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Irs easy form 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. Irs easy form Publication 946, How To Depreciate Property, contains information on depreciation. Irs easy form However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Irs easy form The new provisions are in the Supplement to Publication 946, which is reprinted below. Irs easy form 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. Irs easy form The new law made several changes in the tax rules explained in the publication. Irs easy form Some of the changes apply to property placed in service during 2001. Irs easy form This supplemental publication describes those changes and explains what you should do if you are affected by them. Irs easy form 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. Irs easy form The new law contains the following provisions. Irs easy form 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. Irs easy form An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Irs easy form A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Irs easy form An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Irs easy form 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. Irs easy form 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. Irs easy form 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. Irs easy form Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Irs easy form The allowance is an additional deduction of 30% of the property's depreciable basis. Irs easy form 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. Irs easy form See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Irs easy form The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Irs easy form There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Irs easy form 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. Irs easy form Example 1. Irs easy form On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Irs easy form You did not elect to claim a section 179 deduction. Irs easy form You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Irs easy form You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Irs easy form Example 2. Irs easy form 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. Irs easy form You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Irs easy form You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Irs easy form Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Irs easy form It is new property of one of the following types. Irs easy form Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Irs easy form See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Irs easy form Water utility property. Irs easy form See 25-year property on page 22 in Publication 946. Irs easy form Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Irs easy form (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Irs easy form ) Qualified leasehold improvement property (defined later). Irs easy form It meets the following tests (explained later under Tests To Be Met). Irs easy form Acquisition date test. Irs easy form Placed in service date test. Irs easy form Original use test. Irs easy form It is not excepted property (explained later under Excepted Property). Irs easy form Qualified leasehold improvement property. Irs easy form    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. Irs easy form 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. Irs easy form That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Irs easy form The improvement is placed in service more than 3 years after the date the building was first placed in service. Irs easy form   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Irs easy form The enlargement of the building. Irs easy form Any elevator or escalator. Irs easy form Any structural component benefiting a common area. Irs easy form The internal structural framework of the building. Irs easy form   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. Irs easy form However, a binding commitment between related persons is not treated as a lease. Irs easy form Related persons. Irs easy form   For this purpose, the following are related persons. Irs easy form Members of an affiliated group. Irs easy form 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). Irs easy form An executor and a beneficiary of the same estate. Irs easy form Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Irs easy form Acquisition date test. Irs easy form    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. Irs easy form   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. Irs easy form Placed in service date test. Irs easy form   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. Irs easy form   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. Irs easy form Original use test. Irs easy form   The original use of the property must have begun with you after September 10, 2001. Irs easy form “Original use” means the first use to which the property is put, whether or not by you. Irs easy form Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Irs easy form Excepted Property The following property does not qualify for the special depreciation allowance. Irs easy form Property used by any person before September 11, 2001. Irs easy form Property required to be depreciated using ADS. Irs easy form This includes listed property used 50% or less in a qualified business use. Irs easy form Qualified New York Liberty Zone leasehold improvement property (defined next). Irs easy form Qualified New York Liberty Zone leasehold improvement property. Irs easy form   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Irs easy form The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Irs easy form The improvement is placed in service after September 10, 2001, and before January 1, 2007. Irs easy form No written binding contract for the improvement was in effect before September 11, 2001. Irs easy form Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Irs easy form If you make this election for any property, it applies to all property in the same property class placed in service during the year. Irs easy form 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. Irs easy form When to make election. Irs easy form   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. Irs easy form   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). Irs easy form Attach the election statement to the amended return. Irs easy form At the top of the election statement, write “Filed pursuant to section 301. Irs easy form 9100–2. Irs easy form ” Revoking an election. Irs easy form   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Irs easy form A request to revoke the election is subject to a user fee. Irs easy form 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. Irs easy form The rules apply to returns for the following years. Irs easy form 2000 fiscal years that end after September 10, 2001. Irs easy form 2001 calendar and fiscal years. Irs easy form Claiming the allowance. Irs easy form   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. Irs easy form 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. Irs easy form Write “Filed Pursuant to Rev. Irs easy form Proc. Irs easy form 2002–33” at the top of the amended return. Irs easy form File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. Irs easy form Your return must be filed by the due date (including extensions). Irs easy form Write “Automatic Change Filed Under Rev. Irs easy form Proc. Irs easy form 2002–33” on the appropriate line of Form 3115. Irs easy form 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. Irs easy form 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. Irs easy form Example 1. Irs easy form You are an individual and you use the calendar year. Irs easy form You placed qualified property in service for your business in December 2001. Irs easy form You filed your 2001 income tax return before April 15, 2002. Irs easy form You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Irs easy form You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Irs easy form Proc. Irs easy form 2002–33” at the top of the amended return. Irs easy form You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. Irs easy form Example 2. Irs easy form The facts concerning your 2001 return are the same as in Example 1. Irs easy form In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Irs easy form You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Irs easy form Proc. Irs easy form 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Irs easy form You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. Irs easy form Electing not to claim the allowance. Irs easy form   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. Irs easy form The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Irs easy form The statement can be either attached to or written on the return. Irs easy form You can, for example, write “not deducting 30%” on Form 4562. Irs easy form Deemed election. Irs easy form   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. Irs easy form You will be treated as making the election if you meet both of the following conditions. Irs easy form 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. Irs easy form You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Irs easy form See Claiming the allowance, earlier. Irs easy form 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. Irs easy form Generally, the limit is increased from $3,060 to $7,660. Irs easy form 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). Irs easy form Table 1 shows the maximum deduction amounts for 2001. Irs easy form Table 1. Irs easy form Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Irs easy form 11 Placed in Service After Sept. Irs easy form 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. Irs easy form Election not to claim the allowance. Irs easy form   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. Irs easy form New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Irs easy form 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. Irs easy form Area defined. Irs easy form   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. Irs easy form 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. Irs easy form The allowance is an additional deduction of 30% of the property's depreciable basis. Irs easy form 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. Irs easy form See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Irs easy form The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Irs easy form There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Irs easy form 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. Irs easy form 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. Irs easy form Qualified property is eligible for only one special depreciation allowance. Irs easy form Example 1. Irs easy form 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. Irs easy form You did not elect to claim a section 179 deduction. Irs easy form You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Irs easy form You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Irs easy form Example 2. Irs easy form 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. Irs easy form (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Irs easy form You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Irs easy form You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Irs easy form 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. Irs easy form It is one of the following types of property. Irs easy form Used property depreciated under MACRS with a recovery period of 20 years or less. Irs easy form See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Irs easy form Used water utility property. Irs easy form See 25-year property on page 22 in Publication 946. Irs easy form Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Irs easy form (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Irs easy form ) Certain nonresidential real property and residential rental property (defined later). Irs easy form It meets the following tests (explained later under Tests to be met). Irs easy form Acquisition date test. Irs easy form Placed in service date test. Irs easy form Substantial use test. Irs easy form Original use test. Irs easy form It is not excepted property (explained later under Excepted property). Irs easy form Nonresidential real property and residential rental property. Irs easy form   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. Irs easy form 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. Irs easy form   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. Irs easy form Otherwise, the property is considered damaged real property. Irs easy form 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. Irs easy form Tests to be met. Irs easy form   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Irs easy form Acquisition date test. Irs easy form   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. Irs easy form   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Irs easy form   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. Irs easy form Placed in service date test. Irs easy form   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). Irs easy form   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. Irs easy form Substantial use test. Irs easy form   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. Irs easy form Original use test. Irs easy form   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Irs easy form   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Irs easy form 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. Irs easy form Excepted property. Irs easy form   The following property does not qualify for the special Liberty Zone depreciation allowance. Irs easy form Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Irs easy form Property required to be depreciated using ADS. Irs easy form This includes listed property used 50% or less in a qualified business use. Irs easy form Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Irs easy form Example. Irs easy form In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Irs easy form New office furniture with a MACRS recovery period of 7 years. Irs easy form A used computer with a MACRS recovery period of 5 years. Irs easy form The computer had not previously been used within the Liberty Zone. Irs easy form Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Irs easy form 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. Irs easy form Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Irs easy form If you make this election for any property, it applies to all property in the same property class placed in service during the year. Irs easy form 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. Irs easy form When to make the election. Irs easy form   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. Irs easy form   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). Irs easy form Attach the election statement to the amended return. Irs easy form At the top of the election statement, write “Filed pursuant to section 301. Irs easy form 9100–2. Irs easy form ” Revoking an election. Irs easy form   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. Irs easy form A request to revoke the election is subject to a user fee. Irs easy form Returns filed before June 1, 2002. Irs easy form   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. Irs easy form 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. Irs easy form For tax years beginning in 2000, that limit was $20,000. Irs easy form For tax years beginning in 2001 and 2002, that limit is generally $24,000. Irs easy form 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. Irs easy form Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Irs easy form The increase is the smaller of the following amounts. Irs easy form $35,000. Irs easy form The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Irs easy form 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. Irs easy form Qualified property. Irs easy form   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. Irs easy form Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Irs easy form Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Irs easy form 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. Irs easy form Example 1. Irs easy form In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Irs easy form 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). Irs easy form Example 2. Irs easy form In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Irs easy form 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). Irs easy form 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. Irs easy form 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. Irs easy form Example. Irs easy form In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Irs easy form Your increased dollar limit is $59,000 ($35,000 + $24,000). Irs easy form 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). Irs easy form 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. Irs easy form 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. Irs easy form This rule applies to returns for the following years. Irs easy form 2000 fiscal years that end after September 10, 2001. Irs easy form 2001 calendar and fiscal years. Irs easy form On the amended return, write “Filed Pursuant to Rev. Irs easy form Proc. Irs easy form 2002–33. Irs easy form ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. Irs easy form This means that it is depreciated over a recovery period of 5 years. Irs easy form For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Irs easy form The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Irs easy form Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Irs easy form 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. Irs easy form Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Irs easy form Your 2001 calendar or fiscal year return. Irs easy form On the amended return, write “Filed Pursuant to Rev. Irs easy form Proc. Irs easy form 2002–33. Irs easy form ” Table 2. Irs easy form 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. Irs easy form See the text for definitions and examples. Irs easy form Do not rely on this chart alone. Irs easy form IF you want to. Irs easy form . Irs easy form . Irs easy form THEN you. Irs easy form . Irs easy form . Irs easy form BY. Irs easy form . Irs easy form . Irs easy form 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. Irs easy form 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). Irs easy form 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. Irs easy form 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. Irs easy form 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. Irs easy form Prev  Up  Next   Home   More Online Publications
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Page Last Reviewed or Updated: 27-Mar-2014

The Irs Easy Form

Irs easy form Index Symbols "Hours of service" limits, Individuals subject to hours of service limits. Irs easy form Form 2106, Hours of service limits. Irs easy form 50% limit on meals, 50% limit on meals. Irs easy form A Accountable plans, Accountable Plans, Per diem allowance more than federal rate. Irs easy form Accounting to employer, Accountable Plans Adequate accounting, Adequate Accounting Independent contractors, Adequate accounting. Irs easy form Adequate records, What Are Adequate Records? Advertising Car display, Advertising display on car. Irs easy form Expenses, 3 - Advertising expenses. Irs easy form Signs, display racks, or other promotional material to be used on recipient's business premises, Exceptions. Irs easy form Airline clubs, Club dues and membership fees. Irs easy form Allocating costs, Separating costs. Irs easy form , Separating costs. Irs easy form , Allocating between business and nonbusiness. Irs easy form , Allocating total cost. Irs easy form Allowance (see Reimbursements) Armed forces Assigned overseas, Members of the Armed Forces. Irs easy form Assistance (see Tax help) Associated entertainment, Associated Test Athletic clubs, Club dues and membership fees. Irs easy form B Basis of car, Basis. Irs easy form (see also Depreciation of car) Bona fide business purpose, Bona fide business purpose. Irs easy form Box seats at entertainment events, Skyboxes and other private luxury boxes. Irs easy form Business travel, Trip Primarily for Business Outside U. Irs easy form S. Irs easy form , Travel Entirely for Business or Considered Entirely for Business Business use of car, Business and personal use. Irs easy form More-than-50%-use test. Irs easy form , More-than-50%-use test. Irs easy form Qualified business use, Qualified business use. Irs easy form C Canceled checks As evidence of business expenses, Canceled check. Irs easy form Car expenses, Car Expenses, Reporting inclusion amounts. Irs easy form Actual expenses, Actual Car Expenses Allowances for, Per Diem and Car Allowances, Allowance more than the federal rate. Irs easy form Business and personal use, Business and personal use. Irs easy form Combining expenses, Car expenses. Irs easy form Disposition of car, Disposition of a Car Fixed and variable rate (FAVR) allowance, Fixed and variable rate (FAVR). Irs easy form Form 2106, Car expenses. Irs easy form Leasing a car, truck, or van, Leasing a Car, Reporting inclusion amounts. Irs easy form Mileage rate (see Standard mileage rate) Taxes paid on car, Taxes paid on your car. Irs easy form Traffic tickets, Fines and collateral. Irs easy form Car pools, Car pools. Irs easy form Car rentals, Reporting inclusion amounts. Irs easy form Form 2106, Car rentals. Irs easy form Car, defined, Car defined. Irs easy form Car, truck, or van rentals, Leasing a Car, Reporting inclusion amounts. Irs easy form Casualty and theft losses Cars, Casualty and theft losses. Irs easy form Depreciation, Casualty or theft. Irs easy form Charitable organizations Benefit events for, Exception for events that benefit charitable organizations. Irs easy form Sports events to benefit, 5 - Charitable sports event. Irs easy form Club dues, Club dues and membership fees. Irs easy form Commuting expenses, Commuting expenses. Irs easy form Conventions, Conventions, Meetings at conventions. Irs easy form Country clubs, Club dues and membership fees. Irs easy form Cruise ships, Cruise Ships D Daily business mileage and expense log (Table 6-2), Table 5-2. Irs easy form Daily Business Mileage and Expense Log Name: Depreciation of car, Depreciation and section 179 deductions. Irs easy form (see also Section 179 deductions) Adjustment for using standard mileage rate, Depreciation adjustment when you used the standard mileage rate. Irs easy form Basis, Basis. Irs easy form Sales taxes, Sales taxes. Irs easy form Unrecovered basis, How to treat unrecovered basis. Irs easy form Casualty or theft, effect, Casualty or theft. Irs easy form Deduction, Depreciation and section 179 deductions. Irs easy form , Depreciation deduction for the year of disposition. Irs easy form Excess depreciation, Excess depreciation. Irs easy form Modified Accelerated Cost Recovery System (MACRS), Modified Accelerated Cost Recovery System (MACRS). Irs easy form Trade-in, effect, Car trade-in. Irs easy form , Trade-in. Irs easy form Trucks and vans, Trucks and vans. Irs easy form Depreciation of Car Section 179 deduction, Section 179 deduction. Irs easy form Directly-related entertainment, Directly-Related Test Disabled employees Impairment-related work expenses, Impairment-Related Work Expenses of Disabled Employees Documentary evidence, Documentary evidence. Irs easy form E Employer-provided vehicles, Employer-provided vehicle. Irs easy form Reporting requirements, Vehicle Provided by Your Employer Entertainment expenses, Entertainment, Individuals subject to hours of service limits. Irs easy form , Gift or entertainment. Irs easy form 50% limit, Directly before or after business discussion. Irs easy form Determination of applicability (Figure A), 50% Limit Associated test, Associated Test Deductible, What Entertainment Expenses Are Deductible?, Expenses for spouses. Irs easy form Summary (Table 2-1), Exception for events that benefit charitable organizations. Irs easy form Directly-related test, Directly-Related Test Entertainment, defined, Entertainment. Irs easy form Form 2106, Meal and entertainment expenses. Irs easy form Tickets (see Tickets) Entertainment facilities Expenses for use of, Entertainment facilities. Irs easy form Estimates of expenses, How To Prove Expenses Exceptions to the 50% Limit, Exceptions to the 50% Limit Excess reimbursements (see Reimbursements) Extravagant expenses, Lavish or extravagant. Irs easy form , Lavish or extravagant expenses. Irs easy form F Fair market value of car, Fair market value. Irs easy form Farmers Form 1040, Schedule F, Self-employed. Irs easy form Federal crime investigations or prosecutions Federal employees engaged in, Exception for federal crime investigations or prosecutions. Irs easy form Federal rate for per diem, Standard Meal Allowance, The federal rate. Irs easy form Fee-basis officials, Officials Paid on a Fee Basis Fees you pay, Parking fees. Irs easy form Fixed and variable rate (FAVR) allowance, Fixed and variable rate (FAVR). Irs easy form Form 1040, Schedule C, Self-employed. Irs easy form Form 1040, Schedule F, Self-employed. Irs easy form Form 2106, How to choose. Irs easy form , Employees. Irs easy form , Full value included in your income. Irs easy form , Reporting your expenses under a nonaccountable plan. Irs easy form , Completing Forms 2106 and 2106-EZ Form 2106-EZ, Form 2106-EZ. Irs easy form Form 4562, Self-employed. Irs easy form Form 4797, Excess depreciation. Irs easy form Form W-2 Employer-provided vehicles, Value reported on Form W-2. Irs easy form Reimbursement of personal expenses, Reimbursement for personal expenses. Irs easy form Statutory employees, Statutory employees. Irs easy form Free tax services, Free help with your tax return. Irs easy form G Gifts, Gift or entertainment. Irs easy form , Gifts $25 limit, $25 limit. Irs easy form Combining for recordkeeping purposes, Gift expenses. Irs easy form Reporting requirements, Gifts. Irs easy form Golf clubs, Club dues and membership fees. Irs easy form H Hauling tools, Hauling tools or instruments. Irs easy form Help (see Tax help) High-low method Introduction, High-low method. Irs easy form Transition rules, High-low method. Irs easy form High-low rate method, High-low rate. Irs easy form Home office, Office in the home. Irs easy form Hotel clubs, Club dues and membership fees. Irs easy form I Impairment-related work expenses, Impairment-Related Work Expenses of Disabled Employees Incidental expenses Defined, Incidental expenses. Irs easy form Gifts, Incidental costs. Irs easy form No meals, incidentals only, Incidental-expenses-only method. Irs easy form Income-producing property, Income-producing property. Irs easy form Incomplete records, What If I Have Incomplete Records? Indefinite job assignment, Temporary assignment vs. Irs easy form indefinite assignment. Irs easy form Independent contractors, Rules for Independent Contractors and Clients Interest on car loans, Interest on car loans. Irs easy form Itinerants, Tax Home L Lavish or extravagant expenses, Lavish or extravagant. Irs easy form , Lavish or extravagant expenses. Irs easy form Leasing a car, truck, or van, Leasing a Car, Reporting inclusion amounts. Irs easy form Luxury private boxes at entertainment events, Skyboxes and other private luxury boxes. Irs easy form Luxury water travel, Luxury Water Travel M MACRS (Modified Accelerated Cost Recovery System), Modified Accelerated Cost Recovery System (MACRS). Irs easy form 2011 chart (Table 4-1), Table 4-1. Irs easy form 2013 MACRS Depreciation Chart (Use to Figure Depreciation for 2013. Irs easy form ) Main place of business or work, Main place of business or work. Irs easy form Married taxpayers Performing artists, Special rules for married persons. Irs easy form Meal expenses, Meals 50% limit, 50% Limit Determination of applicability (Figure A), 50% Limit Exceptions, Exceptions to the 50% Limit Actual cost method, Actual Cost Form 2106, Meal and entertainment expenses. Irs easy form Major cities with higher allowances, Amount of standard meal allowance. Irs easy form Standard meal allowance, Standard Meal Allowance, Who can use the standard meal allowance. Irs easy form , The standard meal allowance. Irs easy form Meals, entertainment-related, A meal as a form of entertainment. Irs easy form Mileage rate (see Standard mileage rate) Military (see Armed forces) Missing children, photographs of, Reminder Modified Accelerated Cost Recovery System (MACRS), Modified Accelerated Cost Recovery System (MACRS). Irs easy form 2011 chart (Table 4-1), Table 4-1. Irs easy form 2013 MACRS Depreciation Chart (Use to Figure Depreciation for 2013. Irs easy form ) N Nonaccountable plans, Nonaccountable Plans O Office in the home, Office in the home. Irs easy form Officials paid on fee basis, Officials Paid on a Fee Basis Overseas travel Conventions, Conventions Held Outside the North American Area Meal allowance, Standard meal allowance for areas outside the continental United States. Irs easy form Part of trip outside U. Irs easy form S. Irs easy form , Part of Trip Outside the United States P Parking fees, Parking fees. Irs easy form , Parking fees and tolls. Irs easy form Per diem allowances, Per Diem and Car Allowances, Allowance more than the federal rate. Irs easy form Defined, Reimbursement, allowance, or advance. Irs easy form Federal rate for, The federal rate. Irs easy form Per diem rates High-cost localities, High-low method. Irs easy form High-low method, High-low method. Irs easy form Regular federal method, Regular federal per diem rate method. Irs easy form Standard rate for unlisted localities, High-low method. Irs easy form , Regular federal per diem rate method. Irs easy form Transition rules, High-low method. Irs easy form , Federal per diem rate method. Irs easy form Performing artists, Expenses of Certain Performing Artists Personal property taxes, Personal property taxes. Irs easy form , Taxes paid on your car. Irs easy form Personal trips, Trip Primarily for Personal Reasons Outside U. Irs easy form S. Irs easy form , Travel Primarily for Personal Reasons Placed in service, cars, Placed in service. Irs easy form Probationary work period, Probationary work period. Irs easy form Proving business purpose, Proving business purpose. Irs easy form Public transportation Outside of U. Irs easy form S. Irs easy form travel, Public transportation. Irs easy form Publications (see Tax help) R Recordkeeping requirements, Recordkeeping, Examples of Records Adequate records, What Are Adequate Records? Daily business mileage and expense log (Table 6-2), Table 5-2. Irs easy form Daily Business Mileage and Expense Log Name: Destroyed records, Destroyed records. Irs easy form How to prove expenses (Table 5-1), Table 5-1. Irs easy form How To Prove Certain Business Expenses Incomplete records, What If I Have Incomplete Records? Reimbursed expenses, Reimbursed for expenses. Irs easy form Sampling to prove expenses, Sampling. Irs easy form Separating and combining expenses, Separating and Combining Expenses, If your return is examined. Irs easy form Three-year period of retention, How Long To Keep Records and Receipts Weekly travel expense and entertainment record (Table 6-3), THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Regular federal method Introduction, Regular federal per diem rate method. Irs easy form Transition rules, Federal per diem rate method. Irs easy form Reimbursements, Less than full value included in your income. Irs easy form , Contractor does not adequately account. Irs easy form Accountable plans, Accountable Plans Excess, Returning Excess Reimbursements, Nonaccountable Plans Form 2106, Reimbursements. Irs easy form Nonaccountable plans, Nonaccountable Plans Nondeductible expenses, Reimbursement of nondeductible expenses. Irs easy form Personal expenses, Reimbursement for personal expenses. Irs easy form Recordkeeping, Reimbursed for expenses. Irs easy form Reporting (Table 6-1), Table 6-1. Irs easy form Reporting Travel, Entertainment, Gift, and Car Expenses and Reimbursements Unclaimed, Where To Report Reporting requirements, How To Report Per diem or car allowance, Reporting your expenses with a per diem or car allowance. Irs easy form Reimbursements, Reimbursements, Contractor does not adequately account. Irs easy form Reservists Transportation expenses, Armed Forces reservists. Irs easy form Traveling more than 100 miles from home, Armed Forces Reservists Traveling More Than 100 Miles From Home Returning excess reimbursements, Returning Excess Reimbursements Rural mail carriers, Rural mail carriers. Irs easy form S Section 179 deduction Amended return, How to choose. Irs easy form Deduction, Section 179 Deduction Limits, Limits. Irs easy form Self-employed persons, 2 - Self-employed. Irs easy form Reporting requirements, Self-employed. Irs easy form Skyboxes, Skyboxes and other private luxury boxes. Irs easy form Spouse, expenses for, Travel expenses for another individual. Irs easy form , Expenses for spouses. Irs easy form Standard meal allowance, Standard Meal Allowance, Who can use the standard meal allowance. Irs easy form , The standard meal allowance. Irs easy form Standard mileage rate, What's New, Standard Mileage Rate, The standard mileage rate. Irs easy form Depreciation adjustment for using, Depreciation adjustment when you used the standard mileage rate. Irs easy form Form 2106, Standard mileage rate. Irs easy form Statutory employees, Statutory employees. Irs easy form T Tables and figures 50% limit determination (Figure A), 50% Limit Daily business mileage and expense log (Table 6-2), Table 5-2. Irs easy form Daily Business Mileage and Expense Log Name: Entertainment expenses, determination of deductibility (Table 2-1), Table 2-1. Irs easy form When Are Entertainment Expenses Deductible? Maximum depreciation deduction for cars table, Maximum Depreciation Deduction for Cars Modified Accelerated Cost Recovery System (MACRS) 2011 chart (Table 4-1), Table 4-1. Irs easy form 2013 MACRS Depreciation Chart (Use to Figure Depreciation for 2013. Irs easy form ) Proving expenses (Table 5-1), Table 5-1. Irs easy form How To Prove Certain Business Expenses Reporting reimbursements (Table 6-1), Table 6-1. Irs easy form Reporting Travel, Entertainment, Gift, and Car Expenses and Reimbursements Transportation expenses, determination of deductibility (Figure B), Gift or entertainment. Irs easy form , Illustration of transportation expenses. Irs easy form Travel expenses, determination of deductibility (Table 1-1), Table 1-1. Irs easy form Travel Expenses You Can Deduct Weekly travel expense and entertainment record (Table 6-3), THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Tax help, How To Get Tax Help Tax home, determination of, Tax Home Temporary job assignments, Temporary Assignment or Job Temporary work location, Temporary work location. Irs easy form Tickets, Entertainment tickets. Irs easy form , Gift or entertainment. Irs easy form Season or series tickets, Season or series tickets. Irs easy form Traffic violations, Fines and collateral. Irs easy form Tools Hauling tools, Hauling tools or instruments. Irs easy form Trade association meetings, Trade association meetings. Irs easy form Trade-in of car, Car trade-in. Irs easy form , Trade-in. Irs easy form Traffic tickets, Fines and collateral. Irs easy form Transients, Tax Home Transition rules, Transition Rules Example High-low method, High-low method. Irs easy form High-low method, High-low method. Irs easy form Regular federal method, Federal per diem rate method. Irs easy form Transportation expenses, Transportation, Depreciation deduction for the year of disposition. Irs easy form Car expenses, Car Expenses, Reporting inclusion amounts. Irs easy form Deductible (Figure B), Gift or entertainment. Irs easy form , Illustration of transportation expenses. Irs easy form five or more cars, Five or more cars. Irs easy form Form 2106, Transportation expenses. Irs easy form Transportation workers, Special rate for transportation workers. Irs easy form , Individuals subject to hours of service limits. Irs easy form Travel advance, Reimbursement, allowance, or advance. Irs easy form , Travel advance. Irs easy form (see also Reimbursements) Travel expenses, Travel, Cruise Ships Another individual accompanying taxpayer, Travel expenses for another individual. Irs easy form Away from home, Traveling Away From Home, Tax Home Deductible, What Travel Expenses Are Deductible?, Cruise Ships Summary of (Table 1-1), Table 1-1. Irs easy form Travel Expenses You Can Deduct Defined, Travel expenses defined. Irs easy form Going home on days off, Going home on days off. Irs easy form In U. Irs easy form S. Irs easy form , Travel in the United States Lodging, Standard Meal Allowance Luxury water travel, Luxury Water Travel Outside U. Irs easy form S. Irs easy form , Travel Outside the United States Travel to family home, Tax Home Different From Family Home Trucks and vans Depreciation, Trucks and vans. Irs easy form Transportation workers, Individuals subject to hours of service limits. Irs easy form Transportation workers' expenses, Special rate for transportation workers. Irs easy form Two places of work, Two places of work. Irs easy form U Unclaimed reimbursements, Where To Report Unions Trips from union hall to place of work, Union members' trips from a union hall. Irs easy form Unrecovered basis of car, How to treat unrecovered basis. Irs easy form V Volunteers, Volunteers. Irs easy form W Weekly travel expense and entertainment record (Table 6-3), THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Prev  Up     Home   More Online Publications