid Commercial Driver’s Licenses with a “passenger” endorsement?
  • Does the company comply with the Department of Transportation’s drug and alcohol testing requirements for drivers?
  • Does the company conduct safety inspections of their buses?

You can find more information on interstate travel safety and use the FMCSA’s bus safety database. If you would like to file a safety complaint call 1-888-368-7238.

The Can I Still File My 2012 Taxes

Can i still file my 2012 taxes Index A Actual knowledge Innocent spouse relief, Actual Knowledge or Reason To Know Separation of liability relief, Actual Knowledge Assistance (see Tax help) B Burden of proof, separation of liability, Burden of proof. Can i still file my 2012 taxes C Comments on publication, Comments and suggestions. Can i still file my 2012 taxes Community property law, relief from liability arising from, Community Property Laws Community property laws, Community Property Laws D Decedent, Form 8857 filed by or on behalf of a decedent. Can i still file my 2012 taxes Domestic violence (separation of liability), Exception for spousal abuse or domestic violence. Can i still file my 2012 taxes E Equitable relief Conditions for getting, Conditions for Getting Equitable Relief Factors for determining whether to grant, Factors for Determining Whether To Grant Equitable Relief Refunds, Refunds Under Equitable Relief Erroneous items, Erroneous Items Executors (see Decedent) F Flowcharts, Flowcharts Form 8857 Filled-in example, Filled-in Form 8857 For decedent, Form 8857 filed by or on behalf of a decedent. Can i still file my 2012 taxes Tax Court review, Tax Court Review of Request When to file, When to file Form 8857. Can i still file my 2012 taxes Free tax services, How To Get Tax Help H Help (see Tax help) How to request relief, How To Request Relief I Indications of unfairness Innocent spouse relief, Indications of Unfairness for Innocent Spouse Relief Injured spouse relief, Publication 971 - Additional Material Innocent spouse relief, Innocent Spouse Relief J Joint and several liability, Publication 971 - Additional Material L Limitations on Relief, Limitations on Relief M More information (see Tax help) N No joint return filed, Relief for Married Persons Who Did Not File Joint Returns P Partial relief, innocent spouse relief, Partial relief when a portion of erroneous item is unknown. Can i still file my 2012 taxes Publications (see Tax help) Q Questions & Answers, Publication 971 - Additional Material R Reason to know, Actual Knowledge or Reason To Know Refunds, Refunds Limit on amount of refund, Limit on Amount of Refund Proof required, Proof Required Under equitable relief, Refunds Under Equitable Relief S Separation of liability relief, Separation of Liability Relief Spousal abuse, The IRS Must Contact Your Spouse or Former Spouse, Exception for spousal abuse or domestic violence. Can i still file my 2012 taxes Spousal notification, The IRS Must Contact Your Spouse or Former Spouse, Publication 971 - Additional Material Suggestions for publication, Comments and suggestions. Can i still file my 2012 taxes T Tax Court review, Tax Court Review of Request Tax help, How To Get Tax Help Taxpayer Advocate, Taxpayer Advocate Service. Can i still file my 2012 taxes TEFRA partnership proceedings, Exception for agreements relating to TEFRA partnership proceedings. Can i still file my 2012 taxes Transferee liability, Transferee liability not affected by innocent spouse relief provisions. Can i still file my 2012 taxes Transfers of property to avoid tax, Transfers of Property To Avoid Tax TTY/TDD information, How To Get Tax Help U Underpaid tax, Equitable Relief Understated tax, Understated Tax United States Tax Court, Tax Court Review of Request W When to file Form 8857, When to file Form 8857. Can i still file my 2012 taxes Prev  Up     Home   More Online Publications