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Form 1040 Es

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Form 1040 Es

Form 1040 es 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. Form 1040 es Publication 946, How To Depreciate Property, contains information on depreciation. Form 1040 es However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Form 1040 es The new provisions are in the Supplement to Publication 946, which is reprinted below. Form 1040 es 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. Form 1040 es The new law made several changes in the tax rules explained in the publication. Form 1040 es Some of the changes apply to property placed in service during 2001. Form 1040 es This supplemental publication describes those changes and explains what you should do if you are affected by them. Form 1040 es 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. Form 1040 es The new law contains the following provisions. Form 1040 es 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. Form 1040 es An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Form 1040 es A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Form 1040 es An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Form 1040 es 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. Form 1040 es 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. Form 1040 es 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. Form 1040 es Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Form 1040 es The allowance is an additional deduction of 30% of the property's depreciable basis. Form 1040 es 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. Form 1040 es See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Form 1040 es The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Form 1040 es There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Form 1040 es 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. Form 1040 es Example 1. Form 1040 es On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Form 1040 es You did not elect to claim a section 179 deduction. Form 1040 es You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Form 1040 es You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Form 1040 es Example 2. Form 1040 es 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. Form 1040 es You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Form 1040 es You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Form 1040 es Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Form 1040 es It is new property of one of the following types. Form 1040 es Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Form 1040 es See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Form 1040 es Water utility property. Form 1040 es See 25-year property on page 22 in Publication 946. Form 1040 es Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Form 1040 es (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Form 1040 es ) Qualified leasehold improvement property (defined later). Form 1040 es It meets the following tests (explained later under Tests To Be Met). Form 1040 es Acquisition date test. Form 1040 es Placed in service date test. Form 1040 es Original use test. Form 1040 es It is not excepted property (explained later under Excepted Property). Form 1040 es Qualified leasehold improvement property. Form 1040 es    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. Form 1040 es 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. Form 1040 es That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Form 1040 es The improvement is placed in service more than 3 years after the date the building was first placed in service. Form 1040 es   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Form 1040 es The enlargement of the building. Form 1040 es Any elevator or escalator. Form 1040 es Any structural component benefiting a common area. Form 1040 es The internal structural framework of the building. Form 1040 es   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. Form 1040 es However, a binding commitment between related persons is not treated as a lease. Form 1040 es Related persons. Form 1040 es   For this purpose, the following are related persons. Form 1040 es Members of an affiliated group. Form 1040 es 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). Form 1040 es An executor and a beneficiary of the same estate. Form 1040 es Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Form 1040 es Acquisition date test. Form 1040 es    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. Form 1040 es   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. Form 1040 es Placed in service date test. Form 1040 es   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. Form 1040 es   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. Form 1040 es Original use test. Form 1040 es   The original use of the property must have begun with you after September 10, 2001. Form 1040 es “Original use” means the first use to which the property is put, whether or not by you. Form 1040 es Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Form 1040 es Excepted Property The following property does not qualify for the special depreciation allowance. Form 1040 es Property used by any person before September 11, 2001. Form 1040 es Property required to be depreciated using ADS. Form 1040 es This includes listed property used 50% or less in a qualified business use. Form 1040 es Qualified New York Liberty Zone leasehold improvement property (defined next). Form 1040 es Qualified New York Liberty Zone leasehold improvement property. Form 1040 es   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Form 1040 es The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Form 1040 es The improvement is placed in service after September 10, 2001, and before January 1, 2007. Form 1040 es No written binding contract for the improvement was in effect before September 11, 2001. Form 1040 es Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Form 1040 es If you make this election for any property, it applies to all property in the same property class placed in service during the year. Form 1040 es 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. Form 1040 es When to make election. Form 1040 es   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. Form 1040 es   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). Form 1040 es Attach the election statement to the amended return. Form 1040 es At the top of the election statement, write “Filed pursuant to section 301. Form 1040 es 9100–2. Form 1040 es ” Revoking an election. Form 1040 es   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Form 1040 es A request to revoke the election is subject to a user fee. Form 1040 es 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. Form 1040 es The rules apply to returns for the following years. Form 1040 es 2000 fiscal years that end after September 10, 2001. Form 1040 es 2001 calendar and fiscal years. Form 1040 es Claiming the allowance. Form 1040 es   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. Form 1040 es 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. Form 1040 es Write “Filed Pursuant to Rev. Form 1040 es Proc. Form 1040 es 2002–33” at the top of the amended return. Form 1040 es File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. Form 1040 es Your return must be filed by the due date (including extensions). Form 1040 es Write “Automatic Change Filed Under Rev. Form 1040 es Proc. Form 1040 es 2002–33” on the appropriate line of Form 3115. Form 1040 es 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. Form 1040 es 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. Form 1040 es Example 1. Form 1040 es You are an individual and you use the calendar year. Form 1040 es You placed qualified property in service for your business in December 2001. Form 1040 es You filed your 2001 income tax return before April 15, 2002. Form 1040 es You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Form 1040 es You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Form 1040 es Proc. Form 1040 es 2002–33” at the top of the amended return. Form 1040 es You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. Form 1040 es Example 2. Form 1040 es The facts concerning your 2001 return are the same as in Example 1. Form 1040 es In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Form 1040 es You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Form 1040 es Proc. Form 1040 es 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Form 1040 es You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. Form 1040 es Electing not to claim the allowance. Form 1040 es   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. Form 1040 es The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Form 1040 es The statement can be either attached to or written on the return. Form 1040 es You can, for example, write “not deducting 30%” on Form 4562. Form 1040 es Deemed election. Form 1040 es   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. Form 1040 es You will be treated as making the election if you meet both of the following conditions. Form 1040 es 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. Form 1040 es You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Form 1040 es See Claiming the allowance, earlier. Form 1040 es 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. Form 1040 es Generally, the limit is increased from $3,060 to $7,660. Form 1040 es 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). Form 1040 es Table 1 shows the maximum deduction amounts for 2001. Form 1040 es Table 1. Form 1040 es Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Form 1040 es 11 Placed in Service After Sept. Form 1040 es 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. Form 1040 es Election not to claim the allowance. Form 1040 es   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. Form 1040 es New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Form 1040 es 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. Form 1040 es Area defined. Form 1040 es   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. Form 1040 es 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. Form 1040 es The allowance is an additional deduction of 30% of the property's depreciable basis. Form 1040 es 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. Form 1040 es See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Form 1040 es The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Form 1040 es There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Form 1040 es 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. Form 1040 es 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. Form 1040 es Qualified property is eligible for only one special depreciation allowance. Form 1040 es Example 1. Form 1040 es 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. Form 1040 es You did not elect to claim a section 179 deduction. Form 1040 es You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Form 1040 es You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Form 1040 es Example 2. Form 1040 es 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. Form 1040 es (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Form 1040 es You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Form 1040 es You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Form 1040 es 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. Form 1040 es It is one of the following types of property. Form 1040 es Used property depreciated under MACRS with a recovery period of 20 years or less. Form 1040 es See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Form 1040 es Used water utility property. Form 1040 es See 25-year property on page 22 in Publication 946. Form 1040 es Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Form 1040 es (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Form 1040 es ) Certain nonresidential real property and residential rental property (defined later). Form 1040 es It meets the following tests (explained later under Tests to be met). Form 1040 es Acquisition date test. Form 1040 es Placed in service date test. Form 1040 es Substantial use test. Form 1040 es Original use test. Form 1040 es It is not excepted property (explained later under Excepted property). Form 1040 es Nonresidential real property and residential rental property. Form 1040 es   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. Form 1040 es 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. Form 1040 es   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. Form 1040 es Otherwise, the property is considered damaged real property. Form 1040 es 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. Form 1040 es Tests to be met. Form 1040 es   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Form 1040 es Acquisition date test. Form 1040 es   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. Form 1040 es   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Form 1040 es   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. Form 1040 es Placed in service date test. Form 1040 es   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). Form 1040 es   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. Form 1040 es Substantial use test. Form 1040 es   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. Form 1040 es Original use test. Form 1040 es   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Form 1040 es   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Form 1040 es 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. Form 1040 es Excepted property. Form 1040 es   The following property does not qualify for the special Liberty Zone depreciation allowance. Form 1040 es Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Form 1040 es Property required to be depreciated using ADS. Form 1040 es This includes listed property used 50% or less in a qualified business use. Form 1040 es Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Form 1040 es Example. Form 1040 es In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Form 1040 es New office furniture with a MACRS recovery period of 7 years. Form 1040 es A used computer with a MACRS recovery period of 5 years. Form 1040 es The computer had not previously been used within the Liberty Zone. Form 1040 es Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Form 1040 es 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. Form 1040 es Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Form 1040 es If you make this election for any property, it applies to all property in the same property class placed in service during the year. Form 1040 es 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. Form 1040 es When to make the election. Form 1040 es   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. Form 1040 es   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). Form 1040 es Attach the election statement to the amended return. Form 1040 es At the top of the election statement, write “Filed pursuant to section 301. Form 1040 es 9100–2. Form 1040 es ” Revoking an election. Form 1040 es   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. Form 1040 es A request to revoke the election is subject to a user fee. Form 1040 es Returns filed before June 1, 2002. Form 1040 es   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. Form 1040 es 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. Form 1040 es For tax years beginning in 2000, that limit was $20,000. Form 1040 es For tax years beginning in 2001 and 2002, that limit is generally $24,000. Form 1040 es 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. Form 1040 es Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Form 1040 es The increase is the smaller of the following amounts. Form 1040 es $35,000. Form 1040 es The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Form 1040 es 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. Form 1040 es Qualified property. Form 1040 es   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. Form 1040 es Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Form 1040 es Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Form 1040 es 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. Form 1040 es Example 1. Form 1040 es In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Form 1040 es 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). Form 1040 es Example 2. Form 1040 es In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Form 1040 es 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). Form 1040 es 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. Form 1040 es 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. Form 1040 es Example. Form 1040 es In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Form 1040 es Your increased dollar limit is $59,000 ($35,000 + $24,000). Form 1040 es 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). Form 1040 es 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. Form 1040 es 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. Form 1040 es This rule applies to returns for the following years. Form 1040 es 2000 fiscal years that end after September 10, 2001. Form 1040 es 2001 calendar and fiscal years. Form 1040 es On the amended return, write “Filed Pursuant to Rev. Form 1040 es Proc. Form 1040 es 2002–33. Form 1040 es ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. Form 1040 es This means that it is depreciated over a recovery period of 5 years. Form 1040 es For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Form 1040 es The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Form 1040 es Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Form 1040 es 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. Form 1040 es Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Form 1040 es Your 2001 calendar or fiscal year return. Form 1040 es On the amended return, write “Filed Pursuant to Rev. Form 1040 es Proc. Form 1040 es 2002–33. Form 1040 es ” Table 2. Form 1040 es 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. Form 1040 es See the text for definitions and examples. Form 1040 es Do not rely on this chart alone. Form 1040 es IF you want to. Form 1040 es . Form 1040 es . Form 1040 es THEN you. Form 1040 es . Form 1040 es . Form 1040 es BY. Form 1040 es . Form 1040 es . Form 1040 es 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. Form 1040 es 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). Form 1040 es 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. Form 1040 es 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. Form 1040 es 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. Form 1040 es Prev  Up  Next   Home   More Online Publications
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2012 Offshore Voluntary Disclosure Program


Update Jan. 24, 2014 — Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, is now obsolete. After June 30, 2013, the FBAR must be filed electronically with FinCEN

The IRS began an open-ended offshore voluntary disclosure program (OVDP) in January 2012 on the heels of strong interest in the 2011 and 2009 programs. The IRS may end the 2012 program at any time in the future. The IRS is offering people with undisclosed income from offshore accounts another opportunity to get current with their tax returns. The 2012 OVDP has a higher penalty rate than the previous program but offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and possible criminal prosecution.

2012 OVDP Documents and Forms

Questions and Answers

Documents

Forms

Worksheets

News Releases and Fact Sheets

  • IR-2012-64, IRS Says Offshore Effort tops $5 Billion, Announces New Details on the Voluntary Disclosure Program and Closing of Offshore Loophole
  • IR-2012-64SP, Esfuerzo Extranjero del IRS Supera $5 Mil Millones; Detalles del Programa de Divulgación Voluntaria y Cierre de Laguna Jurídica
  • IR-2012-65, IRS Announces Efforts to Help U.S. Citizens Overseas, Including Dual Citizens and Those with Foreigh Retirement Plans
  • IR-2012-65SP, IRS Anuncia Ayuda a Estadounidenses en el Extranjero, Incluyendo Aquellos con Doble Nacionalidad y Planes de Jubilación Extranjeros
  • IR-2012-5, IRS Offshore Programs Produce $4.4 Billion To Date for Nation’s Taxpayers; Offshore Voluntary Disclosure Program Reopens

Other Options

Prior Programs

 

Page Last Reviewed or Updated: 24-Jan-2014

The Form 1040 Es

Form 1040 es Index A Accelerated Cost Recovery System (ACRS), MACRS Depreciation (see also Modified Accelerated Cost Recovery System (MACRS)) Effective date, Depreciation Methods Accounting methods Accrual method, Accrual method. Form 1040 es Cash method, Cash method. Form 1040 es Change of method, Changing your accounting method. Form 1040 es Constructive receipt of income, Cash method. Form 1040 es , More information. Form 1040 es Accrual method taxpayers, Accrual method. Form 1040 es ACRS (Accelerated Cost Recovery System) Effective date, Depreciation Methods Active participation, Active participation. Form 1040 es Activities not for profit, Duplex. Form 1040 es Additions to property, Additions or improvements to property. Form 1040 es (see also Improvements) Basis, Increases to basis. Form 1040 es , Additions or improvements. Form 1040 es MACRS recovery period, Additions or improvements to property. Form 1040 es Adjusted basis MACRS depreciation, Adjusted Basis Adjusted gross income (AGI) Modified (see Modified adjusted gross income (MAGI)) Advance rent, Advance rent. Form 1040 es Security deposits, Security deposits. Form 1040 es Advertising, Types of Expenses Allocation of expenses Change of property to rental use, Payments added to capital account. Form 1040 es How to divide expenses, Dividing Expenses Part of property rented, Renting Part of Property, How to divide expenses. Form 1040 es Personal use of rental property, Personal use of rental property. Form 1040 es , Personal Use of Dwelling Unit (Including Vacation Home) Alternative Depreciation System (ADS) Election of, Electing ADS MACRS, MACRS Depreciation, Table 2-2d. Form 1040 es Alternative minimum tax (AMT) Accelerated depreciation methods, Alternative minimum tax (AMT). Form 1040 es Amended returns, Filing an amended return. Form 1040 es Apartments Basement apartments, Examples. Form 1040 es Dwelling units, Dwelling unit. Form 1040 es Appraisal fees, Settlement fees and other costs. Form 1040 es Assessments for maintenance, Assessments for local improvements. Form 1040 es Assessments, local (see Local assessments) Assistance (see Tax help) Assumption of mortgage, Assumption of a mortgage. Form 1040 es Attorneys' fees, Settlement fees and other costs. Form 1040 es , Increases to basis. Form 1040 es Automobiles MACRS recovery periods, Property Classes Under GDS B Basis Adjusted basis, Adjusted Basis Assessments for local improvements, Assessments for local improvements. Form 1040 es Basis other than cost, Basis Other Than Cost Cost basis, Cost Basis Decreases to, Decreases to basis. Form 1040 es Deductions Capitalization of costs vs. Form 1040 es , Deducting vs. Form 1040 es capitalizing costs. Form 1040 es Not greater than basis, Cost or Other Basis Fully Recovered Fair market value, Fair market value. Form 1040 es Increases to, Increases to basis. Form 1040 es MACRS depreciable basis, Basis of Depreciable Property Property changed to rental use, Basis of Property Changed to Rental Use C Capital expenditures Deductions vs. Form 1040 es effect on basis, Deducting vs. Form 1040 es capitalizing costs. Form 1040 es Local benefit taxes, Local benefit taxes. Form 1040 es Mortgages, payments to obtain, Expenses paid to obtain a mortgage. Form 1040 es Cars MACRS recovery periods, Property Classes Under GDS Cash method taxpayers, Cash method. Form 1040 es Casualty losses, Exception for Rental Real Estate With Active Participation Change of accounting method, Changing your accounting method. Form 1040 es Charitable contributions Use of property, Donation of use of the property. Form 1040 es Cleaning and maintenance, Types of Expenses Closing costs, Settlement fees and other costs. Form 1040 es Commissions, Types of Expenses Computers MACRS recovery periods, Property Classes Under GDS Condominiums, Condominiums, Dwelling unit. Form 1040 es Constructive receipt of income, Cash method. Form 1040 es , More information. Form 1040 es Cooperative housing, Cooperative apartments. Form 1040 es , Cooperatives, Dwelling unit. Form 1040 es Cost basis, Cost Basis Credit reports, Settlement fees and other costs. Form 1040 es Credits Residential energy credits, Decreases to basis. Form 1040 es D Days of personal use, What is a day of personal use? Days used for repairs and maintenance, Days used for repairs and maintenance. Form 1040 es Deductions Capitalizing costs vs. Form 1040 es effect on basis, Deducting vs. Form 1040 es capitalizing costs. Form 1040 es Depreciation (see Depreciation) Limitations on, Form 4562. Form 1040 es Passive activity losses (see Passive activity) Depreciation, Depreciation of Rental Property, Changing your accounting method. Form 1040 es Alternative Depreciation System (ADS) (see Modified Accelerated Cost Recovery System (MACRS)) Basis (see Basis) Change of accounting method, Changing your accounting method. Form 1040 es Change of property to rental use, Property Changed to Rental Use Claiming correct amount of, Claiming the Correct Amount of Depreciation Declining balance method, Depreciation Methods Duration of property expected to last more than one year, What Rental Property Can Be Depreciated? Eligible property, What Rental Property Can Be Depreciated? First-year expensing, Section 179 deduction. Form 1040 es MACRS (see Modified Accelerated Cost Recovery System (MACRS)) Methods, Depreciation Methods, Figuring Your Depreciation Deduction Ownership of property, What Rental Property Can Be Depreciated?, Property you own. Form 1040 es Rental expense, Depreciation. Form 1040 es Rented property, Rented property. Form 1040 es Section 179 deduction, Section 179 deduction. Form 1040 es Special depreciation allowances, Claiming the Special Depreciation Allowance Straight line method, Depreciation Methods Useful life, What Rental Property Can Be Depreciated?, Property having a determinable useful life. Form 1040 es Vacant rental property, Vacant rental property. Form 1040 es Discount, bonds and notes issued at (see Original issue discount (OID)) Dividing of expenses (see Allocation of expenses) Dwelling units Definition, Dwelling unit. Form 1040 es Fair rental price, Fair rental price. Form 1040 es Personal use of, Personal Use of Dwelling Unit (Including Vacation Home), What is a day of personal use? E Easements, Decreases to basis. Form 1040 es Equipment rental expense, Rental of equipment. Form 1040 es F Fair market value (FMV), Fair market value. Form 1040 es Fair rental price, Dividing Expenses, Fair rental price. Form 1040 es Fees Loan origination fees, Points, Settlement fees and other costs. Form 1040 es Points (see Points) Settlement fees and other costs, Settlement fees and other costs. Form 1040 es Tax return preparation fees, Legal and other professional fees. Form 1040 es First-year expensing, Section 179 deduction. Form 1040 es Form 1040 Not rented for profit income, Where to report. Form 1040 es Part of property rented, Renting Part of Property Rental income and expenses, Reporting Rental Income, Expenses, and Losses Schedule E, Schedule E (Form 1040) Form 1098 Mortgage interest, Form 1098, Mortgage Interest Statement. Form 1040 es Form 4684 Casualties and thefts, How to report. Form 1040 es Form 4797 Sales of business property, How to report. Form 1040 es Form 8582 Passive activity losses, Form 8582. Form 1040 es , Form 8582 not required. Form 1040 es Free tax services, Free help with your tax return. Form 1040 es G Gains and losses At-risk rules, At-Risk Rules Casualty and theft losses, Exception for Rental Real Estate With Active Participation Limits on rental losses, Form 4562. Form 1040 es Passive activity losses, Passive Activity Limits Rental real estate activities, Exception for Rental Real Estate With Active Participation Sale of rental property, Sale or exchange of rental property. Form 1040 es , How to report. Form 1040 es General depreciation system (GDS) (see Modified Accelerated Cost Recovery System (MACRS)) H Help (see Tax help) Home Main home, Main home. Form 1040 es Use as rental property (see Use of home) I Improvements, Table 1-1. Form 1040 es Examples of Improvements (see also Repairs) Assessments for local improvements, Assessments for local improvements. Form 1040 es Basis, Increases to basis. Form 1040 es , Additions or improvements. Form 1040 es Depreciation of rented property, Rented property. Form 1040 es MACRS recovery period, Additions or improvements to property. Form 1040 es Insurance, Types of Expenses Casualty or theft loss payments, Decreases to basis. Form 1040 es Change of property to rental use, Property Changed to Rental Use Fire insurance premiums, cost basis, Settlement fees and other costs. Form 1040 es Part of property rented, Renting Part of Property Premiums paid in advance, Insurance premiums paid in advance. Form 1040 es Title insurance, cost basis, Settlement fees and other costs. Form 1040 es Interest payments, Interest expense. Form 1040 es (see also Mortgages) Loan origination fees, Points Rental expenses, Types of Expenses L Land Cost basis, Separating cost of land and buildings. Form 1040 es Depreciation, Land. Form 1040 es Leases Cancellation payments, Canceling a lease. Form 1040 es Equipment leasing, Rental of equipment. Form 1040 es Limits Passive activity losses and credits, Passive Activity Limits Rental losses, Limits on Rental Losses Loans Assumption fees, Settlement fees and other costs. Form 1040 es Charges connected with getting or refinancing, cost basis, Settlement fees and other costs. Form 1040 es Low or no interest, Loans with low or no interest. Form 1040 es Origination fees, Points Local assessments, Assessments for local improvements. Form 1040 es Losses (see Gains and losses) M Missing children, photographs of, Reminders Modified Accelerated Cost Recovery System (MACRS), MACRS Depreciation, Figuring MACRS Depreciation Under ADS Additions or improvements to property, Additions or improvements to property. Form 1040 es Adjusted basis, Adjusted Basis Alternative Depreciation System (ADS), MACRS Depreciation, Figuring MACRS Depreciation Under ADS Basis other than cost, Basis Other Than Cost Conventions, Conventions Cost basis, Cost Basis Depreciable basis, Basis of Depreciable Property Effective date, Depreciation Methods Excluded property, Excluded Property General Depreciation System (GDS), MACRS Depreciation, Property Classes Under GDS, Figuring Your Depreciation Deduction Nonresidential rental property, Property Classes Under GDS Property used in rental activities (Table 2-1), Table 2-1. Form 1040 es MACRS Recovery Periods for Property Used in Rental Activities Recovery periods, Table 2-1. Form 1040 es MACRS Recovery Periods for Property Used in Rental Activities, 5-, 7-, or 15-year property. Form 1040 es Residential rental property, Property Classes Under GDS, Residential rental property. Form 1040 es Special depreciation allowances, Claiming the Special Depreciation Allowance Modified adjusted gross income (MAGI), Modified adjusted gross income (MAGI). Form 1040 es Mortgages, Expenses paid to obtain a mortgage. Form 1040 es Assumption of, cost basis, Assumption of a mortgage. Form 1040 es Change of property to rental use, Property Changed to Rental Use End of, OID, Loan or mortgage ends. Form 1040 es Interest, Interest expense. Form 1040 es , Property Changed to Rental Use, Renting Part of Property Mortgage insurance premiums, Settlement fees and other costs. Form 1040 es Part of property rented, Renting Part of Property N Nonresidential real property, Property Classes Under GDS Not-for-profit activities, Duplex. Form 1040 es O Original issue discount (OID), Points, Loan or mortgage ends. Form 1040 es P Part interest Expenses, Part interest. Form 1040 es Income, Part interest. Form 1040 es Passive activity Maximum special allowance, Maximum special allowance. Form 1040 es Personal property Rental income from, Property or services. Form 1040 es Personal use of rental property, Payments added to capital account. Form 1040 es , Personal Use of Dwelling Unit (Including Vacation Home) (see also Property changed to rental use) Placed-in-service date, Placed in Service Points, Types of Expenses, Points, Settlement fees and other costs. Form 1040 es Pre-rental expenses, Pre-rental expenses. Form 1040 es Principal residence (see Home) Profit, property not rented for, Duplex. Form 1040 es Property changed to rental use, Payments added to capital account. Form 1040 es Basis, Basis of Property Changed to Rental Use Publications (see Tax help) R Real estate professionals, Real estate professionals. Form 1040 es Real estate taxes, Real estate taxes. Form 1040 es Real property trades or businesses, Real property trades or businesses. Form 1040 es Recordkeeping requirements Travel and transportation expenses, Local transportation expenses. Form 1040 es , Travel expenses. Form 1040 es Recovery periods, Property Classes Under GDS Rent, Settlement fees and other costs. Form 1040 es Advance rent, Advance rent. Form 1040 es Fair price, Fair rental price. Form 1040 es Rental expenses, Rental Expenses Advertising, Types of Expenses Allocation between rental and personal uses, Dividing Expenses Change of property to rental use, Property Changed to Rental Use Cleaning and maintenance, Types of Expenses Commissions, Types of Expenses Depreciation, Depreciation. Form 1040 es Dwelling unit used as home, Dwelling Unit Used as a Home Equipment rental, Rental of equipment. Form 1040 es Home, property also used as, Rental of property also used as your home. Form 1040 es Improvements, Table 1-1. Form 1040 es Examples of Improvements Insurance, Types of Expenses, Insurance premiums paid in advance. Form 1040 es Interest payments, Types of Expenses, Interest expense. Form 1040 es Local transportation expenses, Types of Expenses, Local transportation expenses. Form 1040 es Part of property rented, Renting Part of Property Points, Types of Expenses, Points Pre-rental expenses, Pre-rental expenses. Form 1040 es Rental payments, Types of Expenses Repairs, Types of Expenses, Repairs and Improvements Sale of property, Vacant while listed for sale. Form 1040 es Tax return preparation fees, Legal and other professional fees. Form 1040 es Taxes, Types of Expenses Tenant, paid by, Expenses paid by tenant. Form 1040 es Travel expenses, Types of Expenses Utilities, Types of Expenses Vacant rental property, Vacant rental property. Form 1040 es Rental income Advance rent, Advance rent. Form 1040 es Cancellation of lease payments, Canceling a lease. Form 1040 es Dwelling unit used as home, Dwelling Unit Used as a Home Lease with option to buy, Lease with option to buy. Form 1040 es Not rented for profit, Not Rented for Profit Part interest, Part interest. Form 1040 es Property received from tenant, Property or services. Form 1040 es Reporting, Accrual method. Form 1040 es , Which Forms To Use Security deposit, Security deposits. Form 1040 es Services received from tenant, Property or services. Form 1040 es Uncollected rent, Uncollected rent. Form 1040 es Used as home, Rental of property also used as your home. Form 1040 es Rental losses, Exception for Rental Real Estate With Active Participation (see also Gains and losses) (see also Passive activity) Repairs, Types of Expenses, Repairs and Improvements (see also Improvements) Assessments for maintenance, Assessments for local improvements. Form 1040 es Personal use of rental property exception for days used for repairs and maintenance, Days used for repairs and maintenance. Form 1040 es S Sale of property Expenses, Vacant while listed for sale. Form 1040 es Gain or loss, Sale or exchange of rental property. Form 1040 es , How to report. Form 1040 es Main home, Sale of main home used as rental property. Form 1040 es Section 179 deductions, Section 179 deduction. Form 1040 es Security deposits, Security deposits. Form 1040 es Settlement fees, Settlement fees and other costs. Form 1040 es Shared equity financing agreements, Shared equity financing agreement. Form 1040 es Special depreciation allowances, Claiming the Special Depreciation Allowance Spouse Material participation, Participating spouse. Form 1040 es Standard mileage rates, Local transportation expenses. Form 1040 es Surveys, Settlement fees and other costs. Form 1040 es T Tables and figures Improvements, examples of (Table 1-1), Table 1-1. Form 1040 es Examples of Improvements MACRS optional tables (Table 2-2d), Table 2-2d. Form 1040 es MACRS optional tables (Tables 2-2a, 2-2b, and 2-2c), Tables 2-2a, 2-2b, and 2-2c. Form 1040 es MACRS recovery periods for property used in rental activities (Table 2-1), Table 2-1. Form 1040 es MACRS Recovery Periods for Property Used in Rental Activities Tax credits Residential energy credits, effect on basis, Decreases to basis. Form 1040 es Tax help, How To Get Tax Help Tax return preparation fees, Legal and other professional fees. Form 1040 es Taxes Deduction of, Types of Expenses Local benefit taxes, Local benefit taxes. Form 1040 es Real estate taxes, Real estate taxes. Form 1040 es Transfer taxes, Settlement fees and other costs. Form 1040 es Theft losses, Theft. Form 1040 es Title insurance, Settlement fees and other costs. Form 1040 es Transfer taxes, Settlement fees and other costs. Form 1040 es Travel and transportation expenses Local transportation expenses, Types of Expenses, Local transportation expenses. Form 1040 es Recordkeeping, Travel expenses. Form 1040 es Rental expenses, Types of Expenses Standard mileage rate, Local transportation expenses. Form 1040 es U Uncollected rent Income, Uncollected rent. Form 1040 es Use of home Before or after renting, Days used as a main home before or after renting. Form 1040 es Change to rental use, Property Changed to Rental Use Days of personal use, What is a day of personal use? Fair rental price, Fair rental price. Form 1040 es Passive activity rules exception, Exception for Personal Use of Dwelling Unit Personal use as dwelling unit, Personal Use of Dwelling Unit (Including Vacation Home) Utilities, Types of Expenses, Increases to basis. Form 1040 es V Vacant rental property, Vacant rental property. Form 1040 es Vacation homes Dwelling unit, Dwelling unit. Form 1040 es Fair rental price, Fair rental price. Form 1040 es Personal use of, Personal Use of Dwelling Unit (Including Vacation Home) Valuation Fair market value, Fair market value. Form 1040 es Prev  Up     Home   More Online Publications