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How Do I Amend My 2013 Tax Return

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How Do I Amend My 2013 Tax Return

How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Publication 946, How To Depreciate Property, contains information on depreciation. How do i amend my 2013 tax return However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. How do i amend my 2013 tax return The new provisions are in the Supplement to Publication 946, which is reprinted below. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return The new law made several changes in the tax rules explained in the publication. How do i amend my 2013 tax return Some of the changes apply to property placed in service during 2001. How do i amend my 2013 tax return This supplemental publication describes those changes and explains what you should do if you are affected by them. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return The new law contains the following provisions. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. How do i amend my 2013 tax return A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. How do i amend my 2013 tax return An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. How do i amend my 2013 tax return The allowance is an additional deduction of 30% of the property's depreciable basis. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. How do i amend my 2013 tax return The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. How do i amend my 2013 tax return There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Example 1. How do i amend my 2013 tax return On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. How do i amend my 2013 tax return You did not elect to claim a section 179 deduction. How do i amend my 2013 tax return You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. How do i amend my 2013 tax return You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. How do i amend my 2013 tax return Example 2. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). How do i amend my 2013 tax return You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. How do i amend my 2013 tax return Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. How do i amend my 2013 tax return It is new property of one of the following types. How do i amend my 2013 tax return Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. How do i amend my 2013 tax return See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. How do i amend my 2013 tax return Water utility property. How do i amend my 2013 tax return See 25-year property on page 22 in Publication 946. How do i amend my 2013 tax return Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. How do i amend my 2013 tax return (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. How do i amend my 2013 tax return ) Qualified leasehold improvement property (defined later). How do i amend my 2013 tax return It meets the following tests (explained later under Tests To Be Met). How do i amend my 2013 tax return Acquisition date test. How do i amend my 2013 tax return Placed in service date test. How do i amend my 2013 tax return Original use test. How do i amend my 2013 tax return It is not excepted property (explained later under Excepted Property). How do i amend my 2013 tax return Qualified leasehold improvement property. How do i amend my 2013 tax return    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. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. How do i amend my 2013 tax return The improvement is placed in service more than 3 years after the date the building was first placed in service. How do i amend my 2013 tax return   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. How do i amend my 2013 tax return The enlargement of the building. How do i amend my 2013 tax return Any elevator or escalator. How do i amend my 2013 tax return Any structural component benefiting a common area. How do i amend my 2013 tax return The internal structural framework of the building. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return However, a binding commitment between related persons is not treated as a lease. How do i amend my 2013 tax return Related persons. How do i amend my 2013 tax return   For this purpose, the following are related persons. How do i amend my 2013 tax return Members of an affiliated group. How do i amend my 2013 tax return 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). How do i amend my 2013 tax return An executor and a beneficiary of the same estate. How do i amend my 2013 tax return Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. How do i amend my 2013 tax return Acquisition date test. How do i amend my 2013 tax return    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. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return Placed in service date test. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return Original use test. How do i amend my 2013 tax return   The original use of the property must have begun with you after September 10, 2001. How do i amend my 2013 tax return “Original use” means the first use to which the property is put, whether or not by you. How do i amend my 2013 tax return Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. How do i amend my 2013 tax return Excepted Property The following property does not qualify for the special depreciation allowance. How do i amend my 2013 tax return Property used by any person before September 11, 2001. How do i amend my 2013 tax return Property required to be depreciated using ADS. How do i amend my 2013 tax return This includes listed property used 50% or less in a qualified business use. How do i amend my 2013 tax return Qualified New York Liberty Zone leasehold improvement property (defined next). How do i amend my 2013 tax return Qualified New York Liberty Zone leasehold improvement property. How do i amend my 2013 tax return   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. How do i amend my 2013 tax return The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). How do i amend my 2013 tax return The improvement is placed in service after September 10, 2001, and before January 1, 2007. How do i amend my 2013 tax return No written binding contract for the improvement was in effect before September 11, 2001. How do i amend my 2013 tax return Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. How do i amend my 2013 tax return If you make this election for any property, it applies to all property in the same property class placed in service during the year. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return When to make election. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return   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). How do i amend my 2013 tax return Attach the election statement to the amended return. How do i amend my 2013 tax return At the top of the election statement, write “Filed pursuant to section 301. How do i amend my 2013 tax return 9100–2. How do i amend my 2013 tax return ” Revoking an election. How do i amend my 2013 tax return   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. How do i amend my 2013 tax return A request to revoke the election is subject to a user fee. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return The rules apply to returns for the following years. How do i amend my 2013 tax return 2000 fiscal years that end after September 10, 2001. How do i amend my 2013 tax return 2001 calendar and fiscal years. How do i amend my 2013 tax return Claiming the allowance. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Write “Filed Pursuant to Rev. How do i amend my 2013 tax return Proc. How do i amend my 2013 tax return 2002–33” at the top of the amended return. How do i amend my 2013 tax return File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. How do i amend my 2013 tax return Your return must be filed by the due date (including extensions). How do i amend my 2013 tax return Write “Automatic Change Filed Under Rev. How do i amend my 2013 tax return Proc. How do i amend my 2013 tax return 2002–33” on the appropriate line of Form 3115. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Example 1. How do i amend my 2013 tax return You are an individual and you use the calendar year. How do i amend my 2013 tax return You placed qualified property in service for your business in December 2001. How do i amend my 2013 tax return You filed your 2001 income tax return before April 15, 2002. How do i amend my 2013 tax return You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. How do i amend my 2013 tax return You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. How do i amend my 2013 tax return Proc. How do i amend my 2013 tax return 2002–33” at the top of the amended return. How do i amend my 2013 tax return You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. How do i amend my 2013 tax return Example 2. How do i amend my 2013 tax return The facts concerning your 2001 return are the same as in Example 1. How do i amend my 2013 tax return In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. How do i amend my 2013 tax return You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. How do i amend my 2013 tax return Proc. How do i amend my 2013 tax return 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. How do i amend my 2013 tax return You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. How do i amend my 2013 tax return Electing not to claim the allowance. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. How do i amend my 2013 tax return The statement can be either attached to or written on the return. How do i amend my 2013 tax return You can, for example, write “not deducting 30%” on Form 4562. How do i amend my 2013 tax return Deemed election. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return You will be treated as making the election if you meet both of the following conditions. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. How do i amend my 2013 tax return See Claiming the allowance, earlier. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Generally, the limit is increased from $3,060 to $7,660. How do i amend my 2013 tax return 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). How do i amend my 2013 tax return Table 1 shows the maximum deduction amounts for 2001. How do i amend my 2013 tax return Table 1. How do i amend my 2013 tax return Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. How do i amend my 2013 tax return 11 Placed in Service After Sept. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Election not to claim the allowance. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Area defined. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return The allowance is an additional deduction of 30% of the property's depreciable basis. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. How do i amend my 2013 tax return The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. How do i amend my 2013 tax return There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Qualified property is eligible for only one special depreciation allowance. How do i amend my 2013 tax return Example 1. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return You did not elect to claim a section 179 deduction. How do i amend my 2013 tax return You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. How do i amend my 2013 tax return You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. How do i amend my 2013 tax return Example 2. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). How do i amend my 2013 tax return You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). How do i amend my 2013 tax return You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return It is one of the following types of property. How do i amend my 2013 tax return Used property depreciated under MACRS with a recovery period of 20 years or less. How do i amend my 2013 tax return See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. How do i amend my 2013 tax return Used water utility property. How do i amend my 2013 tax return See 25-year property on page 22 in Publication 946. How do i amend my 2013 tax return Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. How do i amend my 2013 tax return (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. How do i amend my 2013 tax return ) Certain nonresidential real property and residential rental property (defined later). How do i amend my 2013 tax return It meets the following tests (explained later under Tests to be met). How do i amend my 2013 tax return Acquisition date test. How do i amend my 2013 tax return Placed in service date test. How do i amend my 2013 tax return Substantial use test. How do i amend my 2013 tax return Original use test. How do i amend my 2013 tax return It is not excepted property (explained later under Excepted property). How do i amend my 2013 tax return Nonresidential real property and residential rental property. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return Otherwise, the property is considered damaged real property. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Tests to be met. How do i amend my 2013 tax return   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. How do i amend my 2013 tax return Acquisition date test. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return Placed in service date test. How do i amend my 2013 tax return   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). How do i amend my 2013 tax return   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. How do i amend my 2013 tax return Substantial use test. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return Original use test. How do i amend my 2013 tax return   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. How do i amend my 2013 tax return   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Excepted property. How do i amend my 2013 tax return   The following property does not qualify for the special Liberty Zone depreciation allowance. How do i amend my 2013 tax return Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. How do i amend my 2013 tax return Property required to be depreciated using ADS. How do i amend my 2013 tax return This includes listed property used 50% or less in a qualified business use. How do i amend my 2013 tax return Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). How do i amend my 2013 tax return Example. How do i amend my 2013 tax return In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. How do i amend my 2013 tax return New office furniture with a MACRS recovery period of 7 years. How do i amend my 2013 tax return A used computer with a MACRS recovery period of 5 years. How do i amend my 2013 tax return The computer had not previously been used within the Liberty Zone. How do i amend my 2013 tax return Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. How do i amend my 2013 tax return If you make this election for any property, it applies to all property in the same property class placed in service during the year. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return When to make the election. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return   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). How do i amend my 2013 tax return Attach the election statement to the amended return. How do i amend my 2013 tax return At the top of the election statement, write “Filed pursuant to section 301. How do i amend my 2013 tax return 9100–2. How do i amend my 2013 tax return ” Revoking an election. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return A request to revoke the election is subject to a user fee. How do i amend my 2013 tax return Returns filed before June 1, 2002. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return For tax years beginning in 2000, that limit was $20,000. How do i amend my 2013 tax return For tax years beginning in 2001 and 2002, that limit is generally $24,000. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. How do i amend my 2013 tax return The increase is the smaller of the following amounts. How do i amend my 2013 tax return $35,000. How do i amend my 2013 tax return The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Qualified property. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. How do i amend my 2013 tax return Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Example 1. How do i amend my 2013 tax return In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. How do i amend my 2013 tax return 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). How do i amend my 2013 tax return Example 2. How do i amend my 2013 tax return In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. How do i amend my 2013 tax return 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). How do i amend my 2013 tax return 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. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Example. How do i amend my 2013 tax return In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. How do i amend my 2013 tax return Your increased dollar limit is $59,000 ($35,000 + $24,000). How do i amend my 2013 tax return 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). How do i amend my 2013 tax return 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. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return This rule applies to returns for the following years. How do i amend my 2013 tax return 2000 fiscal years that end after September 10, 2001. How do i amend my 2013 tax return 2001 calendar and fiscal years. How do i amend my 2013 tax return On the amended return, write “Filed Pursuant to Rev. How do i amend my 2013 tax return Proc. How do i amend my 2013 tax return 2002–33. How do i amend my 2013 tax return ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. How do i amend my 2013 tax return This means that it is depreciated over a recovery period of 5 years. How do i amend my 2013 tax return For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. How do i amend my 2013 tax return The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. How do i amend my 2013 tax return Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). How do i amend my 2013 tax return Your 2001 calendar or fiscal year return. How do i amend my 2013 tax return On the amended return, write “Filed Pursuant to Rev. How do i amend my 2013 tax return Proc. How do i amend my 2013 tax return 2002–33. How do i amend my 2013 tax return ” Table 2. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return See the text for definitions and examples. How do i amend my 2013 tax return Do not rely on this chart alone. How do i amend my 2013 tax return IF you want to. How do i amend my 2013 tax return . How do i amend my 2013 tax return . How do i amend my 2013 tax return THEN you. How do i amend my 2013 tax return . How do i amend my 2013 tax return . How do i amend my 2013 tax return BY. How do i amend my 2013 tax return . How do i amend my 2013 tax return . How do i amend my 2013 tax return 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. How do i amend my 2013 tax return 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). How do i amend my 2013 tax return 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. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. How do i amend my 2013 tax return Prev  Up  Next   Home   More Online Publications
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The How Do I Amend My 2013 Tax Return

How do i amend my 2013 tax return Publication 4681 - Introductory Material Table of Contents Reminder IntroductionOrdering forms and publications. How do i amend my 2013 tax return Tax questions. How do i amend my 2013 tax return Useful Items - You may want to see: Common Situations Covered In This Publication Reminder Future Developments. How do i amend my 2013 tax return  Information about any future developments affecting Publication 4681 (such as legislation enacted after we release it) will be posted at www. How do i amend my 2013 tax return irs. How do i amend my 2013 tax return gov/pub4681. How do i amend my 2013 tax return Photographs of missing children. How do i amend my 2013 tax return   The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. How do i amend my 2013 tax return Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Introduction This publication explains the federal tax treatment of canceled debts, foreclosures, repossessions, and abandonments. How do i amend my 2013 tax return Generally, if you owe a debt to someone else and they cancel or forgive that debt for less than its full amount, you are treated for income tax purposes as having income and may have to pay tax on this income. How do i amend my 2013 tax return Note. How do i amend my 2013 tax return This publication generally refers to debt that is canceled, forgiven, or discharged for less than the full amount of the debt as “canceled debt. How do i amend my 2013 tax return ” Sometimes a debt, or part of a debt, that you do not have to pay is not considered canceled debt. How do i amend my 2013 tax return These exceptions are discussed later under Exceptions . How do i amend my 2013 tax return Sometimes a canceled debt may be excluded from your income. How do i amend my 2013 tax return But if you do exclude canceled debt from income, you may be required to reduce your “tax attributes. How do i amend my 2013 tax return ” These exclusions and the reduction of tax attributes associated with them are discussed later under Exclusions . How do i amend my 2013 tax return Foreclosure and repossession are remedies that your lender may exercise if you fail to make payments on your loan and you have previously granted that lender a mortgage or other security interest in some of your property. How do i amend my 2013 tax return These remedies allow the lender to seize or sell the property securing the loan. How do i amend my 2013 tax return When your property is foreclosed upon or repossessed and sold, you are treated as having sold the property and you may recognize taxable gain. How do i amend my 2013 tax return Whether you also recognize income from canceled debt depends in part on whether you are personally liable for the debt and in part on whether the outstanding loan balance is more than the fair market value (FMV) of the property. How do i amend my 2013 tax return Figuring your gain or loss and income from canceled debt arising from a foreclosure or repossession is discussed later under Foreclosures and Repossessions . How do i amend my 2013 tax return Generally, you abandon property when you voluntarily and permanently give up possession and use of property you own with the intention of ending your ownership but without passing it on to anyone else. How do i amend my 2013 tax return Figuring your gain or loss and income from canceled debt arising from an abandonment is discussed later under Abandonments . How do i amend my 2013 tax return This publication also includes detailed examples with filled-in forms. How do i amend my 2013 tax return Comments and suggestions. How do i amend my 2013 tax return    We welcome your comments about this publication and your suggestions for future editions. How do i amend my 2013 tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. How do i amend my 2013 tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. How do i amend my 2013 tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. How do i amend my 2013 tax return   You can send your comments from www. How do i amend my 2013 tax return irs. How do i amend my 2013 tax return gov/formspubs. How do i amend my 2013 tax return Click on “More Information” and then on “Comment on Tax Forms and Publications”. How do i amend my 2013 tax return   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. How do i amend my 2013 tax return Ordering forms and publications. How do i amend my 2013 tax return    Visit www. How do i amend my 2013 tax return irs. How do i amend my 2013 tax return 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. How do i amend my 2013 tax return Internal Revenue Service 1201 N. How do i amend my 2013 tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. How do i amend my 2013 tax return    If you have a tax question, check the information available on IRS. How do i amend my 2013 tax return gov or call 1-800-829-1040. How do i amend my 2013 tax return We cannot answer tax questions sent to either of the above addresses. How do i amend my 2013 tax return Useful Items - You may want to see: Publication 225 Farmer's Tax Guide 334 Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 523 Selling Your Home 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 542 Corporations 544 Sales and Other Dispositions of Assets 551 Basis of Assets 908 Bankruptcy Tax Guide Form (and Instructions) 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) 1099-C Cancellation of Debt 1099-DIV Dividends and Distributions 3800 General Business Credit Common Situations Covered In This Publication The sections of this publication that apply to you depend on the type of debt canceled, the tax attributes you have, and whether or not you continue to own the property that was subject to the debt. How do i amend my 2013 tax return Some examples of common circumstances are provided in the following paragraphs to help guide you through this publication. How do i amend my 2013 tax return These examples do not cover every situation but are intended to provide general guidance for the most common situations. How do i amend my 2013 tax return Nonbusiness credit card debt cancellation. How do i amend my 2013 tax return    If you had a nonbusiness credit card debt canceled, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. How do i amend my 2013 tax return You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. How do i amend my 2013 tax return If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. How do i amend my 2013 tax return Personal vehicle repossession. How do i amend my 2013 tax return    If you had a personal vehicle repossessed and disposed of by the lender during the year, you will need to determine your gain or nondeductible loss on the disposition. How do i amend my 2013 tax return This is explained in chapter 2 . How do i amend my 2013 tax return If the lender also canceled all or part of the remaining amount of the loan, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. How do i amend my 2013 tax return You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. How do i amend my 2013 tax return If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. How do i amend my 2013 tax return Main home foreclosure or abandonment. How do i amend my 2013 tax return    If a lender foreclosed on your main home during the year, you will need to determine your gain or loss on the foreclosure. How do i amend my 2013 tax return Foreclosures are explained in chapter 2 and abandonments are explained in chapter 3. How do i amend my 2013 tax return If the lender also canceled all or part of the remaining amount on the mortgage loan and you were personally liable for the debt, you should also read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. How do i amend my 2013 tax return Detailed Example 2 and Example 3 in chapter 4 use filled-in forms to help explain these provisions. How do i amend my 2013 tax return Main home loan modification (workout agreement). How do i amend my 2013 tax return    If a lender agrees to a mortgage loan modification (a “workout”) that includes a reduction in the principal balance of the loan, you should read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. How do i amend my 2013 tax return If you can exclude part or all of the canceled debt from income, you should also read Qualified Principal Residence Indebtedness under Reduction of Tax Attributes in chapter 1. How do i amend my 2013 tax return Detailed Example 1 in chapter 4 uses filled-in forms to help explain the tax implications of a mortgage workout scenario. How do i amend my 2013 tax return Prev  Up  Next   Home   More Online Publications