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Irs Form 1040 Ez

2012 Irs 1040ezH&block ComWhat If I Didn T File Taxes In 2011Free File Form 48681040x E FileTax Planning Us 1040aWhere To File Tax Return 2012Free H And R Block MilitaryCan You File 1040ez OnlineIrs Form 1040 EzTaxslayer Com Login1040ez Form OnlineFree 1040 Ez Filing2011 1040 Ez FormFirstgov GovFile State Income Tax FreeH&r Block Free State1040 Ez Forms 2014Did Not File 2012 TaxesTax Software ReviewsCan I Fill 2010 Taxes This YearIrs Forms 1040Ez 1040 Form 2011H And R Block Tax SoftwareFree Turbotax For MilitaryAmendment FormE FileIrs Tax Filing For 2012Free State Taxes FilingFile A Amended Tax Return OnlineCan I File Previous Years Taxes OnlineFreestatetaxesWwwhrblock ComHr Block 2011Free State E File TaxesFiling Tax Return OnlineForm 1040ez1040 Tax Form 20101040 V Payment Voucher1040 Ez

Irs Form 1040 Ez

Irs form 1040 ez Index A Alien Resident, Resident alien. Irs form 1040 ez American Institute in Taiwan, U. Irs form 1040 ez S. Irs form 1040 ez employees of, American Institute in Taiwan. Irs form 1040 ez American Samoa, possession exclusion, American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands Apprentices, treaty benefits for, Common Benefits Assistance (see Tax help) B Binational social security agreements, Bilateral Social Security (Totalization) Agreements Blocked income, Blocked Income Bona fide residence test Defined, Bona Fide Residence Test First year, Bona fide resident for part of a year. Irs form 1040 ez Last year, Bona fide resident for part of a year. Irs form 1040 ez Meeting the requirements, Publication 54 - Additional Material Qualifying for, Bona fide residence. Irs form 1040 ez , Reassignment. Irs form 1040 ez Treaty provisions, Special agreements and treaties. Irs form 1040 ez Voting by absentee ballot, Effect of voting by absentee ballot. Irs form 1040 ez Waiver of time requirements, Waiver of Time Requirements, U. Irs form 1040 ez S. Irs form 1040 ez Travel Restrictions C Camps, foreign, Foreign camps. Irs form 1040 ez Carryover of housing deduction, Carryover. Irs form 1040 ez Change of address, Reminders Choosing the exclusion, Choosing the Exclusion, When You Can Choose the Exclusion Clergy, self-employment tax on, Members of the Clergy Community income, Community income. Irs form 1040 ez Competent authority assistance, Competent Authority Assistance Contributions To foreign charitable organizations, Contributions to Foreign Charitable Organizations To IRAs, Contributions to Individual Retirement Arrangements Conventions, income tax, Purpose of Tax Treaties Credit Earned income, Earned income credit. Irs form 1040 ez , Earned income credit. Irs form 1040 ez Foreign tax, Foreign tax credit. Irs form 1040 ez , Taxes of Foreign Countries and U. Irs form 1040 ez S. Irs form 1040 ez Possessions, Deduction for Other Foreign Taxes, Common Benefits Related to excluded income, Items Related to Excluded Income Currency Foreign, Foreign Currency D Deductions Contributions to foreign charitable organizations, Contributions to Foreign Charitable Organizations Foreign taxes, Taxes of Foreign Countries and U. Irs form 1040 ez S. Irs form 1040 ez Possessions, Deduction for Other Foreign Taxes, Common Benefits, Publication 54 - Additional Material Housing, foreign, Foreign Housing Deduction IRA contributions, Contributions to Individual Retirement Arrangements Moving expenses, Moving Expenses, Forms To File Related to excluded income, Items Related to Excluded Income Reporting, How To Report Deductions Dependents Exemption for, Exemptions, Publication 54 - Additional Material Individual taxpayer identification number (ITIN), Social security number. Irs form 1040 ez Social security number, Social security number. Irs form 1040 ez Deposit of foreign currency with disbursing officer, Deposit of foreign currency with disbursing officer. Irs form 1040 ez E Earned income Foreign, Foreign Earned Income, Foreign camps. Irs form 1040 ez , Publication 54 - Additional Material Source of, Source of Earned Income Types of, Earned and Unearned Income, Storage expense reimbursements. Irs form 1040 ez Earned income credit, Earned income credit. Irs form 1040 ez , Earned income credit. Irs form 1040 ez Employer-provided amounts, Employer-provided amounts. Irs form 1040 ez Estimated tax, Estimated Tax Exclusion Foreign earned income, Foreign Earned Income Exclusion, When You Can Choose the Exclusion Housing, Foreign Housing Exclusion, Choosing the exclusion. Irs form 1040 ez Meals and lodging, Exclusion of Meals and Lodging U. Irs form 1040 ez S. Irs form 1040 ez possessions, American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands Exemptions Dependents, Exemptions, Publication 54 - Additional Material Spouse, Exemptions, Publication 54 - Additional Material Extensions Filing income tax return, Extensions, Return filed before test is met. Irs form 1040 ez Meeting bona fide residence or physical presence test, Extension of time to meet tests. Irs form 1040 ez F Fellowships, Scholarships and fellowships. Irs form 1040 ez Figuring estimated tax on nonconvertible foreign income, Figuring estimated tax on nonconvertible foreign currency. Irs form 1040 ez Figuring U. Irs form 1040 ez S. Irs form 1040 ez income tax, Figuring actual tax. Irs form 1040 ez Filing information Estimated tax, Estimated Tax Filing requirements, Filing Requirements Nonresident spouse treated as resident, Nonresident Alien Spouse Treated as a Resident, Foreign earned income exclusion. Irs form 1040 ez Filing requirements By filing status, Filing Requirements Foreign currency, Foreign Currency When to file and pay, When To File and Pay, Return filed before test is met. Irs form 1040 ez , Publication 54 - Additional Material Where to file, Where To File, Publication 54 - Additional Material Foreign Camps, Foreign camps. Irs form 1040 ez Country, defined, Foreign Country Currency, Foreign Currency Earned income, Foreign Earned Income, Foreign camps. Irs form 1040 ez , Publication 54 - Additional Material Household, second, Second foreign household. Irs form 1040 ez Foreign currency, deposit with disbursing officer, Deposit of foreign currency with disbursing officer. Irs form 1040 ez Foreign earned income Defined, Foreign Earned Income, More information. Irs form 1040 ez U. Irs form 1040 ez S. Irs form 1040 ez Government employees, U. Irs form 1040 ez S. Irs form 1040 ez Government Employees, More information. Irs form 1040 ez Foreign earned income exclusion Choosing, Choosing the Exclusion, When You Can Choose the Exclusion Defined, Foreign Earned Income Exclusion Earned income credit, Earned income credit. Irs form 1040 ez Foreign tax credit, Foreign tax credit or deduction. Irs form 1040 ez Income received after year earned, Paid in year following work. Irs form 1040 ez , Example. Irs form 1040 ez Limit, Limit on Excludable Amount, Physical presence test. Irs form 1040 ez , Publication 54 - Additional Material Maximum exclusion, Limit on Excludable Amount, Physical presence test. Irs form 1040 ez Part-year exclusion, Part-year exclusion. Irs form 1040 ez Physical presence test, maximum exclusion, Physical presence test. Irs form 1040 ez Requirements, Who Qualifies for the Exclusions and the Deduction?, Foreign camps. Irs form 1040 ez Revoking choice, Revoking the Exclusion Foreign housing exclusion Earned income credit, Earned income credit. Irs form 1040 ez Foreign tax credit, Foreign tax credit or deduction. Irs form 1040 ez Foreign housing exclusion/deduction Carryover of deduction, Carryover. Irs form 1040 ez Deduction, figuring, Foreign Housing Deduction Exclusion, figuring, Foreign Housing Exclusion, Choosing the exclusion. Irs form 1040 ez Housing amount, Housing Amount Housing expenses, Housing expenses. Irs form 1040 ez Married couples, Married Couples Requirements, Who Qualifies for the Exclusions and the Deduction?, Foreign camps. Irs form 1040 ez Second foreign household, Second foreign household. Irs form 1040 ez Foreign tax credit Earned income exclusion, Foreign tax credit or deduction. Irs form 1040 ez , Foreign tax credit or deduction. Irs form 1040 ez Foreign taxes Credit for, Foreign tax credit. Irs form 1040 ez , Taxes of Foreign Countries and U. Irs form 1040 ez S. Irs form 1040 ez Possessions, Deduction for Other Foreign Taxes, Common Benefits Deduction for, Taxes of Foreign Countries and U. Irs form 1040 ez S. Irs form 1040 ez Possessions, Deduction for Other Foreign Taxes, Common Benefits, Publication 54 - Additional Material Paid on excluded income, Foreign taxes paid on excluded income. Irs form 1040 ez Form 1040-ES, Estimated Tax 1040X, Return filed before test is met. Irs form 1040 ez , How To Make the Choice 1116, Credit for Foreign Income Taxes 2032, Foreign affiliate. Irs form 1040 ez 2350, How to get an extension. Irs form 1040 ez 2555, Choosing the Exclusion, Form 2555 and Form 2555-EZ, Form 2555 2555-EZ, Choosing the Exclusion, Form 2555 and Form 2555-EZ, Form 2555 3115, Blocked Income 3903, Forms To File 4361, Members of the Clergy 4563, American Samoa. Irs form 1040 ez 4868, Automatic 6-month extension. Irs form 1040 ez 673, Statement. Irs form 1040 ez 8689, Non-USVI resident with USVI income. Irs form 1040 ez 8822, Reminders W-4, Foreign tax credit. Irs form 1040 ez Free tax services, Free help with your tax return. Irs form 1040 ez Frequently asked questions (FAQs), Publication 54 - Additional Material Fulbright grant, Fulbright Grant, Publication 54 - Additional Material G General tax questions, Publication 54 - Additional Material Green card test, Resident alien. Irs form 1040 ez Guam Possession exclusion, American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands Residents of, Resident of Guam. Irs form 1040 ez Where to file, Resident of Guam. Irs form 1040 ez H Help (see Tax help) Housing Amount, Housing Amount, Self-employed and employer-provided amounts. Irs form 1040 ez Deduction, Foreign Housing Exclusion and Deduction, Foreign Housing Deduction Exclusion, Foreign Housing Exclusion and Deduction, Choosing the exclusion. Irs form 1040 ez Expenses, Housing expenses. Irs form 1040 ez I Income Apprentices, treaty benefits for, Common Benefits Artist, Income of an artist. Irs form 1040 ez Blocked, Blocked Income Community, Community income. Irs form 1040 ez Corporation, Income from a corporation. Irs form 1040 ez Earned, Foreign Earned Income, Foreign camps. Irs form 1040 ez , Publication 54 - Additional Material Employer's property or facilities, use of, Use of employer's property or facilities. Irs form 1040 ez Investment, treaty benefits for, Common Benefits Partnership, Income from a sole proprietorship or partnership. Irs form 1040 ez Pensions and annuities, Pensions and annuities. Irs form 1040 ez , Common Benefits Personal service, treaty benefits for, Common Benefits Professional fees, Professional fees. Irs form 1040 ez Professors, treaty benefits for, Common Benefits Railroad retirement benefits, Publication 54 - Additional Material Reimbursement of employee expenses, Reimbursement of employee expenses. Irs form 1040 ez Reimbursement of moving expenses, Reimbursement of moving expenses. Irs form 1040 ez Rental, Rental income. Irs form 1040 ez Royalties, Royalties. Irs form 1040 ez Social security benefits, Publication 54 - Additional Material Sole proprietorship, Income from a sole proprietorship or partnership. Irs form 1040 ez Source of, Source of Earned Income Stock options, Stock options. Irs form 1040 ez Students, treaty benefits for, Common Benefits Teachers, treaty benefits for, Common Benefits Trainees, treaty benefits for, Common Benefits Unearned, Earned and Unearned Income Indefinite assignment, Temporary or Indefinite Assignment Individual retirement arrangements (IRAs), Contributions to Individual Retirement Arrangements Individual taxpayer identification number (ITIN), Social security number. Irs form 1040 ez Investment income, treaty benefits for, Common Benefits IRAs, Contributions to Individual Retirement Arrangements L Limit on Foreign housing deduction, Limit Housing expenses, Limit on housing expenses. Irs form 1040 ez Income exclusion, Limit on Excludable Amount, Physical presence test. Irs form 1040 ez Lodging, exclusion of, Exclusion of Meals and Lodging M Married couples, Married Couples Meals and lodging, exclusion of, Exclusion of Meals and Lodging Moving Allocating expenses, Allocation of Moving Expenses Deducting expenses, Moving Expenses, Forms To File Reimbursement of expenses, Reimbursement of moving expenses. Irs form 1040 ez N Nonresident spouse Social security number, Social Security Number (SSN) Treated as resident, Nonresident Alien Spouse Treated as a Resident, Foreign earned income exclusion. Irs form 1040 ez Northern Mariana Islands Possession exclusion, American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands Residents of, Resident of the Commonwealth of the Northern Mariana Islands. Irs form 1040 ez Where to file, Resident of the Commonwealth of the Northern Mariana Islands. Irs form 1040 ez P Part-year exclusion, Part-year exclusion. Irs form 1040 ez Pay for personal services, Earned income. Irs form 1040 ez , Common Benefits Paying U. Irs form 1040 ez S. Irs form 1040 ez tax in foreign currency, Paying U. Irs form 1040 ez S. Irs form 1040 ez tax in foreign currency. Irs form 1040 ez Payment of tax, When To File and Pay Penalties and interest, Publication 54 - Additional Material Pensions and annuities Income from, Pensions and annuities. Irs form 1040 ez , Common Benefits Withholding from, Withholding from pension payments. Irs form 1040 ez Physical presence test 12-month period, How to figure the 12-month period. Irs form 1040 ez Defined, Physical Presence Test Maximum exclusion, Physical presence test. Irs form 1040 ez Meeting the requirements, Publication 54 - Additional Material Waiver of time requirements, Waiver of Time Requirements, U. Irs form 1040 ez S. Irs form 1040 ez Travel Restrictions Professors, treaty benefits for, Common Benefits Publications (see Tax help) Puerto Rico Possession exclusion, Puerto Rico and U. Irs form 1040 ez S. Irs form 1040 ez Virgin Islands Residents of, Puerto Rico. Irs form 1040 ez Q Questions and answers, Publication 54 - Additional Material R Railroad retirement benefits, Publication 54 - Additional Material Reimbursement Accountable plan, Accountable plan. Irs form 1040 ez Employee expenses, Reimbursement of employee expenses. Irs form 1040 ez Moving expenses, Reimbursement of moving expenses. Irs form 1040 ez Resident alien defined, Resident alien. Irs form 1040 ez Revoking choice to exclude, Revoking the Exclusion S Scholarship and fellowship grants, Publication 54 - Additional Material Scholarships, Scholarships and fellowships. Irs form 1040 ez Second foreign household, Second foreign household. Irs form 1040 ez , Married Couples Self-employment tax Clergy, Members of the Clergy Exemption from, Exemption From Social Security and Medicare Taxes How to pay, Publication 54 - Additional Material Who must pay, Who Must Pay Self-Employment Tax? Social security and Medicare taxes, Social Security and Medicare Taxes Social security benefits, Publication 54 - Additional Material Social security number Dependents, Social security number. Irs form 1040 ez Nonresident spouse, Social Security Number (SSN) Source of earned income, Source of Earned Income Spouse, exemption for, Exemptions, Publication 54 - Additional Material Students, treaty benefits for, Common Benefits Substantial presence test, Resident alien. Irs form 1040 ez T Taiwan, American Institute in, American Institute in Taiwan. Irs form 1040 ez Tax help, How To Get Tax Help Tax home, Tax Home in Foreign Country, Temporary or Indefinite Assignment Tax treaties Benefits of, Common Benefits, More information on treaties. Irs form 1040 ez Competent authority assistance, Competent Authority Assistance Determining residence, Special agreements and treaties. Irs form 1040 ez Obtaining copies of, Obtaining Copies of Tax Treaties Purpose of, Purpose of Tax Treaties Teachers, treaty benefits for, Common Benefits Temporary assignment, expenses, Temporary or Indefinite Assignment Totalization agreements, Bilateral Social Security (Totalization) Agreements Trainees, treaty benefits for, Common Benefits Travel restrictions, U. Irs form 1040 ez S. Irs form 1040 ez Travel Restrictions Treaties (see Tax treaties) TTY/TDD information, How To Get Tax Help U U. Irs form 1040 ez S. Irs form 1040 ez Government employees, U. Irs form 1040 ez S. Irs form 1040 ez Government Employees, More information. Irs form 1040 ez U. Irs form 1040 ez S. Irs form 1040 ez Virgin Islands Possession exclusion, Puerto Rico and U. Irs form 1040 ez S. Irs form 1040 ez Virgin Islands V Virgin Islands Nonresidents of, Non-USVI resident with USVI income. Irs form 1040 ez Residents of, Resident of U. Irs form 1040 ez S. Irs form 1040 ez Virgin Islands (USVI). Irs form 1040 ez Where to file, Resident of U. Irs form 1040 ez S. Irs form 1040 ez Virgin Islands (USVI). Irs form 1040 ez W Waiver of time requirements, Waiver of Time Requirements, U. Irs form 1040 ez S. Irs form 1040 ez Travel Restrictions When to file and pay, When To File and Pay, Return filed before test is met. Irs form 1040 ez , Publication 54 - Additional Material Where to file Claiming exclusion/deduction, Where To File Commonwealth of the Northern Mariana Islands residents, Resident of the Commonwealth of the Northern Mariana Islands. Irs form 1040 ez Guam residents, Resident of Guam. Irs form 1040 ez No legal residence in U. Irs form 1040 ez S. Irs form 1040 ez , Where To File Virgin Islands residents, nonresidents, Resident of U. Irs form 1040 ez S. Irs form 1040 ez Virgin Islands (USVI). Irs form 1040 ez Withholding Income tax, Income Tax Withholding , Publication 54 - Additional Material Pension payments, Withholding from pension payments. 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The Irs Form 1040 Ez

Irs form 1040 ez 3. Irs form 1040 ez   Claiming the Special Depreciation Allowance Table of Contents Introduction What Is Qualified Property?Qualified Reuse and Recycling Property Qualified Cellulosic Biofuel Plant Property Qualified Disaster Assistance Property Certain Qualified Property Acquired After December 31, 2007 Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance How Much Can You Deduct? How Can You Elect Not To Claim an Allowance? When Must You Recapture an Allowance? Introduction You can take a special depreciation allowance to recover part of the cost of qualified property (defined next), placed in service during the tax year. Irs form 1040 ez The allowance applies only for the first year you place the property in service. Irs form 1040 ez For qualified property placed in service in 2013, you can take an additional 50% special allowance. Irs form 1040 ez The allowance is an additional deduction you can take after any section 179 deduction and before you figure regular depreciation under MACRS for the year you place the property in service. Irs form 1040 ez This chapter explains what is qualified property. Irs form 1040 ez It also includes rules regarding how to figure an allowance, how to elect not to claim an allowance, and when you must recapture an allowance. Irs form 1040 ez Corporations can elect to accelerate certain minimum tax credits in lieu of claiming the special depreciation allowance for eligible qualified property. Irs form 1040 ez See Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance , later. Irs form 1040 ez See chapter 6 for information about getting publications and forms. Irs form 1040 ez What Is Qualified Property? Your property is qualified property if it is one of the following. Irs form 1040 ez Qualified reuse and recycling property. Irs form 1040 ez Qualified cellulosic biofuel plant property. Irs form 1040 ez Qualified disaster assistance property. Irs form 1040 ez Certain qualified property acquired after December 31, 2007. Irs form 1040 ez The following discussions provide information about the types of qualified property listed above for which you can take the special depreciation allowance. Irs form 1040 ez Qualified Reuse and Recycling Property You can take a 50% special depreciation allowance for qualified reuse and recycling property. Irs form 1040 ez Qualified reuse and recycling property is any machinery or equipment (not including buildings or real estate), along with any appurtenance, that is used exclusively to collect, distribute, or recycle qualified reuse and recyclable materials (as defined in section 168(m)(3)(B) of the Internal Revenue Code). Irs form 1040 ez Qualified reuse and recycling property also includes software necessary to operate such equipment. Irs form 1040 ez The property must meet the following requirements. Irs form 1040 ez The property must be depreciated under MACRS. Irs form 1040 ez The property must have a useful life of at least 5 years. Irs form 1040 ez The original use of the property must begin with you after August 31, 2008. Irs form 1040 ez You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) after August 31, 2008, with no binding written contract for the acquisition in effect before September 1, 2008. Irs form 1040 ez The property must be placed in service for use in your trade or business after August 31, 2008. Irs form 1040 ez Excepted Property Qualified reuse and recycling property does not include any of the following. Irs form 1040 ez Any rolling stock or other equipment used to transport reuse or recyclable materials. Irs form 1040 ez Property required to be depreciated using the Alternative Depreciation System (ADS). Irs form 1040 ez For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Irs form 1040 ez Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Irs form 1040 ez Property for which you elected not to claim any special depreciation allowance (discussed later). Irs form 1040 ez Property placed in service and disposed of in the same tax year. Irs form 1040 ez Property converted from business use to personal use in the same tax year acquired. Irs form 1040 ez Property converted from personal use to business use in the same or later tax year may be qualified reuse and recycling property. Irs form 1040 ez Qualified Cellulosic Biofuel Plant Property You can take a 50% special depreciation allowance for qualified cellulosic biofuel plant property. Irs form 1040 ez Cellulosic biofuel is any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis. Irs form 1040 ez Examples include bagasse (from sugar cane), corn stalks, and switchgrass. Irs form 1040 ez The property must meet the following requirements. Irs form 1040 ez The property is used in the United States solely to produce cellulosic biofuel. Irs form 1040 ez The original use of the property must begin with you after December 20, 2006. Irs form 1040 ez You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) after December 20, 2006, with no binding written contract for acquisition in effect before December 21, 2006. Irs form 1040 ez The property must be placed in service for use in your trade or business or for the production of income after October 3, 2008, and before January 3, 2013. Irs form 1040 ez Note. Irs form 1040 ez For property placed in service after January 2, 2013, and before January 1, 2014, you can take a 50% special depreciation allowance for qualified second generation biofuel plant property that is used solely in the United States to produce second generation biofuel (as defined in section 40(b)(6)(E)). Irs form 1040 ez The other requirements for qualified second generation biofuel plant property to be eligible for the special depreciation allowance are identical to the requirements discussed for Qualified Cellulosic Biofuel Plant Property above. Irs form 1040 ez Special Rules Sale-leaseback. Irs form 1040 ez   If you sold qualified cellulosic biofuel plant property you placed in service after October 3, 2008, and leased it back within 3 months after you originally placed it in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. Irs form 1040 ez   The property will not qualify for the special allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before December 21, 2006. Irs form 1040 ez Syndicated leasing transactions. Irs form 1040 ez   If qualified cellulosic biofuel plant property is originally placed in service by a lessor after October 3, 2008, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Irs form 1040 ez   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of sale if the property is sold within 3 months after the final unit is placed in service and the period between the times the first and last units are placed in service does not exceed 12 months. Irs form 1040 ez Excepted Property Qualified cellulosic biofuel plant property does not include any of the following. Irs form 1040 ez Property placed in service and disposed of in the same tax year. Irs form 1040 ez Property converted from business use to personal use in the same tax year it is acquired. Irs form 1040 ez Property converted from personal use to business use in the same or later tax year may be qualified cellulosic biomass ethanol plant property. Irs form 1040 ez Property required to be depreciated using the Alternative Depreciation System (ADS). Irs form 1040 ez For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Irs form 1040 ez Property any portion of which is financed with the proceeds of any obligation the interest on which is exempt from tax under section 103 of the Internal Revenue Code. Irs form 1040 ez Property for which you elected not to claim any special depreciation allowance (discussed later). Irs form 1040 ez Property for which a deduction was taken under section 179C for certain qualified refinery property. Irs form 1040 ez Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Irs form 1040 ez Qualified Disaster Assistance Property You can take a 50% special depreciation allowance for qualified disaster assistance property placed in service in federally declared disaster areas in which the disaster occurred in 2009. Irs form 1040 ez A list of the federally declared disaster areas is available at the FEMA website at www. Irs form 1040 ez fema. Irs form 1040 ez gov. Irs form 1040 ez Your property is qualified disaster assistance property if it meets the following requirements. Irs form 1040 ez The property is nonresidential real property or residential real property placed in service before January 1, 2014, in a federally declared disaster area in which the disaster occurred in 2009. Irs form 1040 ez You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) on or after the applicable disaster date, with no binding written contract for the acquisition in effect before the applicable disaster date. Irs form 1040 ez The property must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the applicable federally declared disaster. Irs form 1040 ez The property must be similar in nature to, and located in the same county as, the rehabilitated or replaced property. Irs form 1040 ez The original use of the property within the applicable disaster area must have begun with you on or after the applicable disaster date. Irs form 1040 ez The property is placed in service by you on or before the date which is the last day of the fourth calendar year. Irs form 1040 ez Substantially all (80% or more) of the use of the property must be in the active conduct of your trade or business in a federally declared disaster area, occurring in 2009. Irs form 1040 ez It is not excepted property (explained later in Excepted Property ). Irs form 1040 ez Special Rules Sale-leaseback. Irs form 1040 ez   If you sold qualified disaster assistance property you placed in service after the applicable disaster date and leased it back within 3 months after you originally placed it in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. Irs form 1040 ez   The property will not qualify for the special allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before the applicable disaster date. Irs form 1040 ez Syndicated leasing transactions. Irs form 1040 ez   If qualified disaster assistance property is originally placed in service by a lessor after the applicable disaster date, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Irs form 1040 ez   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of sale if the property is sold within 3 months after the final unit is placed in service and the period between the times the first and last units are placed in service does not exceed 12 months. Irs form 1040 ez Excepted Property Qualified disaster assistance property does not include any of the following. Irs form 1040 ez Property required to be depreciated using the Alternative Depreciation System (ADS). Irs form 1040 ez For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Irs form 1040 ez Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103 of the Internal Revenue Code. Irs form 1040 ez Any qualified revitalization building (defined later) placed in service before January 1, 2010, for which you have elected to claim a commercial revitalization deduction for qualified revitalization expenditures. Irs form 1040 ez Any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store, the principal business of which is the sale of alcoholic beverages for consumption off premises. Irs form 1040 ez Any property for which the special allowance under section 168(k) or section 1400N(d) of the Internal Revenue Code applies. Irs form 1040 ez Property for which you elected not to claim any special depreciation allowance (discussed later). Irs form 1040 ez Property placed in service and disposed of in the same tax year. Irs form 1040 ez Property converted from business use to personal use in the same tax year acquired. Irs form 1040 ez Property converted from personal use to business use in the same or later tax year may be qualified disaster assistance property. Irs form 1040 ez Any gambling or animal racing property (defined later). Irs form 1040 ez Qualified revitalization building. Irs form 1040 ez   This is a commercial building and its structural components that you placed in service in a renewal community before January 1, 2010. Irs form 1040 ez If the building is new, the original use of the building must begin with you. Irs form 1040 ez If the building is not new, you must substantially rehabilitate the building and then place it in service. Irs form 1040 ez For more information, including definitions of substantially rehabilitated building and qualified revitalization expenditure, see section 1400I(b) of the Internal Revenue Code. Irs form 1040 ez Gambling or animal racing property. Irs form 1040 ez   Gambling or animal racing property includes the following personal and real property. Irs form 1040 ez Any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing. Irs form 1040 ez Any real property determined by square footage (other than any portion that is less than 100 square feet) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing. Irs form 1040 ez Certain Qualified Property Acquired After December 31, 2007 You can take a 50% special depreciation deduction allowance for certain qualified property acquired after December 31, 2007. Irs form 1040 ez Your property is qualified property if it meets the following requirements. Irs form 1040 ez It is one of the following types of property. Irs form 1040 ez Tangible property depreciated under MACRS with a recovery period of 20 years or less. Irs form 1040 ez Water utility property. Irs form 1040 ez Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. Irs form 1040 ez (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Irs form 1040 ez ) Qualified leasehold improvement property (defined under Qualified leasehold improvement property later). Irs form 1040 ez You must have acquired the property after December 31, 2007, with no binding written contract for the acquisition in effect before January 1, 2008. Irs form 1040 ez The property must be placed in service for use in your trade or business or for the production of income before January 1, 2014 (before January 1, 2015, for certain property with a long production period and certain aircraft (defined next)). Irs form 1040 ez The original use of the property must begin with you after December 31, 2007. Irs form 1040 ez It is not excepted property (explained later in Excepted property). Irs form 1040 ez Qualified leasehold improvement property. Irs form 1040 ez    Generally, this is any improvement to an interior part of a building that is nonresidential real property, if all the following requirements are met. Irs form 1040 ez The improvement is made under or according to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Irs form 1040 ez That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Irs form 1040 ez The improvement is placed in service more than 3 years after the date the building was first placed in service by any person. Irs form 1040 ez The improvement is section 1250 property. Irs form 1040 ez See chapter 3 in Publication 544, Sales and Other Dispositions of Assets, for the definition of section 1250 property. Irs form 1040 ez   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Irs form 1040 ez The enlargement of the building. Irs form 1040 ez Any elevator or escalator. Irs form 1040 ez Any structural component benefiting a common area. Irs form 1040 ez The internal structural framework of the building. Irs form 1040 ez   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 form 1040 ez However, a lease between related persons is not treated as a lease. Irs form 1040 ez Related persons. Irs form 1040 ez   For this purpose, the following are related persons. Irs form 1040 ez Members of an affiliated group. Irs form 1040 ez An individual and a member of his or her family, including only a spouse, child, parent, brother, sister, half-brother, half-sister, ancestor, and lineal descendant. Irs form 1040 ez A corporation and an individual who directly or indirectly owns 80% or more of the value of the outstanding stock of that corporation. Irs form 1040 ez Two corporations that are members of the same controlled group. Irs form 1040 ez A trust fiduciary and a corporation if 80% or more of the value of the outstanding stock is directly or indirectly owned by or for the trust or grantor of the trust. Irs form 1040 ez The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Irs form 1040 ez The fiduciaries of two different trusts, and the fiduciaries and beneficiaries of two different trusts, if the same person is the grantor of both trusts. Irs form 1040 ez A tax-exempt educational or charitable organization and any person (or, if that person is an individual, a member of that person's family) who directly or indirectly controls the organization. Irs form 1040 ez Two S corporations, and an S corporation and a regular corporation, if the same persons own 80% or more of the value of the outstanding stock of each corporation. Irs form 1040 ez A corporation and a partnership if the same persons own both of the following. Irs form 1040 ez 80% or more of the value of the outstanding stock of the corporation. Irs form 1040 ez 80% or more of the capital or profits interest in the partnership. Irs form 1040 ez The executor and beneficiary of any estate. Irs form 1040 ez Long Production Period Property To be qualified property, long production period property must meet the following requirements. Irs form 1040 ez It must meet the requirements in (2)-(5), above. Irs form 1040 ez The property has a recovery period of at least 10 years or is transportation property. Irs form 1040 ez Transportation property is tangible personal property used in the trade or business of transporting persons or property. Irs form 1040 ez The property is subject to section 263A of the Internal Revenue Code. Irs form 1040 ez The property has an estimated production period exceeding 1 year and an estimated production cost exceeding $1,000,000. Irs form 1040 ez Noncommercial Aircraft To be qualified property, noncommercial aircraft must meet the following requirements. Irs form 1040 ez It must meet the requirements in (2)-(5), above. Irs form 1040 ez The aircraft must not be tangible personal property used in the trade or business of transporting persons or property (except for agricultural or firefighting purposes). Irs form 1040 ez The aircraft must be purchased (as discussed under Property Acquired by Purchase in chapter 2 ) by a purchaser who at the time of the contract for purchase, makes a nonrefundable deposit of the lesser of 10% of the cost or $100,000. Irs form 1040 ez The aircraft must have an estimated production period exceeding four months and a cost exceeding $200,000. Irs form 1040 ez Special Rules Sale-leaseback. Irs form 1040 ez   If you sold qualified property you placed in service after December 31, 2007, and leased it back within 3 months after you originally placed in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. Irs form 1040 ez   The property will not qualify for the special depreciation allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before January 1, 2008. Irs form 1040 ez Syndicated leasing transactions. Irs form 1040 ez   If qualified property is originally placed in service by a lessor after December 31, 2007, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Irs form 1040 ez   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of the last sale if the property is sold within 3 months after the final unit is placed in service and the period between the time the first and last units are placed in service does not exceed 12 months. Irs form 1040 ez Excepted Property Qualified property does not include any of the following. Irs form 1040 ez Property placed in service and disposed of in the same tax year. Irs form 1040 ez Property converted from business use to personal use in the same tax year acquired. Irs form 1040 ez Property converted from personal use to business use in the same or later tax year may be qualified property. Irs form 1040 ez Property required to be depreciated under the Alternative Depreciation System (ADS). Irs form 1040 ez This includes listed property used 50% or less in a qualified business use. Irs form 1040 ez For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Irs form 1040 ez Qualified restaurant property (as defined in section 168(e)(7) of the Internal Revenue Code). Irs form 1040 ez Qualified retail improvement property (as defined in section 168(e)(8) of the Internal Revenue Code). Irs form 1040 ez Property for which you elected not to claim any special depreciation allowance (discussed later). Irs form 1040 ez Property for which you elected to accelerate certain credits in lieu of the special depreciation allowance (discussed next). Irs form 1040 ez Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance An election made by a corporation to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, continues to apply to round 2 extension property (as defined in section 168(k)(4)(I)(iv)), unless the corporation made an election not to apply the section 168(k)(4) election to round 2 extension property for its first tax year ending after December 31, 2010. Irs form 1040 ez For 2013, round 2 extension property generally is long production period and noncommercial aircraft if acquired after March 31, 2008, and placed in service after December 31, 2012, but before January 1, 2014. Irs form 1040 ez An election made by a corporation to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, continues to apply to round 3 extension property (as defined in section 168(k)(4)(J)(iv)), unless the corporation makes an election not to apply the section 168(k)(4) election to round 3 extension property. Irs form 1040 ez If a corporation did not make a section 168(k)(4) election for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, the corporation may elect for its first tax year ending after December 31, 2012, to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for only round 3 extension property. Irs form 1040 ez If you make an election to accelerate these credits in lieu of claiming the special depreciation allowance for eligible property, you must not take the 50% special depreciation allowance for the property and must depreciate the basis in the property under MACRS using the straight line method. Irs form 1040 ez See Which Depreciation Method Applies in chapter 4 . Irs form 1040 ez Once made, the election cannot be revoked without IRS consent. Irs form 1040 ez Additional guidance. Irs form 1040 ez   For additional guidance on the election to accelerate the research or minimum tax credit in lieu of claiming the special depreciation allowance, see Rev. Irs form 1040 ez Proc. Irs form 1040 ez 2008-65 on page 1082 of Internal Revenue Bulletin 2008-44, available at www. Irs form 1040 ez irs. Irs form 1040 ez gov/pub/irs-irbs/irb08-44. Irs form 1040 ez pdf, Rev. Irs form 1040 ez Proc. Irs form 1040 ez 2009-16 on page 449 of Internal Revenue Bulletin 2009-06, available at www. Irs form 1040 ez irs. Irs form 1040 ez gov/pub/irs-irbs/irb09-06. Irs form 1040 ez pdf, and Rev. Irs form 1040 ez Proc. Irs form 1040 ez 2009-33 on page 150 of Internal Revenue Bulletin 2009-29, available at www. Irs form 1040 ez irs. Irs form 1040 ez gov/pub/irs-irbs/irb09-29. Irs form 1040 ez pdf. Irs form 1040 ez Also, see Form 3800, General Business Credit; Form 8827, Credit for Prior Year Minimum Tax — Corporations; and related instructions. Irs form 1040 ez   Additional guidance regarding the election to accelerate the minimum tax credit in lieu of claiming the special depreciation allowance for round 2 extension property and round 3 extension property may also be available in later Internal Revenue Bulletins available at www. Irs form 1040 ez irs. Irs form 1040 ez gov/irb. Irs form 1040 ez How Much Can You Deduct? Figure the special depreciation allowance by multiplying the depreciable basis of qualified reuse and recycling property, qualified cellulosic biofuel plant property, qualified disaster assistance property, and certain qualified property acquired after December 31, 2007, by 50%. Irs form 1040 ez For qualified property other than listed property, enter the special allowance on line 14 in Part II of Form 4562. Irs form 1040 ez For qualified property that is listed property, enter the special allowance on line 25 in Part V of Form 4562. Irs form 1040 ez If you place qualified property in service in a short tax year, you can take the full amount of a special depreciation allowance. Irs form 1040 ez Depreciable basis. Irs form 1040 ez   This is the property's cost or other basis multiplied by the percentage of business/investment use, reduced by the total amount of any credits and deductions allocable to the property. Irs form 1040 ez   The following are examples of some credits and deductions that reduce depreciable basis. Irs form 1040 ez Any section 179 deduction. Irs form 1040 ez Any deduction for removal of barriers to the disabled and the elderly. Irs form 1040 ez Any disabled access credit, enhanced oil recovery credit, and credit for employer-provided childcare facilities and services. Irs form 1040 ez Basis adjustment to investment credit property under section 50(c) of the Internal Revenue Code. Irs form 1040 ez   For additional credits and deductions that affect basis, see section 1016 of the Internal Revenue Code. Irs form 1040 ez   For information about how to determine the cost or other basis of property, see What Is the Basis of Your Depreciable Property in chapter 1 . Irs form 1040 ez For a discussion of business/investment use, see Partial business or investment use under Property Used in Your Business or Income-Producing Activity in chapter 1 . Irs form 1040 ez Depreciating the remaining cost. Irs form 1040 ez   After you figure your special depreciation allowance for your qualified property, you can use the remaining cost to figure your regular MACRS depreciation deduction (discussed in chapter 4 . Irs form 1040 ez Therefore, you must reduce the depreciable basis of the property by the special depreciation allowance before figuring your regular MACRS depreciation deduction. Irs form 1040 ez Example. Irs form 1040 ez On November 1, 2013, Tom Brown bought and placed in service in his business qualified property that cost $450,000. Irs form 1040 ez He did not elect to claim a section 179 deduction. Irs form 1040 ez He deducts 50% of the cost ($225,000) as a special depreciation allowance for 2013. Irs form 1040 ez He uses the remaining $225,000 of cost to figure his regular MACRS depreciation deduction for 2013 and later years. Irs form 1040 ez Like-kind exchanges and involuntary conversions. Irs form 1040 ez   If you acquire qualified property in a like-kind exchange or involuntary conversion, the carryover basis of the acquired property is eligible for a special depreciation allowance. Irs form 1040 ez After you figure your special allowance, you can use the remaining carryover basis to figure your regular MACRS depreciation deduction. Irs form 1040 ez In the year you claim the allowance (the year you place in service the property received in the exchange or dispose of involuntarily converted property), you must reduce the carryover basis of the property by the allowance before figuring your regular MACRS depreciation deduction. Irs form 1040 ez See Figuring the Deduction for Property Acquired in a Nontaxable Exchange , in chapter 4 under How Is the Depreciation Deduction Figured . Irs form 1040 ez The excess basis (the part of the acquired property's basis that exceeds its carryover basis) is also eligible for a special depreciation allowance. Irs form 1040 ez How Can You Elect Not To Claim an Allowance? You can elect, for any class of property, not to deduct any special allowances for all property in such class placed in service during the tax year. Irs form 1040 ez To make an election, attach a statement to your return indicating what election you are making and the class of property for which you are making the election. Irs form 1040 ez When to make election. Irs form 1040 ez   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 form 1040 ez   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 form 1040 ez Attach the election statement to the amended return. Irs form 1040 ez On the amended return, write “Filed pursuant to section 301. Irs form 1040 ez 9100-2. Irs form 1040 ez ” Revoking an election. Irs form 1040 ez   Once you elect not to deduct a special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Irs form 1040 ez A request to revoke the election is a request for a letter ruling. Irs form 1040 ez If you elect not to have any special allowance apply, the property may be subject to an alternative minimum tax adjustment for depreciation. Irs form 1040 ez When Must You Recapture an Allowance? When you dispose of property for which you claimed a special depreciation allowance, any gain on the disposition is generally recaptured (included in income) as ordinary income up to the amount of the special depreciation allowance previously allowed or allowable. Irs form 1040 ez See When Do You Recapture MACRS Depreciation in chapter 4 or more information. Irs form 1040 ez Recapture of allowance deducted for qualified GO Zone property. Irs form 1040 ez   If, in any year after the year you claim the special depreciation allowance for qualified GO Zone property (including specified GO Zone extension property), the property ceases to be used in the GO Zone, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Irs form 1040 ez For additional guidance, see Notice 2008-25 on page 484 of Internal Revenue Bulletin 2008-9. Irs form 1040 ez Qualified cellulosic biomass ethanol plant property and qualified cellulosic biofuel plant property. Irs form 1040 ez   If, in any year after the year you claim the special depreciation allowance for any qualified cellulosic biomass ethanol plant property or qualified biofuel plant property, the property ceases to be qualified cellulosic biomass ethanol plant property or qualified biofuel plant property, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Irs form 1040 ez Recapture of allowance for qualified Recovery Assistance property. Irs form 1040 ez   If, in any year after the year you claim the special depreciation allowance for qualified Recovery Assistance property, the property ceases to be used in the Kansas disaster area, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Irs form 1040 ez For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Irs form 1040 ez Recapture of allowance for qualified disaster assistance property. Irs form 1040 ez   If, in any year after the year you claim the special depreciation allowance for qualified disaster assistance property, the property ceases to be used in the applicable disaster area, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Irs form 1040 ez   For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Irs form 1040 ez Prev  Up  Next   Home   More Online Publications