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Turbotax com Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. Turbotax com Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. Turbotax com However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. Turbotax com The new provisions are in the Supplement to Publication 463, which is reprinted below. Turbotax com Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. Turbotax com After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Turbotax com Certain provisions of this new law may reduce your taxes for 2001. Turbotax com The new law contains the following provisions. Turbotax com A new depreciation deduction, the special depreciation allowance. Turbotax com An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. Turbotax com If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. Turbotax com See Amended Return, later. Turbotax com Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. Turbotax com However, there is a limit on the depreciation deduction you can take for your car each year. Turbotax com See Depreciation Limit later. Turbotax com Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. Turbotax com This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. Turbotax com You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). Turbotax com See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. Turbotax com You can claim the special depreciation allowance only for the year the qualified property is placed in service. Turbotax com Qualified property. Turbotax com   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. Turbotax com You bought it new. Turbotax com You bought it after September 10, 2001. Turbotax com (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. Turbotax com ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. Turbotax com Example. Turbotax com Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. Turbotax com Bob's car is qualified property. Turbotax com Bob chooses not to take a section 179 deduction for the car. Turbotax com He does claim the new special depreciation allowance. Turbotax com Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . Turbotax com 75). Turbotax com He then figures the special depreciation allowance of $4,500 ($15,000 × . Turbotax com 30). Turbotax com The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . Turbotax com 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). Turbotax com However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . Turbotax com 75), as discussed next. Turbotax com Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. Turbotax com The limit is increased to $23,080 if the car is an electric car. Turbotax com The section 179 deduction is treated as depreciation for purposes of this limit. Turbotax com If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. Turbotax com For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). Turbotax com Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. Turbotax com S. Turbotax com Individual Income Tax Return, by April 15, 2003. Turbotax com At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. Turbotax com ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). Turbotax com If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). Turbotax com Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. Turbotax com For details, see Revenue Procedure 2002–33. Turbotax com (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. Turbotax com ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. Turbotax com Example. Turbotax com The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . Turbotax com 75 x . Turbotax com 20) depreciation deduction for his new car using MACRS. Turbotax com Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. Turbotax com Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. Turbotax com Bob's new filled-in Form 2106 is shown later. Turbotax com Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. Turbotax com As a general rule, you must make this election by the due date (including extensions) of your return. Turbotax com You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. Turbotax com To get this extension, you must have filed your original return by the due date (including extensions). Turbotax com At the top of the statement, print “Filed pursuant to section 301. Turbotax com 9100–2. Turbotax com ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. Turbotax com Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. Turbotax com Deemed election for return filed before June 1, 2002. Turbotax com   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. Turbotax com You filed your 2001 return before June 1, 2002. Turbotax com You claimed depreciation on your return but did not claim the special depreciation allowance. Turbotax com You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. Turbotax com Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications
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Turbotax com Publication 534 - Introductory Material Table of Contents Important Change for 1995 Introduction How To Use This Publication Important Change for 1995 Major changes to Publications 534 and 946. Turbotax com  This publication, as well as Publication 946,How To Depreciate Property, has been changed. Turbotax com Publication 534 has been shortened. Turbotax com It no longer contains general information on MACRS and the section 179 deduction. Turbotax com It contains a discussion of the accelerated cost recovery system (ACRS), the ACRS Percentage Tables, a discussion of other methods of depreciation, and a limited discussion of listed property. Turbotax com We expanded Publication 946 by adding material taken from Publication 534. Turbotax com We added more detail to the discussions of the section 179 deduction, the modified accelerated cost recovery system (MACRS), and listed property. Turbotax com We replaced the partialMACRS Percentage Tables with the complete ones from Publication 534. Turbotax com We also added the Table of Class Lives and Recovery Periods from Publication 534. Turbotax com We made these changes to eliminate most of the duplication that existed in the two publications. Turbotax com This will save money and make it easier for you to decide which publication you need. Turbotax com Use this publication to figure depreciation on property you placed in service before 1987; use Publication 946 to figure depreciation on property you placed in service after 1986. Turbotax com Introduction The law allows you to recover your cost in business or income-producing property through yearly tax deductions. Turbotax com You do this by depreciating your property, that is, by deducting some of your cost on your tax return each year. Turbotax com You can depreciate both tangible property, such as a car, building, or machinery, and certain intangible property, such as a copyright or a patent. Turbotax com The amount you can deduct depends on: How much the property cost, When you began using it, How long it will take to recover your cost, and Which of several depreciation methods you use. Turbotax com Depreciation defined. Turbotax com   Depreciation is a loss in the value of property over the time the property is being used. Turbotax com Events that can cause property to depreciate include wear and tear, age, deterioration, and obsolescence. Turbotax com You can get back your cost of certain property, such as equipment you use in your business or property used for the production of income by taking deductions for depreciation. Turbotax com Black's Law Dictionary Amortization. Turbotax com   Amortization is similar to depreciation. Turbotax com Using amortization, you can recover your cost or basis in certain property proportionately over a specific number of years or months. Turbotax com Examples of costs you can amortize are the costs of starting a business, reforestation, and pollution control facilities. Turbotax com You can find information on amortization inchapter 12 of Publication 535, Business Expenses. Turbotax com Alternative minimum tax. Turbotax com   If you use accelerated depreciation for real property, or personal property that is leased to others, you may be liable for the alternative minimum tax. Turbotax com Accelerated depreciation is any method, that allows recovery at a faster rate in the earlier years than the straight line method. Turbotax com For more information, you may wish to see the following: Form 6251, Alternative Minimum Tax-Individuals, and Publication 542, Tax Information on Corporations. Turbotax com Ordering publications and forms. Turbotax com   To order free publications and forms, 1-800-TAX-FORM (1-800-829-3676). Turbotax com You can also write to the IRS Forms Distribution Center nearest you. Turbotax com Check your income tax package for the address. Turbotax com   If you have access to a personal computer and a modem, you can also get many forms and publications electronically. Turbotax com See How To Get Forms and Publications in your income tax package for details. Turbotax com Telephone help. Turbotax com   You can call the IRS with your tax question Monday through Friday during regular business hours. Turbotax com Check your telephone book for the local number or you can call1-800-829-1040. Turbotax com Telephone help for hearing-impaired persons. Turbotax com   If you have access to TDD equipment, you can call 1-800-829-4059 with your tax question or to order forms and publications. Turbotax com See your tax package for the hours of operation. Turbotax com How To Use This Publication This publication describes the kinds of property that can be depreciated and the methods used to figure depreciation on property placed in service before 1987. Turbotax com It is divided into three chapters and contains an appendix. Turbotax com Chapter 1 explains the rules for depreciating property under the Accelerated Cost Recovery System (ACRS). Turbotax com Chapter 2 explains the rules for depreciating property first used before 1981. Turbotax com Chapter 3 explains the rules for listed property. Turbotax com Also this chapter defines listed property. Turbotax com The appendix contains the ACRS Percentage Tables. Turbotax com Prev  Up  Next   Home   More Online Publications