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Filing 1040x Instructions

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Filing 1040x Instructions

Filing 1040x instructions Depreciation Table of Contents Introduction Special Depreciation AllowanceQualified Property Election Not To Claim the Allowance Rules for Returns Filed Before June 1, 2002 Passenger Automobiles New York Liberty Zone BenefitsSpecial Liberty Zone Depreciation Allowance Increased Section 179 Deduction Liberty Zone Leasehold Improvement Property If you depreciate business property that you acquired and placed in service after September 10, 2001, new law contains provisions that may affect your depreciation deduction for that property. Filing 1040x instructions Publication 946, How To Depreciate Property, contains information on depreciation. Filing 1040x instructions However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Filing 1040x instructions The new provisions are in the Supplement to Publication 946, which is reprinted below. Filing 1040x instructions Supplement to Publication 946 How To Depreciate Property   Introduction After Publication 946 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Filing 1040x instructions The new law made several changes in the tax rules explained in the publication. Filing 1040x instructions Some of the changes apply to property placed in service during 2001. Filing 1040x instructions This supplemental publication describes those changes and explains what you should do if you are affected by them. Filing 1040x instructions The situations and examples in Publication 946 do not reflect any of the changes made by the Job Creation and Worker Assistance Act of 2002. Filing 1040x instructions The new law contains the following provisions. Filing 1040x instructions 30% depreciation deductions (special depreciation allowance and special New York Liberty Zone (Liberty Zone) depreciation allowance) for the year qualified property is placed in service after September 10, 2001. Filing 1040x instructions An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Filing 1040x instructions A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Filing 1040x instructions An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Filing 1040x instructions If you believe you qualify for an increased deduction under any of these new rules, you must file the revised 2001 Form 4562 (dated March 2002) for 2001 calendar or fiscal years and 2000 fiscal years ending after September 10, 2001. Filing 1040x instructions If you have already filed a tax return, this supplemental publication explains how to claim these benefits and how to elect not to claim the special depreciation allowance or special Liberty Zone depreciation allowance. Filing 1040x instructions See Table 2 at the end of the supplement for an overview of the rules that apply if you filed your return before June 1, 2002. Filing 1040x instructions Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Filing 1040x instructions The allowance is an additional deduction of 30% of the property's depreciable basis. Filing 1040x instructions To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Filing 1040x instructions See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Filing 1040x instructions The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Filing 1040x instructions There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Filing 1040x instructions In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Filing 1040x instructions Example 1. Filing 1040x instructions On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Filing 1040x instructions You did not elect to claim a section 179 deduction. Filing 1040x instructions You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Filing 1040x instructions You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Filing 1040x instructions Example 2. Filing 1040x instructions The facts are the same as in Example 1, except that you choose to deduct $24,000 of the property's cost as a section 179 deduction. Filing 1040x instructions You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Filing 1040x instructions You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Filing 1040x instructions Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Filing 1040x instructions It is new property of one of the following types. Filing 1040x instructions Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Filing 1040x instructions See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Filing 1040x instructions Water utility property. Filing 1040x instructions See 25-year property on page 22 in Publication 946. Filing 1040x instructions Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Filing 1040x instructions (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Filing 1040x instructions ) Qualified leasehold improvement property (defined later). Filing 1040x instructions It meets the following tests (explained later under Tests To Be Met). Filing 1040x instructions Acquisition date test. Filing 1040x instructions Placed in service date test. Filing 1040x instructions Original use test. Filing 1040x instructions It is not excepted property (explained later under Excepted Property). Filing 1040x instructions Qualified leasehold improvement property. Filing 1040x instructions    Generally, this is any improvement to an interior part of a building that is nonresidential real property, provided all of the following requirements are met. Filing 1040x instructions The improvement is made under or pursuant to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Filing 1040x instructions That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Filing 1040x instructions The improvement is placed in service more than 3 years after the date the building was first placed in service. Filing 1040x instructions   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Filing 1040x instructions The enlargement of the building. Filing 1040x instructions Any elevator or escalator. Filing 1040x instructions Any structural component benefiting a common area. Filing 1040x instructions The internal structural framework of the building. Filing 1040x instructions   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. Filing 1040x instructions However, a binding commitment between related persons is not treated as a lease. Filing 1040x instructions Related persons. Filing 1040x instructions   For this purpose, the following are related persons. Filing 1040x instructions Members of an affiliated group. Filing 1040x instructions The persons listed in items (1) through (9) under Related persons on page 8 of Publication 946 (except that “80% or more” should be substituted for “more than 10%” each place it appears). Filing 1040x instructions An executor and a beneficiary of the same estate. Filing 1040x instructions Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Filing 1040x instructions Acquisition date test. Filing 1040x instructions    Generally, you must have acquired the property either: After September 10, 2001, and before September 11, 2004, but only if no written binding contract for the acquisition was in effect before September 11, 2001, or Pursuant to a written binding contract entered into after September 10, 2001, and before September 11, 2004. Filing 1040x instructions   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001, and before September 11, 2004. Filing 1040x instructions Placed in service date test. Filing 1040x instructions   Generally, the property must be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Filing 1040x instructions   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Filing 1040x instructions Original use test. Filing 1040x instructions   The original use of the property must have begun with you after September 10, 2001. Filing 1040x instructions “Original use” means the first use to which the property is put, whether or not by you. Filing 1040x instructions Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Filing 1040x instructions Excepted Property The following property does not qualify for the special depreciation allowance. Filing 1040x instructions Property used by any person before September 11, 2001. Filing 1040x instructions Property required to be depreciated using ADS. Filing 1040x instructions This includes listed property used 50% or less in a qualified business use. Filing 1040x instructions Qualified New York Liberty Zone leasehold improvement property (defined next). Filing 1040x instructions Qualified New York Liberty Zone leasehold improvement property. Filing 1040x instructions   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Filing 1040x instructions The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Filing 1040x instructions The improvement is placed in service after September 10, 2001, and before January 1, 2007. Filing 1040x instructions No written binding contract for the improvement was in effect before September 11, 2001. Filing 1040x instructions Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Filing 1040x instructions If you make this election for any property, it applies to all property in the same property class placed in service during the year. Filing 1040x instructions To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Filing 1040x instructions When to make election. Filing 1040x instructions   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. Filing 1040x instructions   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). Filing 1040x instructions Attach the election statement to the amended return. Filing 1040x instructions At the top of the election statement, write “Filed pursuant to section 301. Filing 1040x instructions 9100–2. Filing 1040x instructions ” Revoking an election. Filing 1040x instructions   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Filing 1040x instructions A request to revoke the election is subject to a user fee. Filing 1040x instructions Rules for Returns Filed Before June 1, 2002 The following rules apply if you placed qualified property in service after September 10, 2001, and filed your return before June 1, 2002. Filing 1040x instructions The rules apply to returns for the following years. Filing 1040x instructions 2000 fiscal years that end after September 10, 2001. Filing 1040x instructions 2001 calendar and fiscal years. Filing 1040x instructions Claiming the allowance. Filing 1040x instructions   If you did not claim the allowance on your return and did not make the election not to claim the allowance, you can do either of the following to claim the allowance. Filing 1040x instructions File an amended return by the due date (not including extensions) of your return for the year following the year the property was placed in service. Filing 1040x instructions Write “Filed Pursuant to Rev. Filing 1040x instructions Proc. Filing 1040x instructions 2002–33” at the top of the amended return. Filing 1040x instructions File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. Filing 1040x instructions Your return must be filed by the due date (including extensions). Filing 1040x instructions Write “Automatic Change Filed Under Rev. Filing 1040x instructions Proc. Filing 1040x instructions 2002–33” on the appropriate line of Form 3115. Filing 1040x instructions You must also file a copy (with signature) of the completed Form 3115 with the IRS National Office no later than when you file the original with your return. Filing 1040x instructions For more information about filing Form 3115, including the address to send it to, see Revenue Procedure 2002–9, Revenue Procedure 2002–19, and Revenue Procedure 2002–33. Filing 1040x instructions Example 1. Filing 1040x instructions You are an individual and you use the calendar year. Filing 1040x instructions You placed qualified property in service for your business in December 2001. Filing 1040x instructions You filed your 2001 income tax return before April 15, 2002. Filing 1040x instructions You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Filing 1040x instructions You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Filing 1040x instructions Proc. Filing 1040x instructions 2002–33” at the top of the amended return. Filing 1040x instructions You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. Filing 1040x instructions Example 2. Filing 1040x instructions The facts concerning your 2001 return are the same as in Example 1. Filing 1040x instructions In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Filing 1040x instructions You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Filing 1040x instructions Proc. Filing 1040x instructions 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Filing 1040x instructions You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. Filing 1040x instructions Electing not to claim the allowance. Filing 1040x instructions   Generally, you have elected not to claim the special depreciation allowance for a class of property if you: Filed your return timely (including extensions) for the year you placed qualified property in service and indicated on a statement with the return that you are not claiming the allowance, or Filed your return timely and filed an amended return within 6 months of the due date of the original return (not including extensions) and indicated on a statement with the amended return that you are not claiming the allowance. Filing 1040x instructions The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Filing 1040x instructions The statement can be either attached to or written on the return. Filing 1040x instructions You can, for example, write “not deducting 30%” on Form 4562. Filing 1040x instructions Deemed election. Filing 1040x instructions   If you have not followed either of the procedures described above to elect not to claim the allowance, you may still be treated as making the election. Filing 1040x instructions You will be treated as making the election if you meet both of the following conditions. Filing 1040x instructions You filed your return for the year you placed the property in service and claimed depreciation, but not the special allowance, for any class of property. Filing 1040x instructions You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Filing 1040x instructions See Claiming the allowance, earlier. Filing 1040x instructions Passenger Automobiles The limit on your depreciation deduction (including any section 179 deduction) for any passenger automobile that is qualified property (defined earlier) placed in service after September 10, 2001, and for which you claim the special depreciation allowance is increased. Filing 1040x instructions Generally, the limit is increased from $3,060 to $7,660. Filing 1040x instructions However, if the automobile is a qualified electric car, the limit is increased from $9,280 to $23,080 ($22,980 if placed in service in 2002). Filing 1040x instructions Table 1 shows the maximum deduction amounts for 2001. Filing 1040x instructions Table 1. Filing 1040x instructions Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Filing 1040x instructions 11 Placed in Service After Sept. Filing 1040x instructions 10 Passenger automobile $3,060 $7,660 Electric car 9,280 23,080 1 1$22,980 if you place an electric car in service in 2002. Filing 1040x instructions Election not to claim the allowance. Filing 1040x instructions   The increased maximum depreciation deduction does not apply if you elected not to claim the special depreciation allowance as explained earlier under Election Not To Claim the Allowance and Rules for Returns Filed Before June 1, 2002. Filing 1040x instructions New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Filing 1040x instructions They include a special depreciation allowance for the year you place the property in service, an increased section 179 deduction, and the classification of certain leasehold improvement property as 5-year property. Filing 1040x instructions Area defined. Filing 1040x instructions   The New York Liberty Zone is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway) in the Borough of Manhattan in the City of New York, New York. Filing 1040x instructions Special Liberty Zone Depreciation Allowance You can take a special depreciation allowance for qualified Liberty Zone property you place in service after September 10, 2001. Filing 1040x instructions The allowance is an additional deduction of 30% of the property's depreciable basis. Filing 1040x instructions To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Filing 1040x instructions See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Filing 1040x instructions The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Filing 1040x instructions There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Filing 1040x instructions In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Filing 1040x instructions You cannot claim the special Liberty Zone depreciation allowance for property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Filing 1040x instructions Qualified property is eligible for only one special depreciation allowance. Filing 1040x instructions Example 1. Filing 1040x instructions On November 1, 2001, you bought and placed in service in your business, which is in the Liberty Zone, qualified Liberty Zone property that cost $200,000. Filing 1040x instructions You did not elect to claim a section 179 deduction. Filing 1040x instructions You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Filing 1040x instructions You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Filing 1040x instructions Example 2. Filing 1040x instructions The facts are the same as in Example 1, except that you choose to deduct $59,000 of the property's cost as a section 179 deduction. Filing 1040x instructions (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Filing 1040x instructions You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Filing 1040x instructions You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Filing 1040x instructions Qualified Liberty Zone Property For a 2001 calendar or fiscal year and a 2000 fiscal year that ends after September 10, 2001, property qualifies for the special Liberty Zone depreciation allowance if it meets the following requirements. Filing 1040x instructions It is one of the following types of property. Filing 1040x instructions Used property depreciated under MACRS with a recovery period of 20 years or less. Filing 1040x instructions See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Filing 1040x instructions Used water utility property. Filing 1040x instructions See 25-year property on page 22 in Publication 946. Filing 1040x instructions Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Filing 1040x instructions (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Filing 1040x instructions ) Certain nonresidential real property and residential rental property (defined later). Filing 1040x instructions It meets the following tests (explained later under Tests to be met). Filing 1040x instructions Acquisition date test. Filing 1040x instructions Placed in service date test. Filing 1040x instructions Substantial use test. Filing 1040x instructions Original use test. Filing 1040x instructions It is not excepted property (explained later under Excepted property). Filing 1040x instructions Nonresidential real property and residential rental property. Filing 1040x instructions   This property is qualifying property only to the extent it rehabilitates real property damaged, or replaces real property destroyed or condemned, as a result of the terrorist attack of September 11, 2001. Filing 1040x instructions Property is treated as replacing destroyed or condemned property if, as part of an integrated plan, such property replaces real property included in a continuous area that includes real property destroyed or condemned. Filing 1040x instructions   For these purposes, real property is considered destroyed (or condemned) only if an entire building or structure was destroyed (or condemned) as a result of the terrorist attack. Filing 1040x instructions Otherwise, the property is considered damaged real property. Filing 1040x instructions For example, if certain structural components of a building (such as walls, floors, or plumbing fixtures) are damaged or destroyed as a result of the terrorist attack, but the building is not destroyed (or condemned), then only costs related to replacing the damaged or destroyed structural components qualify for the special Liberty Zone depreciation allowance. Filing 1040x instructions Tests to be met. Filing 1040x instructions   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Filing 1040x instructions Acquisition date test. Filing 1040x instructions   You must have acquired the property by purchase after September 10, 2001, and there must not have been a binding written contract for the acquisition in effect before September 11, 2001. Filing 1040x instructions   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Filing 1040x instructions   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001. Filing 1040x instructions Placed in service date test. Filing 1040x instructions   Generally, the property must be placed in service for use in your trade or business or for the production of income before January 1, 2007 (January 1, 2010, in the case of qualifying nonresidential real property and residential rental property). Filing 1040x instructions   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Filing 1040x instructions Substantial use test. Filing 1040x instructions   Substantially all use of the property must be in the Liberty Zone and in the active conduct of your trade or business in the Liberty Zone. Filing 1040x instructions Original use test. Filing 1040x instructions   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Filing 1040x instructions   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Filing 1040x instructions Also, additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test if the original use of the property in the Liberty Zone began with you. Filing 1040x instructions Excepted property. Filing 1040x instructions   The following property does not qualify for the special Liberty Zone depreciation allowance. Filing 1040x instructions Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Filing 1040x instructions Property required to be depreciated using ADS. Filing 1040x instructions This includes listed property used 50% or less in a qualified business use. Filing 1040x instructions Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Filing 1040x instructions Example. Filing 1040x instructions In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Filing 1040x instructions New office furniture with a MACRS recovery period of 7 years. Filing 1040x instructions A used computer with a MACRS recovery period of 5 years. Filing 1040x instructions The computer had not previously been used within the Liberty Zone. Filing 1040x instructions Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Filing 1040x instructions Because the computer is used property that had not previously been used in the Liberty Zone, it qualifies for the special Liberty Zone depreciation allowance, but not the special depreciation allowance. Filing 1040x instructions Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Filing 1040x instructions If you make this election for any property, it applies to all property in the same property class placed in service during the year. Filing 1040x instructions To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Filing 1040x instructions When to make the election. Filing 1040x instructions   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. Filing 1040x instructions   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). Filing 1040x instructions Attach the election statement to the amended return. Filing 1040x instructions At the top of the election statement, write “Filed pursuant to section 301. Filing 1040x instructions 9100–2. Filing 1040x instructions ” Revoking an election. Filing 1040x instructions   Once you elect not to deduct the special Liberty Zone depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Filing 1040x instructions A request to revoke the election is subject to a user fee. Filing 1040x instructions Returns filed before June 1, 2002. Filing 1040x instructions   The rules that apply to the special depreciation allowance discussed earlier in Rules for Returns Filed Before June 1, 2002 under Special Depreciation Allowance also apply to the special Liberty Zone depreciation allowance. Filing 1040x instructions Increased Section 179 Deduction Under section 179 of the Internal Revenue Code, you can choose to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. Filing 1040x instructions For tax years beginning in 2000, that limit was $20,000. Filing 1040x instructions For tax years beginning in 2001 and 2002, that limit is generally $24,000. Filing 1040x instructions If the cost of qualifying section 179 property placed in service in a year is over $200,000, you must reduce the dollar limit (but not below zero) by the amount of the cost over $200,000. Filing 1040x instructions Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Filing 1040x instructions The increase is the smaller of the following amounts. Filing 1040x instructions $35,000. Filing 1040x instructions The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Filing 1040x instructions If you use the revised 2001 Form 4562 (dated March 2002) for a tax year beginning in 2000, you must reduce the section 179 dollar limit to $20,000 before adding the additional amount for qualified property. Filing 1040x instructions Qualified property. Filing 1040x instructions   To qualify for the increased section 179 deduction, your property must be section 179 property that is either: Qualified Liberty Zone property, or Property that would be qualified Liberty Zone property except that it is eligible for the special depreciation allowance. Filing 1040x instructions Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Filing 1040x instructions Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Filing 1040x instructions For information on the requirements that must be met for property to qualify for the section 179 deduction, see What Property Qualifies? on page 14 of Publication 946. Filing 1040x instructions Example 1. Filing 1040x instructions In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Filing 1040x instructions Because this cost is less than $35,000, the dollar limit on the section 179 deduction is increased by $25,000 to $49,000 ($24,000 + $25,000). Filing 1040x instructions Example 2. Filing 1040x instructions In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Filing 1040x instructions Because $35,000 is less than the cost of the property you place in service, the dollar limit on the section 179 deduction you can claim is increased by $35,000 to $59,000 ($24,000 + $35,000). Filing 1040x instructions Reduced Dollar Limit Generally, you must reduce the dollar limit for a year by the cost of qualifying section 179 property placed in service in the year that is more than $200,000. Filing 1040x instructions However, if the cost of your Liberty Zone property exceeds $200,000, you take into account only 50% (instead of 100%) of the cost of qualified property placed in service in a year. Filing 1040x instructions Example. Filing 1040x instructions In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Filing 1040x instructions Your increased dollar limit is $59,000 ($35,000 + $24,000). Filing 1040x instructions Because 50% of the cost of the property you place in service ($230,000) is $30,000 more than $200,000, you must reduce your $59,000 dollar limit to $29,000 ($59,000 - $30,000). Filing 1040x instructions Recapture Rules Rules similar to those explained on page 20 of Publication 946 under When Must You Recapture the Deduction? apply with respect to any qualified property you stop using in the Liberty Zone. Filing 1040x instructions Returns Filed Before June 1, 2002 If you filed a return before June 1, 2002, and did not deduct the increased section 179 amount for qualified property placed in service after September 10, 2001, you can deduct the increased amount by filing an amended return by the due date (not including extensions) of the return for the year after the year the property was placed in service. Filing 1040x instructions This rule applies to returns for the following years. Filing 1040x instructions 2000 fiscal years that end after September 10, 2001. Filing 1040x instructions 2001 calendar and fiscal years. Filing 1040x instructions On the amended return, write “Filed Pursuant to Rev. Filing 1040x instructions Proc. Filing 1040x instructions 2002–33. Filing 1040x instructions ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. Filing 1040x instructions This means that it is depreciated over a recovery period of 5 years. Filing 1040x instructions For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Filing 1040x instructions The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Filing 1040x instructions Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Filing 1040x instructions Returns Filed Before June 1, 2002 If you filed either of the following returns before June 1, 2002, and did not depreciate qualified Liberty Zone leasehold improvement property placed in service during the tax year as 5-year property using the straight line method, you should file an amended return before you file your return for the year after the year the property was placed in service. Filing 1040x instructions Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Filing 1040x instructions Your 2001 calendar or fiscal year return. Filing 1040x instructions On the amended return, write “Filed Pursuant to Rev. Filing 1040x instructions Proc. Filing 1040x instructions 2002–33. Filing 1040x instructions ” Table 2. Filing 1040x instructions Rules for Returns Filed Before June 1, 2002 Note:This chart highlights the rules for returns affected by the Job Creation and Worker Assistance Act of 2002 that were filed before June 1, 2002, without accounting for any of the new benefits under the law. Filing 1040x instructions See the text for definitions and examples. Filing 1040x instructions Do not rely on this chart alone. Filing 1040x instructions IF you want to. Filing 1040x instructions . Filing 1040x instructions . Filing 1040x instructions THEN you. Filing 1040x instructions . Filing 1040x instructions . Filing 1040x instructions BY. Filing 1040x instructions . Filing 1040x instructions . Filing 1040x instructions claim the special depreciation allowance or special Liberty Zone depreciation allowance • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service, or • must file Form 3115, Application for Change in Accounting Method, with your return for the year after the year the property was placed in service • the due date (including extensions) of your return for the year after the year the property was placed in service, and • must file a copy of your completed Form 3115 with the IRS National Office • the date you file the original Form 3115 with your return for the year after the year the property was placed in service. Filing 1040x instructions elect not to claim the special depreciation allowance or the special Liberty Zone depreciation allowance 1 • must have filed your return timely for the year the property was placed in service, and   • must file an amended return stating you are not claiming the allowance • the date that is 6 months after the due date of the original return (not including extensions). Filing 1040x instructions deduct the increased section 179 amount • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service. Filing 1040x instructions use a 5-year recovery period for depreciating qualified Liberty Zone leasehold improvement property • should file an amended return • the date you file your return for the year after the year the property was placed in service. Filing 1040x instructions 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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SOI Tax Stats - Payments for SOI Data

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Page Last Reviewed or Updated: 24-Mar-2014

The Filing 1040x Instructions

Filing 1040x instructions Publication 3402 - Introductory Material Table of Contents Reminder IntroductionOrdering forms and publications. Filing 1040x instructions Tax questions. Filing 1040x instructions Useful Items - You may want to see: Reminder Photographs of missing children. Filing 1040x instructions  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Filing 1040x instructions Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Filing 1040x instructions You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Filing 1040x instructions Introduction This publication provides federal income, employment, and excise tax information for limited liability companies. Filing 1040x instructions This publication does not address state law governing the formation, operation, or termination of limited liability companies. Filing 1040x instructions This publication does not address any state taxes. Filing 1040x instructions Comments and suggestions. Filing 1040x instructions   We welcome your comments about this publication and your suggestions for future editions. Filing 1040x instructions   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Filing 1040x instructions NW, IR–6526 Washington, DC 20224   We respond to many letters by telephone. Filing 1040x instructions Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Filing 1040x instructions   You can email us at *taxforms@irs. Filing 1040x instructions gov. Filing 1040x instructions (The asterisk must be included in the address. Filing 1040x instructions ) Please put “Publications Comment” on the subject line. Filing 1040x instructions Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax products. Filing 1040x instructions Ordering forms and publications. Filing 1040x instructions   Visit www. Filing 1040x instructions irs. Filing 1040x instructions gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Filing 1040x instructions Internal Revenue Service1201 N. Filing 1040x instructions Mitsubishi MotorwayBloomington, IL 61705-6613 Tax questions. Filing 1040x instructions   If you have a tax question, check the information available on www. Filing 1040x instructions irs. Filing 1040x instructions gov or call 1-800-829-1040. Filing 1040x instructions We cannot answer tax questions sent to either of the above addresses. Filing 1040x instructions Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 505 Tax Withholding and Estimated Tax 535 Business Expenses 541 Partnerships 542 Corporations 544 Sales and Other Dispositions of Assets 583 Starting a Business and Keeping Records 925 Passive Activity and At-Risk Rules Form (and Instructions) 1065 U. Filing 1040x instructions S. Filing 1040x instructions Return of Partnership Income 1120 U. Filing 1040x instructions S. Filing 1040x instructions Corporation Income Tax Return 1120S U. Filing 1040x instructions S. Filing 1040x instructions Income Tax Return for an S Corporation 2553 Election by a Small Business Corporation 8832 Entity Classification Election See How To Get More Information near the end of this publication for information about getting publications and forms. Filing 1040x instructions Prev  Up  Next   Home   More Online Publications