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Forms For 2012 Income Tax

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Forms For 2012 Income Tax

Forms for 2012 income tax Accelerated Cost Recovery System (ACRS) Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: ACRS Defined What Can and Cannot Be Depreciated Under ACRSRecovery Property Nonrecovery Property How To Figure the DeductionUnadjusted Basis Classes of Recovery Property Recovery Periods Alternate ACRS Method (Modified Straight Line Method) ACRS Deduction in Short Tax Year DispositionsEarly dispositions of ACRS property other than 15-, 18-, or 19-year real property. Forms for 2012 income tax Dispositions — mass asset accounts. Forms for 2012 income tax Early dispositions — 15-year real property. Forms for 2012 income tax Early dispositions — 18- and 19-year real property. Forms for 2012 income tax Depreciation Recapture Topics - This chapter discusses: The definition of ACRS What can and cannot be depreciated under ACRS How to figure the deduction Dispositions Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets 551 Basis of Assets 583 Starting a Business and Keeping Records Form (and Instructions) 3115 Application for Change in Accounting Method 4562 Depreciation and Amortization The Accelerated Cost Recovery System (ACRS) applies to property first used before 1987. Forms for 2012 income tax It is the name given to tax rules for getting back (recovering) through depreciation deductions the cost of property used in a trade or business or to produce income. Forms for 2012 income tax These rules are mandatory and generally apply to tangible property placed in service after 1980 and before 1987. Forms for 2012 income tax If you placed property in service during this period, you must continue to figure your depreciation under ACRS. Forms for 2012 income tax If you used listed property placed in service after June 18, 1984, less than 50% for business in 1995, see Predominant Use Test in chapter 3. Forms for 2012 income tax Listed property includes cars, other means of transportation, and certain computers. Forms for 2012 income tax Any additions or improvements placed in service after 1986, including any components of a building (such as plumbing, wiring, storm windows, etc. Forms for 2012 income tax ), are depreciated using MACRS, discussed in chapter 3 of Publication 946. Forms for 2012 income tax It does not matter that the underlying property is depreciated under ACRS or one of the other methods. Forms for 2012 income tax ACRS Defined ACRS consists of accelerated depreciation methods and an alternate ACRS method that could have been elected. Forms for 2012 income tax The alternate ACRS method used a recovery percentage based on a modified straight line method. Forms for 2012 income tax The law prescribes fixed percentages to be uses for each class of property. Forms for 2012 income tax Property depreciable under ACRS is called recovery property. Forms for 2012 income tax The recovery class of property determines the recovery period. Forms for 2012 income tax Generally, the class life of property places it in a 3-year, 5-year, 10-year, 15-year, 18-year, or 19-year recovery class. Forms for 2012 income tax Under ACRS, the prescribed percentages are used to recover the unadjusted basis of recovery property. Forms for 2012 income tax To figure a depreciation deduction, you multiply the prescribed percentage for the recovery class by the unadjusted basis of the recovery property. Forms for 2012 income tax You must continue to figure your depreciation under ACRS for property placed in service after 1980 and before 1987. Forms for 2012 income tax For property you placed in service after 1986, you must use MACRS, discussed in chapter 3 of Publication 946. Forms for 2012 income tax What Can and Cannot Be Depreciated Under ACRS ACRS applies to most depreciable tangible property placed in service after 1980 and before 1987. Forms for 2012 income tax It includes new or used and real or personal property. Forms for 2012 income tax The property must be for use in a trade or business or for the production of income. Forms for 2012 income tax Property you acquired before 1981 or after 1986 is not ACRS recovery property. Forms for 2012 income tax For information on depreciating property acquired before 1981, see chapter 2. Forms for 2012 income tax For information on depreciating property acquired after 1986, see chapter 3 of Publication 946. Forms for 2012 income tax Recovery Property Recovery property under ACRS is tangible depreciable property placed in service after 1980 and before 1987. Forms for 2012 income tax It generally includes new or used property that you acquired after 1980 and before 1987 for use in your trade or business or for the production of income. Forms for 2012 income tax Nonrecovery Property You cannot use ACRS for property you placed in service before 1981 or after 1986. Forms for 2012 income tax Nonrecovery property also includes: Intangible property, Property you elected to exclude from ACRS that is properly depreciated under a method of depreciation that is not based on a term of years, Certain public utility property, and Certain property acquired and excluded from ACRS because of the antichurning rules. Forms for 2012 income tax Intangible property. Forms for 2012 income tax   Intangible property is not depreciated under ACRS. Forms for 2012 income tax Property depreciated under methods not expressed in a term of years. Forms for 2012 income tax   Certain property depreciated under a method not expressed in a term of years is not depreciated under ACRS. Forms for 2012 income tax This included any property: If you made an irrevocable election to exclude such property, and In the first year that you could have claimed depreciation, you properly used the unit-of-production method or any method of depreciation not expressed in a term of years (not including the retirement-replacement-betterment method). Forms for 2012 income tax Public utility property. Forms for 2012 income tax   Public utility property for which the taxpayer does not use a normalization method of accounting is excluded from ACRS and is subject to depreciation under a special rule. Forms for 2012 income tax Additions or improvements to ACRS property after 1986. Forms for 2012 income tax   Any additions or improvements placed in service after 1986, including any components of a building (plumbing, wiring, storm windows, etc. Forms for 2012 income tax ) are depreciated using MACRS, discussed in chapter 3 of Publication 946. Forms for 2012 income tax It does not matter that the underlying property is depreciated under ACRS or one of the other methods. Forms for 2012 income tax How To Figure the Deduction After you determine that your property can be depreciated under ACRS, you are ready to figure your deduction. Forms for 2012 income tax Because the conventions are built into the percentage table rates, you only need to know the following: The unadjusted basis of your recovery property, The classes of recovery property, The recovery periods, and Whether to use the prescribed percentages based on accelerated methods or percentages based on using the alternate ACRS method. Forms for 2012 income tax Unadjusted Basis To figure your ACRS deduction, you multiply the unadjusted basis in your recovery property by its applicable percentage for the year. Forms for 2012 income tax Unadjusted basis is the same amount you would use to figure gain on a sale, but it is figured without taking into account any depreciation taken in earlier years. Forms for 2012 income tax However, reduce your original basis by the amount of amortization taken on the property and by any section 179 deduction claimed as discussed in chapter 2 of Publication 946. Forms for 2012 income tax If you buy property, your unadjusted basis is usually its cost minus any amortized amount and minus any section 179 deduction elected. Forms for 2012 income tax If you acquire property in some other way, such as by inheriting it, getting it as a gift, or building it yourself, you figure your unadjusted basis under other rules. Forms for 2012 income tax See Publication 551. Forms for 2012 income tax Classes of Recovery Property All recovery property under ACRS is in one of the following classes. Forms for 2012 income tax The class for your property was determined when you began to depreciate it. Forms for 2012 income tax 3-Year Property 3-year property includes automobiles, light-duty trucks (actual unloaded weight less than 13,000 pounds), and tractor units for use over-the-road. Forms for 2012 income tax Race horses over 2 years old when placed in service are 3-year property. Forms for 2012 income tax Any other horses over 12 years old when you placed them in service are also included in the 3-year property class. Forms for 2012 income tax The ACRS percentages for 3-year recovery property are: Recovery Period Percentage 1st year 25% 2nd year 38% 3rd year 37% If you used the percentages above to depreciate your 3-year recovery property, your property, except for certain passenger automobiles, is fully depreciated. Forms for 2012 income tax You cannot claim depreciation for this property after 1988. Forms for 2012 income tax 5-Year Property 5-year property includes computers, copiers, and equipment, such as office furniture and fixtures. Forms for 2012 income tax It also includes single purpose agricultural or horticultural structures and petroleum storage facilities (other than buildings and their structural components). Forms for 2012 income tax The ACRS percentages for 5-year recovery property are: Recovery period Percentage 1st year 15% 2nd year 22% 3rd through 5th year 21% If you used the percentages above to depreciate your 5-year recovery property, it is fully depreciated. Forms for 2012 income tax You cannot claim depreciation for this property after 1990. Forms for 2012 income tax 10-Year Property 10-year property includes certain real property such as theme-park structures and certain public utility property. Forms for 2012 income tax Manufactured homes (including mobile homes) and railroad tank cars are also 10-year property. Forms for 2012 income tax You do not treat a building, and its structural components, as 10-year property by reason of a change in use after you placed the property in service. Forms for 2012 income tax For example, a building (15-year real property) that was placed in service in 1981 and was converted to a theme-park structure in 1986 remains 15-year real property. Forms for 2012 income tax The ACRS percentages for 10-year recovery property are: Recovery Period Percentage 1st year 8% 2nd year 14% 3rd year 12% 4th through 6th year 10% 7th through 10th year 9% If you used the percentages above, you cannot claim depreciation for this property after 1995. Forms for 2012 income tax Example. Forms for 2012 income tax On April 21, 1986, you bought and placed in service a new mobile home for $26,000 to be used as rental property. Forms for 2012 income tax You paid $10,000 cash and signed a note for $16,000 giving you an unadjusted basis of $26,000. Forms for 2012 income tax On June 8, 1986, you bought and placed in service a used mobile home for use as rental property at a total cost of $11,500. Forms for 2012 income tax The total unadjusted basis of your 10-year recovery property placed in service in 1986 was $37,500 ($26,000 + $11,500). Forms for 2012 income tax Your ACRS deduction was $3,000 (8% × $37,500). Forms for 2012 income tax In 1987, your ACRS deduction was $5,250 (14% × $37,500). Forms for 2012 income tax In 1988, your ACRS deduction was $4,500 (12% × $37,500). Forms for 2012 income tax In 1989, 1990, and 1991, your ACRS deduction was $3,750 (10% × $37,500). Forms for 2012 income tax In 1992, 1993, 1994, and 1995 your deduction for each year is $3,375 (9% × $37,500). Forms for 2012 income tax 15-Year Real Property 15-year real property is real property that is recovery property placed in service before March 16, 1984. Forms for 2012 income tax It includes all real property, such as buildings, other than that designated as 5-year or 10-year property. Forms for 2012 income tax Unlike the 3-, 5-, or 10-year classes of property, the percentages for 15-year real property depend on when you placed the property in service during your tax year. Forms for 2012 income tax You could group 15-year real property by month and year placed in service. Forms for 2012 income tax In Table 1, at the end of this publication in the Appendix, find the month in your tax year that you placed the property in service in your trade or business or for the production of income. Forms for 2012 income tax You use the percentages listed under that month for each year of the recovery period to determine your depreciation deduction each year. Forms for 2012 income tax Example. Forms for 2012 income tax On March 5, 1984, you placed an apartment building in service in your business. Forms for 2012 income tax It is 15-year real property. Forms for 2012 income tax After subtracting the value of the land, your unadjusted basis in the building is $250,000. Forms for 2012 income tax You use the calendar year as your tax year. Forms for 2012 income tax March is the third month of your tax year. Forms for 2012 income tax Your ACRS deduction for 1984 was $25,000 (10% × $250,000). Forms for 2012 income tax For 1985, the percentage for the third month of the second year of the recovery period is 11%. Forms for 2012 income tax Your deduction was $27,500 (11% × $250,000). Forms for 2012 income tax For the third, fourth, and fifth years of the recovery period (1986, 1987, and 1988), the percentages are 9%, 8%, and 7%. Forms for 2012 income tax For 1989 through 1992, the percentage for the third month is 6%. Forms for 2012 income tax Your deduction each year is $15,000 (6% × $250,000). Forms for 2012 income tax For 1993, 1994, and 1995, the percentage for the third month is 5%. Forms for 2012 income tax Your depreciation deduction is $12,500 (5% × $250,000) for 1993, 1994, and 1995. Forms for 2012 income tax Low-Income Housing Low-income housing that was assigned a 15-year recovery period under ACRS includes the following types of property: Federally assisted housing projects where the mortgage is insured under section 221(d)(3) or 236 of the National Housing Act, or housing financed or assisted by direct loan or tax abatement under similar provisions of state or local laws. Forms for 2012 income tax Low-income rental housing for which a depreciation deduction for rehabilitation expenditures is allowed. Forms for 2012 income tax Low-income rental housing held for occupancy by families or individuals eligible to receive subsidies under section 8 of the United States Housing Act of 1937, as amended, or under the provisions of state or local laws that authorize similar subsidies for low-income families. Forms for 2012 income tax Housing financed or assisted by direct loan or insured under Title V of the Housing Act of 1949. Forms for 2012 income tax The ACRS percentages for low-income housing real property, like the regular 15-year real property percentages, depend on when you placed the property in service. Forms for 2012 income tax Find the month in your tax year in Table 2 or 3 at the end of this publication in the Appendix that you first placed the property in service as rental housing. Forms for 2012 income tax Use the percentages listed under that month for each year of the recovery period. Forms for 2012 income tax Table 2 shows percentages for low-income housing placed in service before May 9, 1985. Forms for 2012 income tax Table 3 shows percentages for low-income housing placed in service after May 8, 1985, and before 1987. Forms for 2012 income tax Example. Forms for 2012 income tax In May 1986, you acquired and placed in service a house that qualified as low-income rental housing under item 3) of the above listing. Forms for 2012 income tax You use the calendar year as your tax year. Forms for 2012 income tax You use Table C–3 because the property was placed in service after May 8, 1985. Forms for 2012 income tax Your unadjusted basis for the property, not including the land, was $59,000. Forms for 2012 income tax Your deduction for 1986 through 2001 is shown in the following table. Forms for 2012 income tax Year Rate Deduction 1986 8. Forms for 2012 income tax 9% $5,251 1987 12. Forms for 2012 income tax 1% 7,139 1988 10. Forms for 2012 income tax 5% 6,195 1989 9. Forms for 2012 income tax 1% 5,369 1990 7. Forms for 2012 income tax 9% 4,661 1991 6. Forms for 2012 income tax 9% 4,071 1992 5. Forms for 2012 income tax 9% 3,481 1993 5. Forms for 2012 income tax 2% 3,068 1994 4. Forms for 2012 income tax 6% 2,714 1995 4. Forms for 2012 income tax 6% 2,714 1996 4. Forms for 2012 income tax 6% 2,714 1997 4. Forms for 2012 income tax 6% 2,714 1998 4. Forms for 2012 income tax 6% 2,714 1999 4. Forms for 2012 income tax 5% 2,655 2000 4. Forms for 2012 income tax 5% 2,655 2001 1. Forms for 2012 income tax 5% 885 18-Year Real Property 18-year real property is real property that is recovery property placed in service after March 15, 1984, and before May 9, 1985. Forms for 2012 income tax It includes real property, such as buildings, other than that designated as 5-year, 10-year, 15-year real property, or low-income housing. Forms for 2012 income tax The ACRS percentages for 18-year real property depend on when you placed the property in service in your trade or business or for the production of income during your tax year. Forms for 2012 income tax There are also tables for 18-year real property in the Appendix. Forms for 2012 income tax Table 4 shows the percentages for 18-year real property you placed in service after June 22, 1984, and before May 9, 1985. Forms for 2012 income tax Table 5 is for 18-year real property placed in service after March 15, 1984, and before June 23, 1984. Forms for 2012 income tax Find the month in your tax year that you placed the property in service in a trade or business or for the production of income. Forms for 2012 income tax Use the percentages listed under that month for each year of the recovery period. Forms for 2012 income tax Example. Forms for 2012 income tax On April 28, 1985, you bought and placed in service a rental house. Forms for 2012 income tax The house, not including the land, cost $95,000. Forms for 2012 income tax This is your unadjusted basis for the house. Forms for 2012 income tax You use the calendar year as your tax year. Forms for 2012 income tax Because the house was placed in service after June 22, 1984, and before May 9, 1985, it is 18-year real property. Forms for 2012 income tax You use Table 4 to figure your deduction for the house. Forms for 2012 income tax April is the fourth month of your tax year. Forms for 2012 income tax Your deduction for 1985 through 2003 is shown in the following table. Forms for 2012 income tax Year Rate Deduction 1985 7. Forms for 2012 income tax 0% $6,650 1986 9. Forms for 2012 income tax 0% 8,550 1987 8. Forms for 2012 income tax 0% 7,600 1988 7. Forms for 2012 income tax 0% 6,650 1989 7. Forms for 2012 income tax 0% 6,650 1990 6. Forms for 2012 income tax 0% 5,700 1991 5. Forms for 2012 income tax 0% 4,750 1992 5. Forms for 2012 income tax 0% 4,750 1993 5. Forms for 2012 income tax 0% 4,750 1994 5. Forms for 2012 income tax 0% 4,750 1995 5. Forms for 2012 income tax 0% 4,750 1996 5. Forms for 2012 income tax 0% 4,750 1997 5. Forms for 2012 income tax 0% 4,750 1998 4. Forms for 2012 income tax 0% 3,800 1999 4. Forms for 2012 income tax 0% 3,800 2000 4. Forms for 2012 income tax 0% 3,800 2001 4. Forms for 2012 income tax 0% 3,800 2002 4. Forms for 2012 income tax 0% 3,800 2003 1. Forms for 2012 income tax 0% 950 19-Year Real Property 19-year real property is real property that is recovery property placed in service after May 8, 1985, and before 1987. Forms for 2012 income tax It includes all real property, other than that designated as 5-year, 10-year, 15-year, or 18-year real property, or low-income housing. Forms for 2012 income tax The ACRS percentages for 19-year real property depend on when you placed the property in service in a trade or business or for the production of income during your tax year. Forms for 2012 income tax Table 6 shows the percentages for 19-year real property. Forms for 2012 income tax You find the month in your tax year that you placed the property in service. Forms for 2012 income tax You use the percentages listed under that month for each year of the recovery period. Forms for 2012 income tax Recovery Periods Each item of recovery property is assigned to a class of property. Forms for 2012 income tax The classes of recovery property establish the recovery periods over which the unadjusted basis of items in a class is recovered. Forms for 2012 income tax The classes of property are: 3-Year property 5-Year property 10-Year property 15-Year real property Low-income housing 18-Year real property 19-Year real property Alternate ACRS Method (Modified Straight Line Method) ACRS provides an alternate ACRS method that could be elected. Forms for 2012 income tax This alternate ACRS method uses a recovery percentage based on a modified straight line method. Forms for 2012 income tax This alternate ACRS method generally uses percentages other than those from the tables. Forms for 2012 income tax If you elected the alternate ACRS method, you determine the recovery period by using the following schedule. Forms for 2012 income tax This schedule is for other than 18- and 19-year real property and low-income housing: In the case of: You could have elected a recovery period of: 3-year property 3, 5, or 12 years 5-year property 5, 12, or 25 years 15-year real property 15, 35, or 45 years Percentages. Forms for 2012 income tax   The straight-line percentages for the alternate ACRS method are: Recovery Period Percentage 5 years 20. Forms for 2012 income tax 00% 10 years 10. Forms for 2012 income tax 00% 12 years 8. Forms for 2012 income tax 333% 15 years 6. Forms for 2012 income tax 667% 25 years 4. Forms for 2012 income tax 00% 35 years 2. Forms for 2012 income tax 857%   You apply the percentage to the unadjusted basis(defined earlier) of the property to figure your ACRS deduction. Forms for 2012 income tax There are tables for 18- and 19-year real property later in this publication in the Appendix. Forms for 2012 income tax For 15-year real property, see 15-year real property, later. Forms for 2012 income tax 3-, 5-, and 10-year property. Forms for 2012 income tax   If you elected to use an alternate recovery percentage, you have to use the same recovery percentage for all property in that class that you placed in service in that tax year. Forms for 2012 income tax This applies throughout the recovery period you selected. Forms for 2012 income tax Half-year convention. Forms for 2012 income tax   If you elected the alternate method, only a half-year of depreciation was deducted for the year you placed the property in service. Forms for 2012 income tax This applied regardless of when in the tax year you placed the property in service. Forms for 2012 income tax For each of the remaining years in the recovery period, you take a full year's deduction. Forms for 2012 income tax If you hold the property for the entire recovery period, a half-year of depreciation is allowable for the year following the end of the recovery period. Forms for 2012 income tax Example. Forms for 2012 income tax You operate a small upholstery business. Forms for 2012 income tax On March 19, 1986, you bought and placed in service a $13,000 light-duty panel truck to be used in your business and a $500 electric saw. Forms for 2012 income tax You elected to use the alternate ACRS method. Forms for 2012 income tax You did not elect to take a section 179 deduction. Forms for 2012 income tax You decided to recover the cost of the truck, which is 3-year recovery property, over 5 years. Forms for 2012 income tax The saw is 5-year property, but you decided to recover its cost over 12 years. Forms for 2012 income tax For 1986, your ACRS deduction reflected the half-year convention. Forms for 2012 income tax In the first year, you deducted half of the amount determined for a full year. Forms for 2012 income tax Your ACRS deduction for 1986 is as follows: Light-duty truck   5 years straight line = 20% 20% ÷ $13,000 = $2,600 Half-year convention -½ of $2,600= $1,300. Forms for 2012 income tax 00     Electric saw   12 years straight line = 8. Forms for 2012 income tax 333% 8. Forms for 2012 income tax 333% ÷ $500 = $41. Forms for 2012 income tax 67 Half-year convention -½ of $41. Forms for 2012 income tax 67= 20. Forms for 2012 income tax 84 Total ACRS deduction for 1986 $1,320. Forms for 2012 income tax 84       You take a full year of depreciation for both the truck and the saw for the years 1987 through 1990. Forms for 2012 income tax Your ACRS deduction for each of those years is as follows: Light-duty truck   5 years straight line = 20% 20% ÷ $13,000 = $2,600     Electric saw     12 years straight line = 8. Forms for 2012 income tax 333% 8. Forms for 2012 income tax 333% ÷ $500 = $41. Forms for 2012 income tax 67 Total annual ACRS deduction for 1987 through 1990 $2,641. Forms for 2012 income tax 67       In 1991, you take a half-year of depreciation for the truck and a full year of depreciation for the saw. Forms for 2012 income tax Your ACRS deduction for 1991 is as follows: Light-duty truck   5 years straight line = 20% 20% ÷ $13,000 = $2,600 Half-year convention -½ of $2,600= $1,300. Forms for 2012 income tax 00     Electric saw   12 years straight line = 8. Forms for 2012 income tax 333% 8. Forms for 2012 income tax 333% ÷ $500 = $41. Forms for 2012 income tax 67 Total ACRS deduction for 1991 $1,341. Forms for 2012 income tax 67       The truck is fully depreciated after 1991. Forms for 2012 income tax You take a full year of depreciation for the saw for the years 1992 through 1997. Forms for 2012 income tax Your ACRS deduction for each of those years is as follows: Electric saw     12 years straight line = 8. Forms for 2012 income tax 333% 8. Forms for 2012 income tax 333% ÷ $500 = $41. Forms for 2012 income tax 67 Total annual ACRS deduction for 1992 through 1997 $41. Forms for 2012 income tax 67       You take a half-year of depreciation for the saw for 1998. Forms for 2012 income tax Your ACRS deduction for 1998 is as follows: Electric saw   12 years straight line = 8. Forms for 2012 income tax 333% 8. Forms for 2012 income tax 333% ÷ $500 = $41. Forms for 2012 income tax 67 Half-year convention -½ of $41. Forms for 2012 income tax 67= 20. Forms for 2012 income tax 84 Total ACRS deduction for 1998 $20. Forms for 2012 income tax 84       The saw is fully depreciated after 1998. Forms for 2012 income tax 15-year real property. Forms for 2012 income tax   Under ACRS, you could also elect to use the alternate ACRS method for 15-year real property. Forms for 2012 income tax The alternate ACRS method allows you to depreciate your 15-year real property using the straight line ACRS method over the alternate recovery periods of 15, 35, or 45 years. Forms for 2012 income tax If you selected a 15-year recovery period, you use the percentage (6. Forms for 2012 income tax 667%) from the schedule above. Forms for 2012 income tax You prorate this percentage for the number of months the property was in service in the first year. Forms for 2012 income tax If you selected a 35- or 45-year recovery period, you use either Table 11 or 15. Forms for 2012 income tax Alternate periods for 18-year real property. Forms for 2012 income tax   For 18-year real property, the alternate recovery periods are 18, 35, or 45 years. Forms for 2012 income tax The percentages for 18-year real property under the alternate method are in Tables 7, 8, 10, 11, 14, and 15 in the Appendix. Forms for 2012 income tax There are two tables for each alternate recovery period. Forms for 2012 income tax One table shows the percentage for property placed in service after June 22, 1984. Forms for 2012 income tax The other table has the percentages for property placed in service after March 15, 1984, and before June 23, 1984. Forms for 2012 income tax Alternate periods for 19-year real property. Forms for 2012 income tax   For 19-year real property, the alternate recovery periods are 19, 35, or 45 years. Forms for 2012 income tax If you selected a 19-year recovery period, use Table 9 to determine your deduction. Forms for 2012 income tax If you select a 35- or 45-year recovery period, use either Table 13 or 14. Forms for 2012 income tax Example. Forms for 2012 income tax You placed in service an apartment building on August 3, 1986. Forms for 2012 income tax The building is 19-year real property. Forms for 2012 income tax The sales contract allocated $300,000 to the building and $100,000 to the land. Forms for 2012 income tax You use the calendar year as your tax year. Forms for 2012 income tax You chose the alternate ACRS method over a recovery period of 35 years. Forms for 2012 income tax For 1986, you figure your ACRS deduction usingTable 13. Forms for 2012 income tax August is the eighth month of your tax year. Forms for 2012 income tax The percentage from Table 13 for the eighth month is 1. Forms for 2012 income tax 1%. Forms for 2012 income tax Your deduction was $3,300 ($300,000 ÷ 1. Forms for 2012 income tax 1%). Forms for 2012 income tax The deduction rate from ACRS Table 13 for years 2 through 20 is 2. Forms for 2012 income tax 9% so that your deduction in 1987 through 2005 is $8,700 ($300,000 ÷ 2. Forms for 2012 income tax 9%). Forms for 2012 income tax Alternate periods for low-income housing. Forms for 2012 income tax   For low-income housing, the alternate recovery periods are 15, 35, or 45 years. Forms for 2012 income tax If you selected a 15-year period for this property, use 6. Forms for 2012 income tax 667% as the percentage. Forms for 2012 income tax If you selected a 35- or 45-year period, use either Table 11, 12, or 15. Forms for 2012 income tax Election. Forms for 2012 income tax   You had to make the election to use the alternate ACRS method by the return due date (including extensions) for the tax year you placed the property in service. Forms for 2012 income tax Revocation of election. Forms for 2012 income tax   Your election to use an alternate ACRS method, once made, can be changed only with the consent of the Commissioner. Forms for 2012 income tax The Commissioner grants consent only in extraordinary circumstances. Forms for 2012 income tax Any request for a revocation will be considered a request for a ruling. Forms for 2012 income tax ACRS Deduction in Short Tax Year For a tax year that is less than 12 months, the ACRS deduction is prorated on a 12-month basis. Forms for 2012 income tax Figure the amount of the ACRS deduction for a short tax year as follows: First, you figure the ACRS deduction for a full year. Forms for 2012 income tax You figure this by multiplying the unadjusted basis by the recovery percentage. Forms for 2012 income tax You then multiply the ACRS deduction determined for a full tax year by a fraction. Forms for 2012 income tax The numerator (top number) of the fraction is the number of months in the short tax year and the denominator (bottom number) is 12. Forms for 2012 income tax For example, a corporation placed in service in June 1986 an item of 3-year property with an unadjusted basis of $10,000. Forms for 2012 income tax The corporation files a tax return, because of a change in its accounting period, for the 6-month short tax year ending June 30, 1986. Forms for 2012 income tax The full year's ACRS deduction for this item is $2,500 ($10,000 ÷ 25%), the first year percentage from the 3-year table. Forms for 2012 income tax The ACRS deduction for the short tax year is $1,250 ($2,500 ÷ 6/12). Forms for 2012 income tax You use the full ACRS percentages during the remaining years of the recovery period. Forms for 2012 income tax For the first tax year after the recovery period, the unrecovered basis will be deductible. Forms for 2012 income tax Exception. Forms for 2012 income tax   For the tax year in which you placed 15-, 18-, or 19-year real property in service or in the tax year you dispose of it, you compute the ACRS deduction for the number of months that the property is in service during that tax year. Forms for 2012 income tax You compute the number of months using either a full month or mid-month convention. Forms for 2012 income tax This is true regardless of the number of months in the tax year and the recovery period and method used. Forms for 2012 income tax Dispositions A disposition is the permanent withdrawal of property from use in your trade or business or in the production of income. Forms for 2012 income tax You can make a withdrawal by sale, exchange, retirement, abandonment, or destruction. Forms for 2012 income tax You generally recognize gain or loss on the disposition of an asset by sale. Forms for 2012 income tax However, nonrecognition rules can allow you to postpone some gain. Forms for 2012 income tax See Publication 544. Forms for 2012 income tax If you physically abandon property, you can deduct as a loss the adjusted basis of the asset at the time of its abandonment. Forms for 2012 income tax Your intent must be to discard the asset so that you will not use it again or retrieve it for sale, exchange, or other disposition. Forms for 2012 income tax Early dispositions. Forms for 2012 income tax   The disposal of an asset before the end of its specified recovery period, is referred to as an early disposition. Forms for 2012 income tax When an early disposition occurs, the depreciation deduction in the year of disposition depends on the class of property involved. Forms for 2012 income tax Early dispositions of ACRS property other than 15-, 18-, or 19-year real property. Forms for 2012 income tax   Generally, you get no ACRS deduction for the tax year in which you dispose of or retire recovery property, except for 15-, 18-, and 19-year real property. Forms for 2012 income tax This means there is no depreciation deduction under ACRS in the year you dispose of or retire any of your 3-, 5-, or 10-year recovery property. Forms for 2012 income tax Dispositions — mass asset accounts. Forms for 2012 income tax   The law provides a special rule to avoid the calculation of gain on the disposition of assets from mass asset accounts. Forms for 2012 income tax A mass asset account includes items usually minor in value in relation to the group, numerous in quantity, impractical to separately identify, and not usually accounted for on a separate basis, but on a total dollar value. Forms for 2012 income tax Examples of mass assets include minor items of office, plant, and store furniture and fixtures. Forms for 2012 income tax   Under the special rule, if you elected to use a mass asset account, you recognize gain to the extent of the proceeds from the disposition of the asset. Forms for 2012 income tax You leave the unadjusted basis of the property in the account until recovered in future years. Forms for 2012 income tax If you did this, include the total proceeds realized from the disposition in income on the tax return for the year of disposition. Forms for 2012 income tax Early dispositions — 15-year real property. Forms for 2012 income tax   If you dispose of 15-year real property, you base your ACRS deduction for the year of disposition on the number of months in use. Forms for 2012 income tax You use a full-month convention. Forms for 2012 income tax For a disposition at any time during a particular month before the end of the recovery period, no deduction is allowed for the month of disposition. Forms for 2012 income tax This applies whether you use the regular ACRS method or elected the alternate ACRS method. Forms for 2012 income tax Example. Forms for 2012 income tax You purchased and placed in service a rental house on March 2, 1984, for $98,000 (not including the cost of land). Forms for 2012 income tax You file your return based on a calendar year. Forms for 2012 income tax Your rate from Table 1 for the third month is 10%. Forms for 2012 income tax Your ACRS deduction for 1984 was $9,800 ($98. Forms for 2012 income tax 000 ÷ 10%). Forms for 2012 income tax For 1985 through 1988, you figured your ACRS deductions using 11%, 9%, 8%, and 7% ÷ $98,000. Forms for 2012 income tax For 1989 through 1992, you figured your ACRS deductions using 6% for each year. Forms for 2012 income tax The deduction each year was $98,000 ÷ 6%. Forms for 2012 income tax For 1993 and 1994, the ACRS deduction is ($98,000 ÷ 5%) $4,900 for each year. Forms for 2012 income tax You sell the house on June 1, 1995. Forms for 2012 income tax You figure your ACRS deduction for 1995 for the full year and then prorate that amount for the months of use. Forms for 2012 income tax The full ACRS deduction for 1995 is $4,900 ($98,000 ÷ 5%). Forms for 2012 income tax You then prorate this amount to the 5 months in 1995 during which it was rented. Forms for 2012 income tax Your ACRS deduction for 1995 is $2,042 ($4,900 ÷ 5/12). Forms for 2012 income tax Early dispositions — 18- and 19-year real property. Forms for 2012 income tax   If you dispose of 18- or 19-year real property, you base your ACRS deduction for the year of disposition on the number of months in use. Forms for 2012 income tax For 18-year property placed in service before June 23, 1984, use a full-month convention on a disposition. Forms for 2012 income tax For 18-year property placed in service after June 22, 1984, and for 19-year property, determine the number of months in use by using the mid-month convention. Forms for 2012 income tax Under the mid-month convention,treat real property disposed of any time during a month as disposed of in the middle of that month. Forms for 2012 income tax Count the month of disposition as half a month of use. Forms for 2012 income tax Example. Forms for 2012 income tax You purchased and placed in service a rental house on July 2, 1984, for $100,000 (not including the cost of land). Forms for 2012 income tax You file your return based on a calendar year. Forms for 2012 income tax Your rate from Table 4 for the seventh month is 4%. Forms for 2012 income tax You figured your ACRS deduction for 1984 was $4,000 ($100,000 ÷ 4%). Forms for 2012 income tax In 1985 through 1994, your ACRS deductions were 9%, 8%, 8%, 7%, 6%, 6%, 5%, 5%, and 5% ÷ $100,000. Forms for 2012 income tax You sell the house on September 24, 1995. Forms for 2012 income tax Figure your ACRS deduction for 1995 for the months of use. Forms for 2012 income tax The full ACRS deduction for 1995 is $5,000 ($100,000 ÷ 5%). Forms for 2012 income tax Prorate this amount for the 8. Forms for 2012 income tax 5 months in 1995 that you held the property. Forms for 2012 income tax Under the mid-month convention, you count September as half a month. Forms for 2012 income tax Your ACRS deduction for 1995 is $3,542 ($5,000 ÷ 8. Forms for 2012 income tax 5/12). Forms for 2012 income tax Depreciation Recapture If you dispose of property depreciated under ACRS that is section 1245 recovery property, you will generally recognize gain or loss. Forms for 2012 income tax Gain recognized on a disposition is ordinary income to the extent of prior depreciation deductions taken. Forms for 2012 income tax This recapture rule applies to all personal property in the 3-year, 5-year, and 10-year classes. Forms for 2012 income tax You recapture gain on manufactured homes and theme park structures in the 10-year class as section 1245 property. Forms for 2012 income tax Section 1245 property generally includes all personal property. Forms for 2012 income tax See Section 1245 property in chapter 4 of Publication 544 for more information. Forms for 2012 income tax You treat dispositions of section 1250 real property on which you have a gain as section 1245 recovery property. Forms for 2012 income tax You recognize gain on this property as ordinary income to the extent of prior depreciation deductions taken. Forms for 2012 income tax Section 1250 property includes most real property. Forms for 2012 income tax See Section 1250 property in chapter 4 of Publication 544 for more information. Forms for 2012 income tax This rule applies to all section 1250 real property except the following property: Any 15-, 18-, or 19-year real property that is residential rental property. Forms for 2012 income tax Any 15-, 18-, or 19-year real property that you elected to depreciate using the alternate ACRS method. Forms for 2012 income tax Any 15-, 18-, or 19-year real property that is subsidized low-income housing. Forms for 2012 income tax For these recapture rules, you treat the section 179 deduction and 50% of the investment credit that reduced your basis as depreciation. Forms for 2012 income tax See Publication 544 for further discussion of dispositions of section 1245 and 1250 property. Forms for 2012 income tax Prev  Up  Next   Home   More Online Publications
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Part of the Domestic Policy Council, the National AIDS Policy Office works to reduce the number of new HIV infections in the U.S. through various education initiatives. The office also helps to coordinate the care and treatment of citizens with HIV/AIDS, and also helps to coordinate the U.S. response to the global AIDS pandemic.

Contact the Agency or Department

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Phone Number: (202) 456-4533

The Forms For 2012 Income Tax

Forms for 2012 income tax Publication 926 - Introductory Material Table of Contents Future Developments What's New Reminder IntroductionTax questions. Forms for 2012 income tax Future Developments For the latest information about developments related to Publication 926, such as legislation enacted after it was published, go to www. Forms for 2012 income tax irs. Forms for 2012 income tax gov/pub926. Forms for 2012 income tax What's New Social security and Medicare tax for 2014. Forms for 2012 income tax  The social security tax rate is 6. Forms for 2012 income tax 2% each for the employee and employer, unchanged from 2013. Forms for 2012 income tax The social security wage base limit is $117,000. Forms for 2012 income tax The Medicare tax rate is 1. Forms for 2012 income tax 45% each for the employee and employer, unchanged from 2013. Forms for 2012 income tax There is no wage base limit for Medicare tax. Forms for 2012 income tax Social security and Medicare taxes apply to the wages of household employees you pay $1,900 or more in cash or an equivalent form of compensation. Forms for 2012 income tax Qualified parking exclusion and commuter transportation benefit. Forms for 2012 income tax  For 2014, the monthly exclusion for qualified parking is $250 and the monthly exclusion for commuter highway vehicle transportation and transit passes is $130. Forms for 2012 income tax Reminder Additional Medicare Tax withholding. Forms for 2012 income tax  In addition to withholding Medicare tax at 1. Forms for 2012 income tax 45%, you must withhold a 0. Forms for 2012 income tax 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Forms for 2012 income tax You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Forms for 2012 income tax Additional Medicare Tax is only imposed on the employee. Forms for 2012 income tax There is no employer share of Additional Medicare Tax. Forms for 2012 income tax All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Forms for 2012 income tax For more information on Additional Medicare Tax, visit IRS. Forms for 2012 income tax gov and enter “Additional Medicare Tax” in the search box. Forms for 2012 income tax Credit reduction states. Forms for 2012 income tax  A state that has not repaid money it borrowed from the federal government to pay unemployment benefits is a “credit reduction state. Forms for 2012 income tax ” The Department of Labor (DOL) determines these states. Forms for 2012 income tax If you paid any wages that are subject to the unemployment compensation laws in any credit reduction state, your federal unemployment (FUTA) tax credit is reduced. Forms for 2012 income tax See the Instructions for Schedule H (Form 1040) for more information. Forms for 2012 income tax Outsourcing payroll duties. Forms for 2012 income tax  Employers are responsible to ensure that tax returns are filed and deposits and payments are made, even if the employer contracts with a third party to perform these acts. Forms for 2012 income tax The employer remains responsible if the third party fails to perform any required action. Forms for 2012 income tax If you choose to outsource any of your payroll and related tax duties (that is, withholding, reporting, and paying over social security, Medicare, FUTA, and income taxes) to a third-party payer such as a payroll service provider or reporting agent, visit IRS. Forms for 2012 income tax gov and enter “outsourcing payroll duties” in the search box for helpful information on this topic. Forms for 2012 income tax Photographs of missing children. Forms for 2012 income tax  The IRS is a proud partner with the National Center for Missing and Exploited Children. Forms for 2012 income tax Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Forms for 2012 income tax 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. Forms for 2012 income tax Introduction The information in this publication applies to you only if you have a household employee. Forms for 2012 income tax If you have a household employee in 2014, you may need to pay state and federal employment taxes for 2014. Forms for 2012 income tax You generally must add your federal employment taxes to the income tax that you will report on your 2014 federal income tax return. Forms for 2012 income tax This publication will help you decide whether you have a household employee and, if you do, whether you need to pay federal employment taxes (social security tax, Medicare tax, FUTA, and federal income tax withholding). Forms for 2012 income tax It explains how to figure, pay, and report these taxes for your household employee. Forms for 2012 income tax It also explains what records you need to keep. Forms for 2012 income tax This publication also tells you where to find out whether you need to pay state unemployment tax for your household employee. Forms for 2012 income tax Comments and suggestions. Forms for 2012 income tax   We welcome your comments about this publication and your suggestions for future editions. Forms for 2012 income tax   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Forms for 2012 income tax NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Forms for 2012 income tax Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Forms for 2012 income tax   You can also send us comments from www. Forms for 2012 income tax irs. Forms for 2012 income tax gov/formspubs. Forms for 2012 income tax Click on More Information and then click on Comment on Tax Forms and Publications. Forms for 2012 income tax   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Forms for 2012 income tax Tax questions. Forms for 2012 income tax   If you have a tax question, check the information available on IRS. Forms for 2012 income tax gov or call 1-800-829-1040 or 1-800-829-4933 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability at 1-800-829-4059) Monday–Friday from 7:00 a. Forms for 2012 income tax m. Forms for 2012 income tax –7:00 p. Forms for 2012 income tax m. Forms for 2012 income tax local time (Alaska and Hawaii follow Pacific time). Forms for 2012 income tax We cannot answer tax questions sent to the above address. Forms for 2012 income tax Prev  Up  Next   Home   More Online Publications