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File State Taxes Only Free

2012 E File Tax ReturnFilling Out 1040x OnlineHow To Amend Tax Return2011 Tax FilingFiling 1040ez2011 Tax 1040 Form1040ex FormTurbotax Free For MilitaryTax Forms2013 State Income Tax FormsFree Irs Tax Forms 20122011 1040 EzH&r Block Tax Filing2006 Free Tax Filing1040ez InstructionsStudent Tax RefundHrblock 2010 Tax CalculatorIrs GovIrs Tax TablesAmended Tax Return FormFree Online Tax Filing 20122013 Colo State Tax FormsHr Block 2011How Can I File My 2010 Taxes2012 State TaxFile Taxes For FreeH&r Block Tax CutCan I Efile 1040xFederal Tax Forms 2011Tax Tips For 2012Tax FormsTax Forms 1040ezFree Tax Act 2011Irs Free Tax FilingOnline Tax PreparationFree Turbo Tax Filing 2013How Do I File 2009 Taxes OnlineFree Tax Extension FilingIrs Forms Amended Tax ReturnAmended Return

File State Taxes Only Free

File state taxes only free Index A Accelerated death benefits, Accelerated Death Benefits, Accelerated death benefits. File state taxes only free Archer MSA, HSA, Archer MSA, or Medicare Advantage MSA, HSA, Archer MSA, or a Medicare Advantage MSA. File state taxes only free Assistance (see Tax help) Astronauts Tax forgiveness, Astronauts B Basis Inherited property, Basis of Inherited Property Joint interest property, Joint interest. File state taxes only free Qualified joint interest, Qualified joint interest. File state taxes only free Beneficiary Basis of property, Basis of Inherited Property Character of distributions, Character of Distributions Excess deductions, Excess deductions. File state taxes only free Income received, Other Items of Income Liability, estate's income tax, Liability of the beneficiary. File state taxes only free Nonresident alien, Nonresident alien beneficiary. File state taxes only free Reporting distributions, How and When To Report Successor, Successor beneficiary. File state taxes only free Treatment of distributions, Distributions to Beneficiaries Unused loss carryovers, Unused loss carryovers. File state taxes only free 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. File state taxes only free Coverdell education savings account (ESA), Coverdell Education Savings Account (ESA), Coverdell education savings account (ESA). File state taxes only free Credit Child tax, Child tax credit. File state taxes only free Earned income, Earned income credit. File state taxes only free Elderly or disabled, Credit for the elderly or the disabled. File state taxes only free Final return for decedent, Credits General business, General business tax credit. File state taxes only free D Death benefits Accelerated, Accelerated Death Benefits, Accelerated death benefits. File state taxes only free Public safety officers, Death benefits. File state taxes only free 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. File state taxes only free Distributions Deduction, Income Distribution Deduction Limit on deduction, Tax-exempt income not deductible. File state taxes only free Not treated as bequests, Distributions not treated as bequests. File state taxes only free Property, in kind, Property distributed in kind. File state taxes only free E Education savings account, Coverdell, Coverdell Education Savings Account (ESA), Coverdell education savings account (ESA). File state taxes only free Estate Income tax return, Income Tax Return of an Estate— Form 1041 Insolvent, Insolvent estate. File state taxes only free 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. File state taxes only free , 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. File state taxes only free 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. File state taxes only free Extension to file Form 1041, Extension of time to file. File state taxes only free F Fiduciary relationship, Notice of fiduciary relationship. File state taxes only free 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. File state taxes only free 1310, Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer. File state taxes only free 4810, Form 4810. File state taxes only free 56, Notice of fiduciary relationship. File state taxes only free 6251, Form 6251. File state taxes only free 706, Estate and Gift Taxes SS–4, Identification number. File state taxes only free Free tax services, Free help with your tax return. File state taxes only free Funeral expenses, Funeral expenses. File state taxes only free G Gift, property, Gifts, Insurance, and Inheritances H Help (see Tax help) I Identification number, application, Identification number. File state taxes only free Income Community, Community Income Distributable net income, Distributable net income. File state taxes only free 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. File state taxes only free 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. File state taxes only free Inherited property, Gifts, Insurance, and Inheritances Installment obligations, Installment obligations. File state taxes only free , Installment obligations. File state taxes only free Insurance, Insurance J Joint return Revoked by personal representative, Personal representative may revoke joint return election. File state taxes only free 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. File state taxes only free Tax forgiveness, Tax Forgiveness for Armed Forces Members, Victims of Terrorism, and Astronauts N Notice of fiduciary relationship Form 56, Notice of fiduciary relationship. File state taxes only free P Partnership income, Partnership Income, Partnership income. File state taxes only free Penalty Information returns, Penalty. File state taxes only free Substantial valuation misstatement, Valuation misstatements. File state taxes only free Personal representative Defined, Personal Representative Duties, Duties Fees received, Fees Received by Personal Representatives Penalty, Penalty. File state taxes only free , Penalty. File state taxes only free Prompt assessment, request, Request for prompt assessment (charge) of tax. File state taxes only free Public safety officers, death benefits, Death benefits. File state taxes only free 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. File state taxes only free 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. File state taxes only free S Separate shares rule, Separate shares rule. File state taxes only free Suggestions, Comments and suggestions. File state taxes only free Survivors Income, Other Items of Income Tax benefits, Tax Benefits for Survivors T Tax Alternative minimum Estate, Alternative minimum tax (AMT). File state taxes only free Individuals, Alternative minimum tax (AMT). File state taxes only free Benefits, survivors, Tax Benefits for Survivors Estimated, estate, Estimated tax. File state taxes only free , 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. File state taxes only free Self-employment, Self-employment tax. File state taxes only free 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. File state taxes only free Victims of terrorist attacks, Specified Terrorist Victim W Widows and widowers, tax benefits, Qualifying widows and widowers. File state taxes only free Prev  Up     Home   More Online Publications
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Grain Inspection, Packers and Stockyards Administration

The Grain Inspection, Packers and Stockyards Administration was created to promote fair and competitive markets for the agricultural sector. It accomplishes this goal through standardization and inspection services.

Contact the Agency or Department

Website: Grain Inspection, Packers and Stockyards Administration

Address: Stop 3601, Room 2055-South Building
1400 Independence Ave SW

Washington, DC 20250-3601

Phone Number: (202) 720-0219

Toll-free: (800) 998-3447 (Violation Hotline)

The File State Taxes Only Free

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