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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 Other Methods of Depreciation Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: How To Figure the DeductionBasis Useful Life Salvage Value Methods To UseStraight Line Method Declining Balance Method Income Forecast Method How To Change Methods DispositionsSale or exchange. Can i still file my 2012 taxes Property not disposed of or abandoned. Can i still file my 2012 taxes Special rule for normal retirements from item accounts. Can i still file my 2012 taxes Abandoned property. Can i still file my 2012 taxes Single item accounts. Can i still file my 2012 taxes Multiple property account. Can i still file my 2012 taxes Topics - This chapter discusses: How to figure the deduction Methods to use How to change methods Dispositions Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets 551 Basis of Assets 583 Starting a Business and Keeping Records 946 How To Depreciate Property Form (and Instructions) 3115 Application for Change in Accounting Method 4562 Depreciation and Amortization Schedule C (Form 1040) Profit or Loss From Business If your property is being depreciated under ACRS, you must continue to use rules for depreciation that applied when you placed the property in service. Can i still file my 2012 taxes If your property qualified for MACRS, you must depreciate it under MACRS. Can i still file my 2012 taxes See Publication 946. Can i still file my 2012 taxes However, you cannot use MACRS for certain property because of special rules that exclude it from MACRS. Can i still file my 2012 taxes Also, you can elect to exclude certain property from being depreciated under MACRS. Can i still file my 2012 taxes Property that you cannot depreciate using MACRS includes: Intangible property, Property you can elect to exclude from MACRS that you properly depreciate under a method that is not based on a term of years, Certain public utility property, Any motion picture film or video tape, Any sound recording, and Certain real and personal property placed in service before 1987. Can i still file my 2012 taxes Intangible property. Can i still file my 2012 taxes   You cannot depreciate intangible property under ACRS or MACRS. Can i still file my 2012 taxes You depreciate intangible property using any other reasonable method, usually, the straight line method. Can i still file my 2012 taxes Note. Can i still file my 2012 taxes The cost of certain intangible property that you acquire after August 10, 1993, must be amortized over a 15-year period. Can i still file my 2012 taxes For more information, see chapter 12 of Publication 535. Can i still file my 2012 taxes Public utility property. Can i still file my 2012 taxes   The law excludes from MACRS any public utility property for which the taxpayer does not use a normalization method of accounting. Can i still file my 2012 taxes This type of property is subject to depreciation under a special rule. Can i still file my 2012 taxes Videocassettes. Can i still file my 2012 taxes   If you are in the videocassette rental business, you can depreciate those videocassettes purchased for rental. Can i still file my 2012 taxes You can depreciate the cost less salvage value of those videocassettes that have a useful life over one year using either: The straight line method, or The income forecast method. Can i still file my 2012 taxes The straight line method, salvage value, and useful life are discussed later under Methods To Use. Can i still file my 2012 taxes You can deduct in the year of purchase as a business expense the cost of any cassette that has a useful life of one year or less. Can i still file my 2012 taxes How To Figure the Deduction Two other reasonable methods can be used to figure your deduction for property not covered under ACRS or MACRS. Can i still file my 2012 taxes These methods are straight line and declining balance. Can i still file my 2012 taxes To figure depreciation using these methods, you must generally determine three things about the property you intend to depreciate. Can i still file my 2012 taxes They are: The basis, The useful life, and The estimated salvage value at the end of its useful life. Can i still file my 2012 taxes The amount of the deduction in any year also depends on which method of depreciation you choose. Can i still file my 2012 taxes Basis To deduct the proper amount of depreciation each year, first determine your basis in the property you intend to depreciate. Can i still file my 2012 taxes The basis used for figuring depreciation is the same as the basis that would be used for figuring the gain on a sale. Can i still file my 2012 taxes Your original basis is usually the purchase price. Can i still file my 2012 taxes However, if you acquire property in some other way, such as inheriting it, getting it as a gift, or building it yourself, you have to figure your original basis in a different way. Can i still file my 2012 taxes Adjusted basis. Can i still file my 2012 taxes   Events will often change the basis of property. Can i still file my 2012 taxes When this occurs, the changed basis is called the adjusted basis. Can i still file my 2012 taxes Some events, such as improvements you make, increase basis. Can i still file my 2012 taxes Events such as deducting casualty losses and depreciation decrease basis. Can i still file my 2012 taxes If basis is adjusted, the depreciation deduction may also have to be changed, depending on the reason for the adjustment and the method of depreciation you are using. Can i still file my 2012 taxes   Publication 551 explains how to figure basis for property acquired in different ways. Can i still file my 2012 taxes It also discusses what items increase and decrease basis, how to figure adjusted basis, and how to allocate cost if you buy several pieces of property at one time. Can i still file my 2012 taxes Useful Life The useful life of a piece of property is an estimate of how long you can expect to use it in your trade or business, or to produce income. Can i still file my 2012 taxes It is the length of time over which you will make yearly depreciation deductions of your basis in the property. Can i still file my 2012 taxes It is how long it will continue to be useful to you, not how long the property will last. Can i still file my 2012 taxes Many things affect the useful life of property, such as: Frequency of use, Age when acquired, Your repair policy, and Environmental conditions. Can i still file my 2012 taxes The useful life can also be affected by technological improvements, progress in the arts, reasonably foreseeable economic changes, shifting of business centers, prohibitory laws, and other causes. Can i still file my 2012 taxes Consider all these factors before you arrive at a useful life for your property. Can i still file my 2012 taxes The useful life of the same type of property varies from user to user. Can i still file my 2012 taxes When you determine the useful life of your property, keep in mind your own experience with similar property. Can i still file my 2012 taxes You can use the general experience of the industry you are in until you are able to determine a useful life of your property from your own experience. Can i still file my 2012 taxes Change in useful life. Can i still file my 2012 taxes   You base your estimate of useful life on certain facts. Can i still file my 2012 taxes If these facts change significantly, you can adjust your estimate of the remaining useful life. Can i still file my 2012 taxes However, you redetermine the estimated useful life only when the change is substantial and there is a clear reason for making the change. Can i still file my 2012 taxes Salvage Value It is important for you to accurately determine the correct salvage value of the property you want to depreciate. Can i still file my 2012 taxes You generally cannot depreciate property below a reasonable salvage value. Can i still file my 2012 taxes Determining salvage value. Can i still file my 2012 taxes   Salvage value is the estimated value of property at the end of its useful life. Can i still file my 2012 taxes It is what you expect to get for the property if you sell it after you can no longer use it productively. Can i still file my 2012 taxes You must estimate the salvage value of a piece of property when you first acquire it. Can i still file my 2012 taxes   Salvage value is affected both by how you use the property and how long you use it. Can i still file my 2012 taxes If it is your policy to dispose of property that is still in good operating condition, the salvage value can be relatively large. Can i still file my 2012 taxes However, if your policy is to use property until it is no longer usable, its salvage value can be its junk value. Can i still file my 2012 taxes Changing salvage value. Can i still file my 2012 taxes   Once you determine the salvage value for property, you should not change it merely because prices have changed. Can i still file my 2012 taxes However, if you redetermine the useful life of property, as discussed earlier under Change in useful life, you can also redetermine the salvage value. Can i still file my 2012 taxes When you redetermine the salvage value, take into account the facts that exist at the time. Can i still file my 2012 taxes Net salvage. Can i still file my 2012 taxes   Net salvage is the salvage value of property minus what it costs to remove it when you dispose of it. Can i still file my 2012 taxes You can choose either salvage value or net salvage when you figure depreciation. Can i still file my 2012 taxes You must consistently use the one you choose and the treatment of the costs of removal must be consistent with the practice adopted. Can i still file my 2012 taxes However, if the cost to remove the property is more than the estimated salvage value, then net salvage is zero. Can i still file my 2012 taxes Your salvage value can never be less than zero. Can i still file my 2012 taxes Ten percent rule. Can i still file my 2012 taxes   If you acquire personal property that has a useful life of 3 years or more, you can use an amount for salvage value that is less than your actual estimate. Can i still file my 2012 taxes You can subtract from your estimate of salvage value an amount equal to 10% of your basis in the property. Can i still file my 2012 taxes If salvage value is less than 10% of basis, you can ignore salvage value when you figure depreciation. Can i still file my 2012 taxes Methods To Use Two methods of depreciation are the straight line and declining balance methods. Can i still file my 2012 taxes If ACRS or MACRS does not apply, you can use one of these methods. Can i still file my 2012 taxes The straight line and declining balance methods discussed in this section are not figured in the same way as straight line or declining balance methods under MACRS. Can i still file my 2012 taxes Straight Line Method Before 1981, you could use any reasonable method for every kind of depreciable property. Can i still file my 2012 taxes One of these methods was the straight line method. Can i still file my 2012 taxes This method was also used for intangible property. Can i still file my 2012 taxes It lets you deduct the same amount of depreciation each year. Can i still file my 2012 taxes To figure your deduction, determine the adjusted basis of your property, its salvage value, and its estimated useful life. Can i still file my 2012 taxes Subtract the salvage value, if any, from the adjusted basis. Can i still file my 2012 taxes The balance is the total amount of depreciation you can take over the useful life of the property. Can i still file my 2012 taxes Divide the balance by the number of years remaining in the useful life. Can i still file my 2012 taxes This gives you the amount of your yearly depreciation deduction. Can i still file my 2012 taxes Unless there is a big change in adjusted basis, or useful life, this amount will stay the same throughout the time you depreciate the property. Can i still file my 2012 taxes If, in the first year, you use the property for less than a full year, you must prorate your depreciation deduction for the number of months in use. Can i still file my 2012 taxes Example. Can i still file my 2012 taxes In April 1994, Frank bought a franchise for $5,600. Can i still file my 2012 taxes It expires in 10 years. Can i still file my 2012 taxes This property is intangible property that cannot be depreciated under MACRS. Can i still file my 2012 taxes Frank depreciates the franchise under the straight line method, using a 10-year useful life and no salvage value. Can i still file my 2012 taxes He takes the $5,600 basis and divides that amount by 10 years ($5,600 ÷ 10 = $560, a full year's use). Can i still file my 2012 taxes He must prorate the $560 for his 9 months of use in 1994. Can i still file my 2012 taxes This gives him a deduction of $420 ($560 ÷ 9/12). Can i still file my 2012 taxes In 1995, Frank can deduct $560 for the full year. Can i still file my 2012 taxes Declining Balance Method The declining balance method allows you to recover a larger amount of the cost of the property in the early years of your use of the property. Can i still file my 2012 taxes The rate cannot be more than twice the straight line rate. Can i still file my 2012 taxes Rate of depreciation. Can i still file my 2012 taxes   Under this method, you must determine your declining balance rate of depreciation. Can i still file my 2012 taxes The initial step is to: Divide the number 1 by the useful life of your property to get a straight line rate. Can i still file my 2012 taxes (For example, if property has a useful life of 5 years, its normal straight line rate of depreciation is ⅕, or 20%. Can i still file my 2012 taxes ) Multiply this straight line rate by a number that is more than 1 but not more than 2 to determine the declining balance rate. Can i still file my 2012 taxes Unless there is a change in the useful life during the time you depreciate the property, the rate of depreciation generally will not change. Can i still file my 2012 taxes Depreciation deductions. Can i still file my 2012 taxes   After you determine the rate of depreciation, multiply the adjusted basis of the property by it. Can i still file my 2012 taxes This gives you the amount of your deduction. Can i still file my 2012 taxes For example, if your adjusted basis at the beginning of the first year is $10,000, and your declining balance rate is 20%, your depreciation deduction for the first year is $2,000 ($10,000 ÷ 20%). Can i still file my 2012 taxes To figure your depreciation deduction in the second year, you must first adjust the basis for the amount of depreciation you deducted in the first year. Can i still file my 2012 taxes Subtract the previous year's depreciation from your basis ($10,000 - $2,000 = $8,000). Can i still file my 2012 taxes Multiply this amount by the rate of depreciation ($8,000 ÷ 20% = $1,600). Can i still file my 2012 taxes Your depreciation deduction for the second year is $1,600. Can i still file my 2012 taxes   As you can see from this example, your adjusted basis in the property gets smaller each year. Can i still file my 2012 taxes Also, under this method, deductions are larger in the earlier years and smaller in the later years. Can i still file my 2012 taxes You can make a change to the straight line method without consent. Can i still file my 2012 taxes Salvage value. Can i still file my 2012 taxes   Do not subtract salvage value when you figure your yearly depreciation deductions under the declining balance method. Can i still file my 2012 taxes However, you cannot depreciate the property below its reasonable salvage value. Can i still file my 2012 taxes Determine salvage value using the rules discussed earlier, including the special 10% rule. Can i still file my 2012 taxes Example. Can i still file my 2012 taxes If your adjusted basis has been decreased to $1,000 and the rate of depreciation is 20%, your depreciation deduction should be $200. Can i still file my 2012 taxes But if your estimate of salvage value was $900, you can only deduct $100. Can i still file my 2012 taxes This is because $100 is the amount that would lower your adjusted basis to equal salvage value. Can i still file my 2012 taxes Income Forecast Method The income forecast method requires income projections for each videocassette or group of videocassettes. Can i still file my 2012 taxes You can group the videocassettes by title for making this projection. Can i still file my 2012 taxes You determine the depreciation by applying a fraction to the cost less salvage value of the cassette. Can i still file my 2012 taxes The numerator is the income from the videocassette for the tax year and the denominator is the total projected income for the cassette. Can i still file my 2012 taxes For more information on the income forecast method, see Revenue Ruling 60-358 in Cumulative Bulletin 1960, Volume 2, on page 68. Can i still file my 2012 taxes How To Change Methods In some cases, you may change your method of depreciation for property depreciated under a reasonable method. Can i still file my 2012 taxes If you change your method of depreciation, it is generally a change in your method of accounting. Can i still file my 2012 taxes You must get IRS consent before making the change. Can i still file my 2012 taxes However, you do not need permission for certain changes in your method of depreciation. Can i still file my 2012 taxes The rules discussed in this section do not apply to property depreciated under ACRS or MACRS. Can i still file my 2012 taxes For information on ACRS elections,see Revocation of election, in chapter 1 under Alternate ACRS Method. Can i still file my 2012 taxes Change to the straight line method. Can i still file my 2012 taxes   You can change from the declining balance method to the straight line method at any time during the useful life of your property without IRS consent. Can i still file my 2012 taxes However, if you have a written agreement with the IRS that prohibits a change, you must first get IRS permission. Can i still file my 2012 taxes When the change is made, figure depreciation based on your adjusted basis in the property at that time. Can i still file my 2012 taxes Your adjusted basis takes into account all previous depreciation deductions. Can i still file my 2012 taxes Use the estimated remaining useful life of your property at the time of change and its estimated salvage value. Can i still file my 2012 taxes   You can change from the declining balance method to straight line only on the original tax return for the year you first use the straight line method. Can i still file my 2012 taxes You cannot make the change on an amended return filed after the due date of the original return (including extensions). Can i still file my 2012 taxes   When you make the change, attach a statement to your tax return showing: When you acquired the property, Its original cost or other original basis, The total amount claimed for depreciation and other allowances since you acquired it, Its salvage value and remaining useful life, and A description of the property and its use. Can i still file my 2012 taxes   After you change to straight line, you cannot change back to the declining balance method or to any other method for a period of 10 years without written permission from the IRS. Can i still file my 2012 taxes Changes that require permission. Can i still file my 2012 taxes   For most other changes in method of depreciation, you must get permission from the IRS. Can i still file my 2012 taxes To request a change in method of depreciation, file Form 3115. Can i still file my 2012 taxes File the application within the first 180 days of the tax year the change is to become effective. Can i still file my 2012 taxes In most cases, there is a user fee that must accompany Form 3115. Can i still file my 2012 taxes See the instructions for Form 3115 to determine if a fee is required. Can i still file my 2012 taxes Changes granted automatically. Can i still file my 2012 taxes   The IRS automatically approves certain changes of a method of depreciation. Can i still file my 2012 taxes But, you must file Form 3115 for these automatic changes. Can i still file my 2012 taxes   However, IRS can deny permission if Form 3115 is not filed on time. Can i still file my 2012 taxes For more information on automatic changes, see Revenue Procedure 74-11, 1974-1 C. Can i still file my 2012 taxes B. Can i still file my 2012 taxes 420. Can i still file my 2012 taxes Changes for which approval is not automatic. Can i still file my 2012 taxes   The automatic change procedures do not apply to: Property or an account where you made a change in depreciation within the last 10 tax years (unless the change was made under the Class Life System), Class Life Asset Depreciation Range System, and Public utility property. Can i still file my 2012 taxes   You must request and receive permission for these changes. Can i still file my 2012 taxes To make the request, file Form 3115 during the first 180 days of the tax year for which you want the change to be effective. Can i still file my 2012 taxes Change from an improper method. Can i still file my 2012 taxes   If the IRS disallows the method you are using, you do not need permission to change to a proper method. Can i still file my 2012 taxes You can adopt the straight line method, or any other method that would have been permitted if you had used it from the beginning. Can i still file my 2012 taxes If you file your tax return using an improper method, but later file an amended return, you can use a proper method on the amended return without getting IRS permission. Can i still file my 2012 taxes However, you must file the amended return before the filing date for the next tax year. Can i still file my 2012 taxes Dispositions Retirement is the permanent withdrawal of depreciable property from use in your trade or business or for the production of income. Can i still file my 2012 taxes You can do this by selling, exchanging, or abandoning the item of property. Can i still file my 2012 taxes You can also withdraw it from use without disposing of it. Can i still file my 2012 taxes For example, you could place it in a supplies or scrap account. Can i still file my 2012 taxes Retirements can be either normal or abnormal depending on all facts and circumstances. Can i still file my 2012 taxes The rules discussed next do not apply to MACRS and ACRS property. Can i still file my 2012 taxes Normal retirement. Can i still file my 2012 taxes   A normal retirement is a permanent withdrawal of depreciable property from use if the following apply: The retirement is made within the useful life you estimated originally, and The property has reached a condition at which you customarily retire or would retire similar property from use. Can i still file my 2012 taxes A retirement is generally considered normal unless you can show that you retired the property because of a reason you did not consider when you originally estimated the useful life of the property. Can i still file my 2012 taxes Abnormal retirement. Can i still file my 2012 taxes   A retirement can be abnormal if you withdraw the property early or under other circumstances. Can i still file my 2012 taxes For example, if the property is damaged by a fire or suddenly becomes obsolete and is now useless. Can i still file my 2012 taxes Gain or loss on retirement. Can i still file my 2012 taxes   There are special rules for figuring the gain or loss on retirement of property. Can i still file my 2012 taxes The gain or loss will depend on several factors. Can i still file my 2012 taxes These include the type of withdrawal, if the withdrawal was from a single property or multiple property account, and if the retirement was normal or abnormal. Can i still file my 2012 taxes A single property account contains only one item of property. Can i still file my 2012 taxes A multiple property account is one in which several items have been combined with a single rate of depreciation assigned to the entire account. Can i still file my 2012 taxes Sale or exchange. Can i still file my 2012 taxes   If property is retired by sale or exchange, you figure gain or loss by the usual rules that apply to sales or other dispositions of property. Can i still file my 2012 taxes See Publication 544. Can i still file my 2012 taxes Property not disposed of or abandoned. Can i still file my 2012 taxes   If property is retired permanently, but not disposed of or physically abandoned, you do not recognize gain. Can i still file my 2012 taxes You are allowed a loss in such a case, but only if the retirement is: An abnormal retirement, A normal retirement from a single property account in which you determined the life of each item of property separately, or A normal retirement from a multiple property account in which the depreciation rate is based on the maximum expected life of the longest lived item of property and the loss occurs before the expiration of the full useful life. Can i still file my 2012 taxes However, you are not allowed a loss if the depreciation rate is based on the average useful life of the items of property in the account. Can i still file my 2012 taxes   To figure your loss, subtract the estimated salvage or fair market value of the property at the date of retirement, whichever is more, from its adjusted basis. Can i still file my 2012 taxes Special rule for normal retirements from item accounts. Can i still file my 2012 taxes   You can generally deduct losses upon retirement of a few depreciable items of property with similar useful lives, if: You account for each one in a separate account, and You use the average useful life to figure depreciation. Can i still file my 2012 taxes However, you cannot deduct losses if you use the average useful life to figure depreciation and they have a wide range of useful lives. Can i still file my 2012 taxes   If you have a large number of depreciable property items and use average useful lives to figure depreciation, you cannot deduct the losses upon normal retirements from these accounts. Can i still file my 2012 taxes Abandoned property. Can i still file my 2012 taxes   If you physically abandon property, you can deduct as a loss the adjusted basis of the property at the time of its abandonment. Can i still file my 2012 taxes However, your intent must be to discard the property so that you will not use it again or retrieve it for sale, exchange, or other disposition. Can i still file my 2012 taxes Basis of property retired. Can i still file my 2012 taxes   The basis for figuring gain or loss on the retirement of property is its adjusted basis at the time of retirement, as determined in the following discussions. Can i still file my 2012 taxes Single item accounts. Can i still file my 2012 taxes   If an item of property is accounted for in a single item account, the adjusted basis is the basis you would use to figure gain or loss for a sale or exchange of the property. Can i still file my 2012 taxes This is generally the cost or other basis of the item of property less depreciation. Can i still file my 2012 taxes See Publication 551. Can i still file my 2012 taxes Multiple property account. Can i still file my 2012 taxes   For a normal retirement from a multiple property account, if you figured depreciation using the average expected useful life, the adjusted basis is the salvage value estimated for the item of property when it was originally acquired. Can i still file my 2012 taxes If you figured depreciation using the maximum expected useful life of the longest lived item of property in the account, you must use the depreciation method used for the multiple property account and a rate based on the maximum expected useful life of the item of property retired. Can i still file my 2012 taxes   You make the adjustment for depreciation for an abnormal retirement from a multiple property account at the rate that would be proper if the item of property was depreciated in a single property account. Can i still file my 2012 taxes The method of depreciation used for the multiple property account is used. Can i still file my 2012 taxes You base the rate on either the average expected useful life or the maximum expected useful life of the retired item of property, depending on the method used to determine the depreciation rate for the multiple property account. Can i still file my 2012 taxes Prev  Up  Next   Home   More Online Publications
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The Can I Still File My 2012 Taxes

Can i still file my 2012 taxes Publication 946 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. Can i still file my 2012 taxes Tax questions. Can i still file my 2012 taxes What's New for 2013 Increased section 179 deduction dollar limits. Can i still file my 2012 taxes  The maximum amount you can elect to deduct for most section 179 property you placed in service in 2013 is $500,000 ($535,000 for qualified enterprise zone property). Can i still file my 2012 taxes This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2,000,000. Can i still file my 2012 taxes See Dollar Limits under How Much Can You Deduct in chapter 2. Can i still file my 2012 taxes Depreciation limits on business vehicles. Can i still file my 2012 taxes  The total section 179 deduction and depreciation you can deduct for a passenger automobile (that is not a truck or van) you use in your business and first placed in service in 2013 is $3,160, if the special depreciation allowance does not apply. Can i still file my 2012 taxes The maximum deduction you can take for a truck or van you use in your business and first placed in service in 2013 is $3,360, if the special depreciation allowance does not apply. Can i still file my 2012 taxes See Maximum Depreciation Deduction in chapter 5. Can i still file my 2012 taxes Special allowance for qualified second generation biofuel plant property. Can i still file my 2012 taxes . Can i still file my 2012 taxes  For tax years ending after December 31, 2012, you may be able to take a 50% special depreciation allowance for qualified second generation biofuel plant property placed in service after January 2, 2013, and before January 1, 2014. Can i still file my 2012 taxes Election to accelerate minimum tax credits for round 3 extension property. Can i still file my 2012 taxes . Can i still file my 2012 taxes  For tax years ending after December 31, 2012, a corporation can elect to claim pre-2006 unused minimum tax credits in lieu of the special depreciation allowance for round 3 extension property. Can i still file my 2012 taxes What's New for 2014 Expiration of the increased section 179 deduction limits and expanded definition of section 179 property. Can i still file my 2012 taxes  For tax years beginning after 2013, the increased section 179 expense deduction limit and threshold amount before reduction in limitation will no longer apply. Can i still file my 2012 taxes Also, the definition of section 179 property will no longer include certain qualified real property. Can i still file my 2012 taxes Expiration of the 7-year recovery period for motor sports entertainment complexes. Can i still file my 2012 taxes  Qualified motor sports entertainment complex property placed in service after December 31, 2013, will not be treated as 7-year property under MACRS. Can i still file my 2012 taxes Expiration of the 15-year recovery period for qualified leasehold improvement, restaurant, and retail improvement properties. Can i still file my 2012 taxes  Qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property placed in service after December 31, 2013, will not be treated as 15-year property under MACRS. Can i still file my 2012 taxes Expiration of the accelerated depreciation for qualified Indian reservation property. Can i still file my 2012 taxes  The accelerated depreciation of property on an Indian Reservation will not apply to property placed in service after December 31, 2013. Can i still file my 2012 taxes Expiration of the 3-year recovery period for certain race horses. Can i still file my 2012 taxes  The 3-year recovery period for race horses two years old or younger will expire for such horses placed in service after December 31, 2013. Can i still file my 2012 taxes Reminders Photographs of missing children. Can i still file my 2012 taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Can i still file my 2012 taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Can i still file my 2012 taxes You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Can i still file my 2012 taxes Introduction Future developments. Can i still file my 2012 taxes   For the latest information about developments related to Publication 946 such as legislation enacted after this publication was published, go to www. Can i still file my 2012 taxes irs. Can i still file my 2012 taxes gov/pub946. Can i still file my 2012 taxes This publication explains how you can recover the cost of business or income-producing property through deductions for depreciation (for example, the special depreciation allowance and deductions under the Modified Accelerated Cost Recovery System (MACRS)). Can i still file my 2012 taxes It also explains how you can elect to take a section 179 deduction, instead of depreciation deductions, for certain property, and the additional rules for listed property. Can i still file my 2012 taxes The depreciation methods discussed in this publication generally do not apply to property placed in service before 1987. Can i still file my 2012 taxes For more information, see Publication 534, Depreciating Property Placed in Service Before 1987. Can i still file my 2012 taxes Definitions. Can i still file my 2012 taxes   Many of the terms used in this publication are defined in the Glossary near the end of the publication. Can i still file my 2012 taxes Glossary terms used in each discussion under the major headings are listed before the beginning of each discussion throughout the publication. Can i still file my 2012 taxes Do you need a different publication?   The following table shows where you can get more detailed information when depreciating certain types of property. Can i still file my 2012 taxes For information on depreciating: See Publication: A car 463, Travel, Entertainment, Gift, and Car Expenses Residential rental property 527, Residential Rental Property (Including Rental of Vacation Home) Office space in your home 587, Business Use of Your Home (Including Use by Daycare Providers) Farm property 225, Farmer's Tax Guide Comments and suggestions. Can i still file my 2012 taxes   We welcome your comments about this publication and your suggestions for future editions. Can i still file my 2012 taxes   You can write to us at the following address: Internal Revenue Service Business, Exempt Organizations and International Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Can i still file my 2012 taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Can i still file my 2012 taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Can i still file my 2012 taxes   You can send us comments from www. Can i still file my 2012 taxes irs. Can i still file my 2012 taxes gov/formspubs/. Can i still file my 2012 taxes Select “Comment on Tax Forms and Publications” under “More Information. Can i still file my 2012 taxes ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Can i still file my 2012 taxes Ordering forms and publications. Can i still file my 2012 taxes   Visit www. Can i still file my 2012 taxes irs. Can i still file my 2012 taxes gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Can i still file my 2012 taxes Internal Revenue Service 1201 N. Can i still file my 2012 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Can i still file my 2012 taxes   If you have a tax question, check the information available on IRS. Can i still file my 2012 taxes gov or call 1-800-829-1040. Can i still file my 2012 taxes We cannot answer tax questions sent to either of the above addresses. Can i still file my 2012 taxes Prev  Up  Next   Home   More Online Publications