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1040 Ez Form 2014

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1040 Ez Form 2014

1040 ez form 2014 Index A Accelerated death benefits, Accelerated Death Benefits, Accelerated death benefits. 1040 ez form 2014 Archer MSA, HSA, Archer MSA, or Medicare Advantage MSA, HSA, Archer MSA, or a Medicare Advantage MSA. 1040 ez form 2014 Assistance (see Tax help) Astronauts Tax forgiveness, Astronauts B Basis Inherited property, Basis of Inherited Property Joint interest property, Joint interest. 1040 ez form 2014 Qualified joint interest, Qualified joint interest. 1040 ez form 2014 Beneficiary Basis of property, Basis of Inherited Property Character of distributions, Character of Distributions Excess deductions, Excess deductions. 1040 ez form 2014 Income received, Other Items of Income Liability, estate's income tax, Liability of the beneficiary. 1040 ez form 2014 Nonresident alien, Nonresident alien beneficiary. 1040 ez form 2014 Reporting distributions, How and When To Report Successor, Successor beneficiary. 1040 ez form 2014 Treatment of distributions, Distributions to Beneficiaries Unused loss carryovers, Unused loss carryovers. 1040 ez form 2014 Bequest Defined, Bequest Property received, Gifts, Insurance, and Inheritances C Claim, credit or refund, Claim for Credit or Refund Combat zone, Combat Zone Comments, Comments and suggestions. 1040 ez form 2014 Coverdell education savings account (ESA), Coverdell Education Savings Account (ESA), Coverdell education savings account (ESA). 1040 ez form 2014 Credit Child tax, Child tax credit. 1040 ez form 2014 Earned income, Earned income credit. 1040 ez form 2014 Elderly or disabled, Credit for the elderly or the disabled. 1040 ez form 2014 Final return for decedent, Credits General business, General business tax credit. 1040 ez form 2014 D Death benefits Accelerated, Accelerated Death Benefits, Accelerated death benefits. 1040 ez form 2014 Public safety officers, Death benefits. 1040 ez form 2014 Decedent Final return, Final Income Tax Return for Decedent—Form 1040 Income in respect of, Income in Respect of a Decedent Deductions Estate tax, Estate Tax Deduction In respect of decedent, Deductions in Respect of a Decedent Medical expenses, Medical Expenses Standard, Standard Deduction Distributable net income, Distributable net income. 1040 ez form 2014 Distributions Deduction, Income Distribution Deduction Limit on deduction, Tax-exempt income not deductible. 1040 ez form 2014 Not treated as bequests, Distributions not treated as bequests. 1040 ez form 2014 Property, in kind, Property distributed in kind. 1040 ez form 2014 E Education savings account, Coverdell, Coverdell Education Savings Account (ESA), Coverdell education savings account (ESA). 1040 ez form 2014 Estate Income tax return, Income Tax Return of an Estate— Form 1041 Insolvent, Insolvent estate. 1040 ez form 2014 Period of administration, Period of Administration Tax deduction, Estate Tax Deduction Termination, Termination of Estate Transfer of unused deductions, Transfer of Unused Deductions to Beneficiaries Estate tax deduction, Estate Tax Deduction Estimated tax, Estimated tax. 1040 ez form 2014 , Transfer of Credit for Estimated Tax Payments Example Comprehensive, Comprehensive Example Decedent's final return, Final Return for Decedent—Form 1040 Estate's tax return, Income Tax Return of an Estate—Form 1041 Exemption Estate's tax return, Exemption Deduction Final return for decedent, Exemptions Expenses Accrued, Accrued expenses. 1040 ez form 2014 Administration, Administration Expenses Deductions in respect of decedent, Deductions in Respect of a Decedent Funeral, Funeral and Medical Expenses Medical, Medical Expenses, Medical and dental expenses of a decedent. 1040 ez form 2014 Extension to file Form 1041, Extension of time to file. 1040 ez form 2014 F Fiduciary relationship, Notice of fiduciary relationship. 1040 ez form 2014 Filing requirements Decedent's final return, Filing Requirements Estate's tax return, Filing Requirements Final return for decedent Credits, Credits Exemption and deductions, Exemptions and Deductions Filing requirements, Filing Requirements Income to include, Income To Include Joint return, Joint Return Name, address, and signature, Name, Address, and Signature Other taxes, Other Taxes Payments, Payments of Tax When and where to file, When and Where To File Who must file, Final Income Tax Return for Decedent—Form 1040 Form 1040NR, Nonresident Alien, Filing Requirements 1041, Income Tax Return of an Estate— Form 1041 1042, Nonresident alien beneficiary. 1040 ez form 2014 1310, Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer. 1040 ez form 2014 4810, Form 4810. 1040 ez form 2014 56, Notice of fiduciary relationship. 1040 ez form 2014 6251, Form 6251. 1040 ez form 2014 706, Estate and Gift Taxes SS–4, Identification number. 1040 ez form 2014 Free tax services, Free help with your tax return. 1040 ez form 2014 Funeral expenses, Funeral expenses. 1040 ez form 2014 G Gift, property, Gifts, Insurance, and Inheritances H Help (see Tax help) I Identification number, application, Identification number. 1040 ez form 2014 Income Community, Community Income Distributable net income, Distributable net income. 1040 ez form 2014 Distributed currently, Income That Must Be Distributed Currently Interest and dividend, Interest and Dividend Income (Forms 1099) Partnership, final return, Partnership Income S corporation, S Corporation Income Self-employment, Self-Employment Income Income in respect of decedent, Income in Respect of a Decedent, Inherited IRAs. 1040 ez form 2014 Income tax return of an estate Credits, tax, and payments, Credits, Tax, and Payments Exemption and deductions, Exemption and Deductions Filing requirements, Filing Requirements Income to include, Income To Include Name, address, and signature, Name, Address, and Signature When and where to file, When and Where To File Inherited IRAs, Inherited IRAs. 1040 ez form 2014 Inherited property, Gifts, Insurance, and Inheritances Installment obligations, Installment obligations. 1040 ez form 2014 , Installment obligations. 1040 ez form 2014 Insurance, Insurance J Joint return Revoked by personal representative, Personal representative may revoke joint return election. 1040 ez form 2014 Who can file, Joint Return L Losses Deduction on final return, Deduction for Losses Estate's tax return, Losses M Military or terrorist actions Claim for credit or refund, Claim for Credit or Refund Defined, Military or terrorist action defined. 1040 ez form 2014 Tax forgiveness, Tax Forgiveness for Armed Forces Members, Victims of Terrorism, and Astronauts N Notice of fiduciary relationship Form 56, Notice of fiduciary relationship. 1040 ez form 2014 P Partnership income, Partnership Income, Partnership income. 1040 ez form 2014 Penalty Information returns, Penalty. 1040 ez form 2014 Substantial valuation misstatement, Valuation misstatements. 1040 ez form 2014 Personal representative Defined, Personal Representative Duties, Duties Fees received, Fees Received by Personal Representatives Penalty, Penalty. 1040 ez form 2014 , Penalty. 1040 ez form 2014 Prompt assessment, request, Request for prompt assessment (charge) of tax. 1040 ez form 2014 Public safety officers, death benefits, Death benefits. 1040 ez form 2014 Publications (see Tax help) R Refund File for decedent, Refund Military or terrorist action deaths, Claim for Credit or Refund Release from liability, Request for discharge from personal liability for tax. 1040 ez form 2014 Return Decedent's final, Final Income Tax Return for Decedent—Form 1040 Estate's income tax, Income Tax Return of an Estate— Form 1041 Information, Information Returns Roth IRA, Roth IRAs. 1040 ez form 2014 S Separate shares rule, Separate shares rule. 1040 ez form 2014 Suggestions, Comments and suggestions. 1040 ez form 2014 Survivors Income, Other Items of Income Tax benefits, Tax Benefits for Survivors T Tax Alternative minimum Estate, Alternative minimum tax (AMT). 1040 ez form 2014 Individuals, Alternative minimum tax (AMT). 1040 ez form 2014 Benefits, survivors, Tax Benefits for Survivors Estimated, estate, Estimated tax. 1040 ez form 2014 , Transfer of Credit for Estimated Tax Payments Payments, final return, Payments of Tax Refund of income (claim), Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer. 1040 ez form 2014 Self-employment, Self-employment tax. 1040 ez form 2014 Transfer of credit, Transfer of Credit for Estimated Tax Payments Tax help, How To Get Tax Help Terrorist action, tax relief, Tax Forgiveness for Armed Forces Members, Victims of Terrorism, and Astronauts Terrorist victim, Specified Terrorist Victim TTY/TDD information, How To Get Tax Help V Valuation method Inherited property, Basis of Inherited Property Special-use, Special-use valuation. 1040 ez form 2014 Victims of terrorist attacks, Specified Terrorist Victim W Widows and widowers, tax benefits, Qualifying widows and widowers. 1040 ez form 2014 Prev  Up     Home   More Online 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Disposiciones Tributarias de la Ley de Cuidado de Salud a Bajo Precio

English

 

 Personas físicas
 y familias
 
 Empleadores
 
Otras organizaciones
 
La Ley de Cuidado de Salud, aborda las opciones de cobertura de seguro médico y ayuda financiera para personas físicas y familias, incluso el Crédito Tributario para Primas. El IRS, administra las disposiciones tributarias incluidas en la nueva ley. Visite CuidadoDeSalud.gov para más información sobre las opciones de cobertura y ayuda.
   
   
La Ley de Cuidado de Salud, contiene muchas disposiciones tributarias y otras para empleadores. El IRS administra las disposiciones tributarias incluidas en la ley. Visite CuidadoDeSalud.gov y SBA.gov/healthcare para más información sobre otras disposiciones.
 
 
  • Aseguradores
  • Ciertos Tipos de Negocios
  • Organizaciones Exentas y Gubernamentales

 

 

Page Last Reviewed or Updated: 26-Mar-2014

The 1040 Ez Form 2014

1040 ez form 2014 3. 1040 ez form 2014   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. 1040 ez form 2014 The allowance applies only for the first year you place the property in service. 1040 ez form 2014 For qualified property placed in service in 2013, you can take an additional 50% special allowance. 1040 ez form 2014 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. 1040 ez form 2014 This chapter explains what is qualified property. 1040 ez form 2014 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. 1040 ez form 2014 Corporations can elect to accelerate certain minimum tax credits in lieu of claiming the special depreciation allowance for eligible qualified property. 1040 ez form 2014 See Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance , later. 1040 ez form 2014 See chapter 6 for information about getting publications and forms. 1040 ez form 2014 What Is Qualified Property? Your property is qualified property if it is one of the following. 1040 ez form 2014 Qualified reuse and recycling property. 1040 ez form 2014 Qualified cellulosic biofuel plant property. 1040 ez form 2014 Qualified disaster assistance property. 1040 ez form 2014 Certain qualified property acquired after December 31, 2007. 1040 ez form 2014 The following discussions provide information about the types of qualified property listed above for which you can take the special depreciation allowance. 1040 ez form 2014 Qualified Reuse and Recycling Property You can take a 50% special depreciation allowance for qualified reuse and recycling property. 1040 ez form 2014 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). 1040 ez form 2014 Qualified reuse and recycling property also includes software necessary to operate such equipment. 1040 ez form 2014 The property must meet the following requirements. 1040 ez form 2014 The property must be depreciated under MACRS. 1040 ez form 2014 The property must have a useful life of at least 5 years. 1040 ez form 2014 The original use of the property must begin with you after August 31, 2008. 1040 ez form 2014 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. 1040 ez form 2014 The property must be placed in service for use in your trade or business after August 31, 2008. 1040 ez form 2014 Excepted Property Qualified reuse and recycling property does not include any of the following. 1040 ez form 2014 Any rolling stock or other equipment used to transport reuse or recyclable materials. 1040 ez form 2014 Property required to be depreciated using the Alternative Depreciation System (ADS). 1040 ez form 2014 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 . 1040 ez form 2014 Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. 1040 ez form 2014 Property for which you elected not to claim any special depreciation allowance (discussed later). 1040 ez form 2014 Property placed in service and disposed of in the same tax year. 1040 ez form 2014 Property converted from business use to personal use in the same tax year acquired. 1040 ez form 2014 Property converted from personal use to business use in the same or later tax year may be qualified reuse and recycling property. 1040 ez form 2014 Qualified Cellulosic Biofuel Plant Property You can take a 50% special depreciation allowance for qualified cellulosic biofuel plant property. 1040 ez form 2014 Cellulosic biofuel is any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis. 1040 ez form 2014 Examples include bagasse (from sugar cane), corn stalks, and switchgrass. 1040 ez form 2014 The property must meet the following requirements. 1040 ez form 2014 The property is used in the United States solely to produce cellulosic biofuel. 1040 ez form 2014 The original use of the property must begin with you after December 20, 2006. 1040 ez form 2014 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. 1040 ez form 2014 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. 1040 ez form 2014 Note. 1040 ez form 2014 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)). 1040 ez form 2014 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. 1040 ez form 2014 Special Rules Sale-leaseback. 1040 ez form 2014   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. 1040 ez form 2014   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. 1040 ez form 2014 Syndicated leasing transactions. 1040 ez form 2014   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. 1040 ez form 2014   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. 1040 ez form 2014 Excepted Property Qualified cellulosic biofuel plant property does not include any of the following. 1040 ez form 2014 Property placed in service and disposed of in the same tax year. 1040 ez form 2014 Property converted from business use to personal use in the same tax year it is acquired. 1040 ez form 2014 Property converted from personal use to business use in the same or later tax year may be qualified cellulosic biomass ethanol plant property. 1040 ez form 2014 Property required to be depreciated using the Alternative Depreciation System (ADS). 1040 ez form 2014 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 . 1040 ez form 2014 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. 1040 ez form 2014 Property for which you elected not to claim any special depreciation allowance (discussed later). 1040 ez form 2014 Property for which a deduction was taken under section 179C for certain qualified refinery property. 1040 ez form 2014 Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. 1040 ez form 2014 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. 1040 ez form 2014 A list of the federally declared disaster areas is available at the FEMA website at www. 1040 ez form 2014 fema. 1040 ez form 2014 gov. 1040 ez form 2014 Your property is qualified disaster assistance property if it meets the following requirements. 1040 ez form 2014 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. 1040 ez form 2014 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. 1040 ez form 2014 The property must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the applicable federally declared disaster. 1040 ez form 2014 The property must be similar in nature to, and located in the same county as, the rehabilitated or replaced property. 1040 ez form 2014 The original use of the property within the applicable disaster area must have begun with you on or after the applicable disaster date. 1040 ez form 2014 The property is placed in service by you on or before the date which is the last day of the fourth calendar year. 1040 ez form 2014 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. 1040 ez form 2014 It is not excepted property (explained later in Excepted Property ). 1040 ez form 2014 Special Rules Sale-leaseback. 1040 ez form 2014   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. 1040 ez form 2014   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. 1040 ez form 2014 Syndicated leasing transactions. 1040 ez form 2014   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. 1040 ez form 2014   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. 1040 ez form 2014 Excepted Property Qualified disaster assistance property does not include any of the following. 1040 ez form 2014 Property required to be depreciated using the Alternative Depreciation System (ADS). 1040 ez form 2014 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 . 1040 ez form 2014 Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103 of the Internal Revenue Code. 1040 ez form 2014 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. 1040 ez form 2014 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. 1040 ez form 2014 Any property for which the special allowance under section 168(k) or section 1400N(d) of the Internal Revenue Code applies. 1040 ez form 2014 Property for which you elected not to claim any special depreciation allowance (discussed later). 1040 ez form 2014 Property placed in service and disposed of in the same tax year. 1040 ez form 2014 Property converted from business use to personal use in the same tax year acquired. 1040 ez form 2014 Property converted from personal use to business use in the same or later tax year may be qualified disaster assistance property. 1040 ez form 2014 Any gambling or animal racing property (defined later). 1040 ez form 2014 Qualified revitalization building. 1040 ez form 2014   This is a commercial building and its structural components that you placed in service in a renewal community before January 1, 2010. 1040 ez form 2014 If the building is new, the original use of the building must begin with you. 1040 ez form 2014 If the building is not new, you must substantially rehabilitate the building and then place it in service. 1040 ez form 2014 For more information, including definitions of substantially rehabilitated building and qualified revitalization expenditure, see section 1400I(b) of the Internal Revenue Code. 1040 ez form 2014 Gambling or animal racing property. 1040 ez form 2014   Gambling or animal racing property includes the following personal and real property. 1040 ez form 2014 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. 1040 ez form 2014 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. 1040 ez form 2014 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. 1040 ez form 2014 Your property is qualified property if it meets the following requirements. 1040 ez form 2014 It is one of the following types of property. 1040 ez form 2014 Tangible property depreciated under MACRS with a recovery period of 20 years or less. 1040 ez form 2014 Water utility property. 1040 ez form 2014 Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. 1040 ez form 2014 (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. 1040 ez form 2014 ) Qualified leasehold improvement property (defined under Qualified leasehold improvement property later). 1040 ez form 2014 You must have acquired the property after December 31, 2007, with no binding written contract for the acquisition in effect before January 1, 2008. 1040 ez form 2014 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)). 1040 ez form 2014 The original use of the property must begin with you after December 31, 2007. 1040 ez form 2014 It is not excepted property (explained later in Excepted property). 1040 ez form 2014 Qualified leasehold improvement property. 1040 ez form 2014    Generally, this is any improvement to an interior part of a building that is nonresidential real property, if all the following requirements are met. 1040 ez form 2014 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. 1040 ez form 2014 That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. 1040 ez form 2014 The improvement is placed in service more than 3 years after the date the building was first placed in service by any person. 1040 ez form 2014 The improvement is section 1250 property. 1040 ez form 2014 See chapter 3 in Publication 544, Sales and Other Dispositions of Assets, for the definition of section 1250 property. 1040 ez form 2014   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. 1040 ez form 2014 The enlargement of the building. 1040 ez form 2014 Any elevator or escalator. 1040 ez form 2014 Any structural component benefiting a common area. 1040 ez form 2014 The internal structural framework of the building. 1040 ez form 2014   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. 1040 ez form 2014 However, a lease between related persons is not treated as a lease. 1040 ez form 2014 Related persons. 1040 ez form 2014   For this purpose, the following are related persons. 1040 ez form 2014 Members of an affiliated group. 1040 ez form 2014 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. 1040 ez form 2014 A corporation and an individual who directly or indirectly owns 80% or more of the value of the outstanding stock of that corporation. 1040 ez form 2014 Two corporations that are members of the same controlled group. 1040 ez form 2014 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. 1040 ez form 2014 The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. 1040 ez form 2014 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. 1040 ez form 2014 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. 1040 ez form 2014 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. 1040 ez form 2014 A corporation and a partnership if the same persons own both of the following. 1040 ez form 2014 80% or more of the value of the outstanding stock of the corporation. 1040 ez form 2014 80% or more of the capital or profits interest in the partnership. 1040 ez form 2014 The executor and beneficiary of any estate. 1040 ez form 2014 Long Production Period Property To be qualified property, long production period property must meet the following requirements. 1040 ez form 2014 It must meet the requirements in (2)-(5), above. 1040 ez form 2014 The property has a recovery period of at least 10 years or is transportation property. 1040 ez form 2014 Transportation property is tangible personal property used in the trade or business of transporting persons or property. 1040 ez form 2014 The property is subject to section 263A of the Internal Revenue Code. 1040 ez form 2014 The property has an estimated production period exceeding 1 year and an estimated production cost exceeding $1,000,000. 1040 ez form 2014 Noncommercial Aircraft To be qualified property, noncommercial aircraft must meet the following requirements. 1040 ez form 2014 It must meet the requirements in (2)-(5), above. 1040 ez form 2014 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). 1040 ez form 2014 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. 1040 ez form 2014 The aircraft must have an estimated production period exceeding four months and a cost exceeding $200,000. 1040 ez form 2014 Special Rules Sale-leaseback. 1040 ez form 2014   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. 1040 ez form 2014   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. 1040 ez form 2014 Syndicated leasing transactions. 1040 ez form 2014   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. 1040 ez form 2014   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. 1040 ez form 2014 Excepted Property Qualified property does not include any of the following. 1040 ez form 2014 Property placed in service and disposed of in the same tax year. 1040 ez form 2014 Property converted from business use to personal use in the same tax year acquired. 1040 ez form 2014 Property converted from personal use to business use in the same or later tax year may be qualified property. 1040 ez form 2014 Property required to be depreciated under the Alternative Depreciation System (ADS). 1040 ez form 2014 This includes listed property used 50% or less in a qualified business use. 1040 ez form 2014 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 . 1040 ez form 2014 Qualified restaurant property (as defined in section 168(e)(7) of the Internal Revenue Code). 1040 ez form 2014 Qualified retail improvement property (as defined in section 168(e)(8) of the Internal Revenue Code). 1040 ez form 2014 Property for which you elected not to claim any special depreciation allowance (discussed later). 1040 ez form 2014 Property for which you elected to accelerate certain credits in lieu of the special depreciation allowance (discussed next). 1040 ez form 2014 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. 1040 ez form 2014 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. 1040 ez form 2014 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. 1040 ez form 2014 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. 1040 ez form 2014 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. 1040 ez form 2014 See Which Depreciation Method Applies in chapter 4 . 1040 ez form 2014 Once made, the election cannot be revoked without IRS consent. 1040 ez form 2014 Additional guidance. 1040 ez form 2014   For additional guidance on the election to accelerate the research or minimum tax credit in lieu of claiming the special depreciation allowance, see Rev. 1040 ez form 2014 Proc. 1040 ez form 2014 2008-65 on page 1082 of Internal Revenue Bulletin 2008-44, available at www. 1040 ez form 2014 irs. 1040 ez form 2014 gov/pub/irs-irbs/irb08-44. 1040 ez form 2014 pdf, Rev. 1040 ez form 2014 Proc. 1040 ez form 2014 2009-16 on page 449 of Internal Revenue Bulletin 2009-06, available at www. 1040 ez form 2014 irs. 1040 ez form 2014 gov/pub/irs-irbs/irb09-06. 1040 ez form 2014 pdf, and Rev. 1040 ez form 2014 Proc. 1040 ez form 2014 2009-33 on page 150 of Internal Revenue Bulletin 2009-29, available at www. 1040 ez form 2014 irs. 1040 ez form 2014 gov/pub/irs-irbs/irb09-29. 1040 ez form 2014 pdf. 1040 ez form 2014 Also, see Form 3800, General Business Credit; Form 8827, Credit for Prior Year Minimum Tax — Corporations; and related instructions. 1040 ez form 2014   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. 1040 ez form 2014 irs. 1040 ez form 2014 gov/irb. 1040 ez form 2014 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%. 1040 ez form 2014 For qualified property other than listed property, enter the special allowance on line 14 in Part II of Form 4562. 1040 ez form 2014 For qualified property that is listed property, enter the special allowance on line 25 in Part V of Form 4562. 1040 ez form 2014 If you place qualified property in service in a short tax year, you can take the full amount of a special depreciation allowance. 1040 ez form 2014 Depreciable basis. 1040 ez form 2014   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. 1040 ez form 2014   The following are examples of some credits and deductions that reduce depreciable basis. 1040 ez form 2014 Any section 179 deduction. 1040 ez form 2014 Any deduction for removal of barriers to the disabled and the elderly. 1040 ez form 2014 Any disabled access credit, enhanced oil recovery credit, and credit for employer-provided childcare facilities and services. 1040 ez form 2014 Basis adjustment to investment credit property under section 50(c) of the Internal Revenue Code. 1040 ez form 2014   For additional credits and deductions that affect basis, see section 1016 of the Internal Revenue Code. 1040 ez form 2014   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 . 1040 ez form 2014 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 . 1040 ez form 2014 Depreciating the remaining cost. 1040 ez form 2014   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 . 1040 ez form 2014 Therefore, you must reduce the depreciable basis of the property by the special depreciation allowance before figuring your regular MACRS depreciation deduction. 1040 ez form 2014 Example. 1040 ez form 2014 On November 1, 2013, Tom Brown bought and placed in service in his business qualified property that cost $450,000. 1040 ez form 2014 He did not elect to claim a section 179 deduction. 1040 ez form 2014 He deducts 50% of the cost ($225,000) as a special depreciation allowance for 2013. 1040 ez form 2014 He uses the remaining $225,000 of cost to figure his regular MACRS depreciation deduction for 2013 and later years. 1040 ez form 2014 Like-kind exchanges and involuntary conversions. 1040 ez form 2014   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. 1040 ez form 2014 After you figure your special allowance, you can use the remaining carryover basis to figure your regular MACRS depreciation deduction. 1040 ez form 2014 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. 1040 ez form 2014 See Figuring the Deduction for Property Acquired in a Nontaxable Exchange , in chapter 4 under How Is the Depreciation Deduction Figured . 1040 ez form 2014 The excess basis (the part of the acquired property's basis that exceeds its carryover basis) is also eligible for a special depreciation allowance. 1040 ez form 2014 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. 1040 ez form 2014 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. 1040 ez form 2014 When to make election. 1040 ez form 2014   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. 1040 ez form 2014   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). 1040 ez form 2014 Attach the election statement to the amended return. 1040 ez form 2014 On the amended return, write “Filed pursuant to section 301. 1040 ez form 2014 9100-2. 1040 ez form 2014 ” Revoking an election. 1040 ez form 2014   Once you elect not to deduct a special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. 1040 ez form 2014 A request to revoke the election is a request for a letter ruling. 1040 ez form 2014 If you elect not to have any special allowance apply, the property may be subject to an alternative minimum tax adjustment for depreciation. 1040 ez form 2014 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. 1040 ez form 2014 See When Do You Recapture MACRS Depreciation in chapter 4 or more information. 1040 ez form 2014 Recapture of allowance deducted for qualified GO Zone property. 1040 ez form 2014   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. 1040 ez form 2014 For additional guidance, see Notice 2008-25 on page 484 of Internal Revenue Bulletin 2008-9. 1040 ez form 2014 Qualified cellulosic biomass ethanol plant property and qualified cellulosic biofuel plant property. 1040 ez form 2014   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. 1040 ez form 2014 Recapture of allowance for qualified Recovery Assistance property. 1040 ez form 2014   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. 1040 ez form 2014 For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. 1040 ez form 2014 Recapture of allowance for qualified disaster assistance property. 1040 ez form 2014   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. 1040 ez form 2014   For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. 1040 ez form 2014 Prev  Up  Next   Home   More Online Publications