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Filing An Amended Tax Return 2012

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Filing An Amended Tax Return 2012

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The Filing An Amended Tax Return 2012

Filing an amended tax return 2012 Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. Filing an amended tax return 2012 Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. Filing an amended tax return 2012 However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. Filing an amended tax return 2012 The new provisions are in the Supplement to Publication 463, which is reprinted below. Filing an amended tax return 2012 Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. Filing an amended tax return 2012 After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Filing an amended tax return 2012 Certain provisions of this new law may reduce your taxes for 2001. Filing an amended tax return 2012 The new law contains the following provisions. Filing an amended tax return 2012 A new depreciation deduction, the special depreciation allowance. Filing an amended tax return 2012 An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. Filing an amended tax return 2012 If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. Filing an amended tax return 2012 See Amended Return, later. Filing an amended tax return 2012 Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. Filing an amended tax return 2012 However, there is a limit on the depreciation deduction you can take for your car each year. Filing an amended tax return 2012 See Depreciation Limit later. Filing an amended tax return 2012 Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. Filing an amended tax return 2012 This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. Filing an amended tax return 2012 You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). Filing an amended tax return 2012 See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. Filing an amended tax return 2012 You can claim the special depreciation allowance only for the year the qualified property is placed in service. Filing an amended tax return 2012 Qualified property. Filing an amended tax return 2012   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. Filing an amended tax return 2012 You bought it new. Filing an amended tax return 2012 You bought it after September 10, 2001. Filing an amended tax return 2012 (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. Filing an amended tax return 2012 ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. Filing an amended tax return 2012 Example. Filing an amended tax return 2012 Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. Filing an amended tax return 2012 Bob's car is qualified property. Filing an amended tax return 2012 Bob chooses not to take a section 179 deduction for the car. Filing an amended tax return 2012 He does claim the new special depreciation allowance. Filing an amended tax return 2012 Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . Filing an amended tax return 2012 75). Filing an amended tax return 2012 He then figures the special depreciation allowance of $4,500 ($15,000 × . Filing an amended tax return 2012 30). Filing an amended tax return 2012 The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . Filing an amended tax return 2012 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). Filing an amended tax return 2012 However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . Filing an amended tax return 2012 75), as discussed next. Filing an amended tax return 2012 Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. Filing an amended tax return 2012 The limit is increased to $23,080 if the car is an electric car. Filing an amended tax return 2012 The section 179 deduction is treated as depreciation for purposes of this limit. Filing an amended tax return 2012 If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. Filing an amended tax return 2012 For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). Filing an amended tax return 2012 Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. Filing an amended tax return 2012 S. Filing an amended tax return 2012 Individual Income Tax Return, by April 15, 2003. Filing an amended tax return 2012 At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. Filing an amended tax return 2012 ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). Filing an amended tax return 2012 If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). Filing an amended tax return 2012 Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. Filing an amended tax return 2012 For details, see Revenue Procedure 2002–33. Filing an amended tax return 2012 (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. Filing an amended tax return 2012 ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. Filing an amended tax return 2012 Example. Filing an amended tax return 2012 The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . Filing an amended tax return 2012 75 x . Filing an amended tax return 2012 20) depreciation deduction for his new car using MACRS. Filing an amended tax return 2012 Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. Filing an amended tax return 2012 Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. Filing an amended tax return 2012 Bob's new filled-in Form 2106 is shown later. Filing an amended tax return 2012 Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. Filing an amended tax return 2012 As a general rule, you must make this election by the due date (including extensions) of your return. Filing an amended tax return 2012 You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. Filing an amended tax return 2012 To get this extension, you must have filed your original return by the due date (including extensions). Filing an amended tax return 2012 At the top of the statement, print “Filed pursuant to section 301. Filing an amended tax return 2012 9100–2. Filing an amended tax return 2012 ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. Filing an amended tax return 2012 Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. Filing an amended tax return 2012 Deemed election for return filed before June 1, 2002. Filing an amended tax return 2012   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. Filing an amended tax return 2012 You filed your 2001 return before June 1, 2002. Filing an amended tax return 2012 You claimed depreciation on your return but did not claim the special depreciation allowance. Filing an amended tax return 2012 You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. Filing an amended tax return 2012 Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications