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Free H&r Block Military

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Free H&r Block Military

Free h&r block military 16. Free h&r block military   Reporting Gains and Losses Table of Contents What's New Introduction Useful Items - You may want to see: Reporting Capital Gains and Losses Exception 1. Free h&r block military Exception 2. Free h&r block military File Form 1099-B or Form 1099-S with the IRS. Free h&r block military Capital Losses Capital Gain Tax Rates What's New Maximum capital gain rates. Free h&r block military . Free h&r block military  For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Free h&r block military Introduction This chapter discusses how to report capital gains and losses from sales, exchanges, and other dispositions of investment property on Form 8949 and Schedule D (Form 1040). Free h&r block military The discussion includes the following topics. Free h&r block military How to report short-term gains and losses. Free h&r block military How to report long-term gains and losses. Free h&r block military How to figure capital loss carryovers. Free h&r block military How to figure your tax on a net capital gain. Free h&r block military If you sell or otherwise dispose of property used in a trade or business or for the production of income, see Publication 544, Sales and Other Dispositions of Assets, before completing Schedule D (Form 1040). Free h&r block military Useful Items - You may want to see: Publication 537 Installment Sales 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses Form (and Instructions) 4797 Sales of Business Property 6252 Installment Sale Income 8582 Passive Activity Loss Limitations 8949 Sales and Other Dispositions of Capital Assets Schedule D (Form 1040) Capital Gains and Losses Reporting Capital Gains and Losses Generally, report capital gains and losses on Form 8949. Free h&r block military Complete Form 8949 before you complete line 1b, 2, 3, 8b, 9, or 10 of Schedule D (Form 1040). Free h&r block military Use Form 8949 to report: The sale or exchange of a capital asset not reported on another form or schedule; Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit; and Nonbusiness bad debts. Free h&r block military Use Schedule D (Form 1040): To figure the overall gain or loss from transactions reported on Form 8949; To report a gain from Form 6252 or Part I of Form 4797; To report a gain or loss from Form 4684, 6781, or 8824; To report capital gain distributions not reported directly on Form 1040 or Form 1040A; To report a capital loss carryover from the previous tax year to the current tax year; To report your share of a gain or (loss) from a partnership, S corporation, estate, or trust; To report transactions reported to you on a Form 1099-B (or substitute statement) showing basis was reported to the IRS and to which none of the Form 8949 adjustments or codes apply; and To report undistributed long-term capital gains from Form 2439. Free h&r block military On Form 8949, enter all sales and exchanges of capital assets, including stocks, bonds, etc. Free h&r block military , and real estate (if not reported on Form 4684, 4797, 6252, 6781, 8824, or line 1a or 8a of Schedule D). Free h&r block military Include these transactions even if you did not receive a Form 1099-B or 1099-S (or substitute statement) for the transaction. Free h&r block military Report short-term gains or losses in Part I. Free h&r block military Report long-term gains or losses in Part II. Free h&r block military Use as many Forms 8949 as you need. Free h&r block military Exceptions to filing Form 8949 and Schedule D (Form 1040). Free h&r block military   There are certain situations where you may not have to file Form 8949 and/or Schedule D (Form 1040). Free h&r block military Exception 1. Free h&r block military   You do not have to file Form 8949 or Schedule D (Form 1040) if you have no capital losses and your only capital gains are capital gain distributions from Form(s) 1099-DIV, box 2a (or substitute statements). Free h&r block military (If any Form(s) 1099-DIV (or substitute statements) you receive have an amount in box 2b (unrecaptured section 1250 gain), box 2c (section 1202 gain), or box 2d (collectibles (28%) gain), you do not qualify for this exception. Free h&r block military ) If you qualify for this exception, report your capital gain distributions directly on line 13 of Form 1040 (and check the box on line 13). Free h&r block military Also use the Qualified Dividends and Capital Gain Tax Worksheet in the Form 1040 instructions to figure your tax. Free h&r block military You can report your capital gain distributions on line 10 of Form 1040A, instead of on Form 1040, if none of the Forms 1099-DIV (or substitute statements) you received have an amount in box 2b, 2c, or 2d, and you do not have to file Form 1040. Free h&r block military Exception 2. Free h&r block military   You must file Schedule D (Form 1040), but generally do not have to file Form 8949, if Exception 1 does not apply and your only capital gains and losses are: Capital gain distributions; A capital loss carryover; A gain from Form 2439 or 6252 or Part I of Form 4797; A gain or loss from Form 4684, 6781, or 8824; A gain or loss from a partnership, S corporation, estate, or trust; or Gains and losses from transactions for which you received a Form 1099-B (or substitute statement) that shows the basis was reported to the IRS and for which you do not need to make any adjustments in column (g) of Form 8949 or enter any codes in column (f) of Form 8949. Free h&r block military Installment sales. Free h&r block military   You cannot use the installment method to report a gain from the sale of stock or securities traded on an established securities market. Free h&r block military You must report the entire gain in the year of sale (the year in which the trade date occurs). Free h&r block military Passive activity gains and losses. Free h&r block military    If you have gains or losses from a passive activity, you may also have to report them on Form 8582. Free h&r block military In some cases, the loss may be limited under the passive activity rules. Free h&r block military Refer to Form 8582 and its instructions for more information about reporting capital gains and losses from a passive activity. Free h&r block military Form 1099-B transactions. Free h&r block military   If you sold property, such as stocks, bonds, or certain commodities, through a broker, you should receive Form 1099-B or substitute statement from the broker. Free h&r block military Use the Form 1099-B or the substitute statement to complete Form 8949. Free h&r block military If you sold a covered security in 2013, your broker should send you a Form 1099-B (or substitute statement) that shows your basis. Free h&r block military This will help you complete Form 8949. Free h&r block military Generally, a covered security is a security you acquired after 2010. Free h&r block military   Report the gross proceeds shown in box 2a of Form 1099-B as the sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Free h&r block military However, if the broker advises you, in box 2a of Form 1099-B, that gross proceeds (sales price) less commissions and option premiums were reported to the IRS, enter that net sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Free h&r block military    Include in column (g) any expense of sale, such as broker's fees, commissions, state and local transfer taxes, and option premiums, unless you reported the net sales price in column (d). Free h&r block military If you include an expense of sale in column (g), enter “E” in column (f). Free h&r block military Form 1099-CAP transactions. Free h&r block military   If a corporation in which you own stock has had a change in control or a substantial change in capital structure, you should receive Form 1099-CAP or a substitute statement from the corporation. Free h&r block military Use the Form 1099-CAP or substitute statement to fill in Form 8949. Free h&r block military If your computations show that you would have a loss because of the change, do not enter any amounts on Form 8949 or Schedule D (Form 1040). Free h&r block military You cannot claim a loss on Schedule D (Form 1040) as a result of this transaction. Free h&r block military   Report the aggregate amount received shown in box 2 of Form 1099-CAP as the sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Free h&r block military Form 1099-S transactions. Free h&r block military   If you sold or traded reportable real estate, you generally should receive from the real estate reporting person a Form 1099-S showing the gross proceeds. Free h&r block military    “Reportable real estate” is defined as any present or future ownership interest in any of the following: Improved or unimproved land, including air space; Inherently permanent structures, including any residential, commercial, or industrial building; A condominium unit and its accessory fixtures and common elements, including land; and Stock in a cooperative housing corporation (as defined in section 216 of the Internal Revenue Code). Free h&r block military   A “real estate reporting person” could include the buyer's attorney, your attorney, the title or escrow company, a mortgage lender, your broker, the buyer's broker, or the person acquiring the biggest interest in the property. Free h&r block military   Your Form 1099-S will show the gross proceeds from the sale or exchange in box 2. Free h&r block military See the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040) for how to report these transactions and include them in Part I or Part II of Form 8949 as appropriate. Free h&r block military However, report like-kind exchanges on Form 8824 instead. Free h&r block military   It is unlawful for any real estate reporting person to separately charge you for complying with the requirement to file Form 1099-S. Free h&r block military Nominees. Free h&r block military   If you receive gross proceeds as a nominee (that is, the gross proceeds are in your name but actually belong to someone else), see the Instructions for Form 8949 for how to report these amounts on Form 8949. Free h&r block military File Form 1099-B or Form 1099-S with the IRS. Free h&r block military   If you received gross proceeds as a nominee in 2013, you must file a Form 1099-B or Form 1099-S for those proceeds with the IRS. Free h&r block military Send the Form 1099-B or Form 1099-S with a Form 1096, Annual Summary and Transmittal of U. Free h&r block military S. Free h&r block military Information Returns, to your Internal Revenue Service Center by February 28, 2014 (March 31, 2014, if you file Form 1099-B or Form 1099-S electronically). Free h&r block military Give the actual owner of the proceeds Copy B of the Form 1099-B or Form 1099-S by February 18, 2014. Free h&r block military On Form 1099-B, you should be listed as the “Payer. Free h&r block military ” The other owner should be listed as the “Recipient. Free h&r block military ” On Form 1099-S, you should be listed as the “Filer. Free h&r block military ” The other owner should be listed as the “Transferor. Free h&r block military ” You do not have to file a Form 1099-B or Form 1099-S to show proceeds for your spouse. Free h&r block military For more information about the reporting requirements and the penalties for failure to file (or furnish) certain information returns, see the General Instructions for Certain Information Returns. Free h&r block military If you are filing electronically see Publication 1220. Free h&r block military Sale of property bought at various times. Free h&r block military   If you sell a block of stock or other property that you bought at various times, report the short-term gain or loss from the sale on one row in Part I of Form 8949, and the long-term gain or loss on one row in Part II of Form 8949. Free h&r block military Write “Various” in column (b) for the “Date acquired. Free h&r block military ” Sale expenses. Free h&r block military    On Form 8949, include in column (g) any expense of sale, such as broker's fees, commissions, state and local transfer taxes, and option premiums, unless you reported the net sales price in column (d). Free h&r block military If you include an expense of sale in column (g), enter “E” in column (f). Free h&r block military   For more information about adjustments to basis, see chapter 13. Free h&r block military Short-term gains and losses. Free h&r block military   Capital gain or loss on the sale or trade of investment property held 1 year or less is a short-term capital gain or loss. Free h&r block military You report it in Part I of Form 8949. Free h&r block military   You combine your share of short-term capital gain or loss from partnerships, S corporations, estates, and trusts, and any short-term capital loss carryover, with your other short-term capital gains and losses to figure your net short-term capital gain or loss on line 7 of Schedule D (Form 1040). Free h&r block military Long-term gains and losses. Free h&r block military    A capital gain or loss on the sale or trade of investment property held more than 1 year is a long-term capital gain or loss. Free h&r block military You report it in Part II of Form 8949. Free h&r block military   You report the following in Part II of Schedule D (Form 1040): Undistributed long-term capital gains from a mutual fund (or other regulated investment company) or real estate investment trust (REIT); Your share of long-term capital gains or losses from partnerships, S corporations, estates, and trusts; All capital gain distributions from mutual funds and REITs not reported directly on line 10 of Form 1040A or line 13 of Form 1040; and Long-term capital loss carryovers. Free h&r block military    The result after combining these items with your other long-term capital gains and losses is your net long-term capital gain or loss (Schedule D (Form 1040), line 15). Free h&r block military Total net gain or loss. Free h&r block military   To figure your total net gain or loss, combine your net short-term capital gain or loss (Schedule D (Form 1040), line 7) with your net long-term capital gain or loss (Schedule D (Form 1040), line 15). Free h&r block military Enter the result on Schedule D (Form 1040), Part III, line 16. Free h&r block military If your losses are more than your gains, see Capital Losses , next. Free h&r block military If both lines 15 and 16 of your Schedule D (Form 1040) are gains and your taxable income on your Form 1040 is more than zero, see Capital Gain Tax Rates , later. Free h&r block military Capital Losses If your capital losses are more than your capital gains, you can claim a capital loss deduction. Free h&r block military Report the amount of the deduction on line 13 of Form 1040, in parentheses. Free h&r block military Limit on deduction. Free h&r block military   Your allowable capital loss deduction, figured on Schedule D (Form 1040), is the lesser of: $3,000 ($1,500 if you are married and file a separate return); or Your total net loss as shown on line 16 of Schedule D (Form 1040). Free h&r block military   You can use your total net loss to reduce your income dollar for dollar, up to the $3,000 limit. Free h&r block military Capital loss carryover. Free h&r block military   If you have a total net loss on line 16 of Schedule D (Form 1040) that is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you had incurred it in that next year. Free h&r block military If part of the loss is still unused, you can carry it over to later years until it is completely used up. Free h&r block military   When you figure the amount of any capital loss carryover to the next year, you must take the current year's allowable deduction into account, whether or not you claimed it and whether or not you filed a return for the current year. Free h&r block military   When you carry over a loss, it remains long term or short term. Free h&r block military A long-term capital loss you carry over to the next tax year will reduce that year's long-term capital gains before it reduces that year's short-term capital gains. Free h&r block military Figuring your carryover. Free h&r block military   The amount of your capital loss carryover is the amount of your total net loss that is more than the lesser of: Your allowable capital loss deduction for the year; or Your taxable income increased by your allowable capital loss deduction for the year and your deduction for personal exemptions. Free h&r block military   If your deductions are more than your gross income for the tax year, use your negative taxable income in computing the amount in item (2). Free h&r block military    Complete the Capital Loss Carryover Worksheet in the Instructions for Schedule D or Publication 550 to determine the part of your capital loss that you can carry over. Free h&r block military Example. Free h&r block military Bob and Gloria sold securities in 2013. Free h&r block military The sales resulted in a capital loss of $7,000. Free h&r block military They had no other capital transactions. Free h&r block military Their taxable income was $26,000. Free h&r block military On their joint 2013 return, they can deduct $3,000. Free h&r block military The unused part of the loss, $4,000 ($7,000 − $3,000), can be carried over to 2014. Free h&r block military If their capital loss had been $2,000, their capital loss deduction would have been $2,000. Free h&r block military They would have no carryover. Free h&r block military Use short-term losses first. Free h&r block military   When you figure your capital loss carryover, use your short-term capital losses first, even if you incurred them after a long-term capital loss. Free h&r block military If you have not reached the limit on the capital loss deduction after using the short-term capital losses, use the long-term capital losses until you reach the limit. Free h&r block military Decedent's capital loss. Free h&r block military    A capital loss sustained by a decedent during his or her last tax year (or carried over to that year from an earlier year) can be deducted only on the final income tax return filed for the decedent. Free h&r block military The capital loss limits discussed earlier still apply in this situation. Free h&r block military The decedent's estate cannot deduct any of the loss or carry it over to following years. Free h&r block military Joint and separate returns. Free h&r block military   If you and your spouse once filed separate returns and are now filing a joint return, combine your separate capital loss carryovers. Free h&r block military However, if you and your spouse once filed a joint return and are now filing separate returns, any capital loss carryover from the joint return can be deducted only on the return of the spouse who actually had the loss. Free h&r block military Capital Gain Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. Free h&r block military These lower rates are called the maximum capital gain rates. Free h&r block military The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Free h&r block military For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Free h&r block military See Table 16-1 for details. Free h&r block military If you figure your tax using the maximum capital gain rate and the regular tax computation results in a lower tax, the regular tax computation applies. Free h&r block military Example. Free h&r block military All of your net capital gain is from selling collectibles, so the capital gain rate would be 28%. Free h&r block military If you are otherwise subject to a rate lower than 28%, the 28% rate does not apply. Free h&r block military Investment interest deducted. Free h&r block military   If you claim a deduction for investment interest, you may have to reduce the amount of your net capital gain that is eligible for the capital gain tax rates. Free h&r block military Reduce it by the amount of the net capital gain you choose to include in investment income when figuring the limit on your investment interest deduction. Free h&r block military This is done on the Schedule D Tax Worksheet or the Qualified Dividends and Capital Gain Tax Worksheet. Free h&r block military For more information about the limit on investment interest, see Interest Expenses in chapter 3 of Publication 550. Free h&r block military Table 16-1. Free h&r block military What Is Your Maximum Capital Gain Rate? IF your net capital gain is from . Free h&r block military . Free h&r block military . Free h&r block military THEN your  maximum capital gain rate is . Free h&r block military . Free h&r block military . Free h&r block military a collectibles gain 28% an eligible gain on qualified small business stock minus the section 1202 exclusion 28% an unrecaptured section 1250 gain 25% other gain1 and the regular tax rate that would apply is 39. Free h&r block military 6% 20% other gain1 and the regular tax rate that would apply is 25%, 28%, 33%, or 35% 15% other gain1 and the regular tax rate that would apply is 10% or 15% 0% 1 Other gain means any gain that is not collectibles gain, gain on qualified small business stock, or unrecaptured section 1250 gain. Free h&r block military     Collectibles gain or loss. Free h&r block military   This is gain or loss from the sale or trade of a work of art, rug, antique, metal (such as gold, silver, and platinum bullion), gem, stamp, coin, or alcoholic beverage held more than 1 year. Free h&r block military   Collectibles gain includes gain from sale of an interest in a partnership, S corporation, or trust due to unrealized appreciation of collectibles. Free h&r block military Gain on qualified small business stock. Free h&r block military    If you realized a gain from qualified small business stock that you held more than 5 years, you generally can exclude some or all of your gain under section 1202. Free h&r block military The eligible gain minus your section 1202 exclusion is a 28% rate gain. Free h&r block military See Gains on Qualified Small Business Stock in chapter 4 of Publication 550. Free h&r block military Unrecaptured section 1250 gain. Free h&r block military    Generally, this is any part of your capital gain from selling section 1250 property (real property) that is due to depreciation (but not more than your net section 1231 gain), reduced by any net loss in the 28% group. Free h&r block military Use the Unrecaptured Section 1250 Gain Worksheet in the Schedule D (Form 1040) instructions to figure your unrecaptured section 1250 gain. Free h&r block military For more information about section 1250 property and section 1231 gain, see chapter 3 of Publication 544. Free h&r block military Tax computation using maximum capital gain rates. Free h&r block military   Use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet (whichever applies) to figure your tax if you have qualified dividends or net capital gain. Free h&r block military You have net capital gain if Schedule D (Form 1040), lines 15 and 16, are both gains. Free h&r block military Schedule D Tax Worksheet. Free h&r block military   Use the Schedule D Tax Worksheet in the Schedule D (Form 1040) instructions to figure your tax if: You have to file Schedule D (Form 1040); and Schedule D (Form 1040), line 18 (28% rate gain) or line 19 (unrecaptured section 1250 gain), is more than zero. Free h&r block military Qualified Dividends and Capital Gain Tax Worksheet. Free h&r block military   If you do not have to use the Schedule D Tax Worksheet (as explained above) and any of the following apply, use the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040 or Form 1040A (whichever you file) to figure your tax. Free h&r block military You received qualified dividends. Free h&r block military (See Qualified Dividends in chapter 8. Free h&r block military ) You do not have to file Schedule D (Form 1040) and you received capital gain distributions. Free h&r block military (See Exceptions to filing Form 8949 and Schedule D (Form 1040) , earlier. Free h&r block military ) Schedule D (Form 1040), lines 15 and 16, are both more than zero. Free h&r block military Alternative minimum tax. Free h&r block military   These capital gain rates are also used in figuring alternative minimum tax. Free h&r block military Prev  Up  Next   Home   More Online Publications
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IRS Continues Smooth Start to Filing Season

 

IR-2014-20, Feb. 27, 2014

WASHINGTON — The IRS announced today that, three weeks into the filing season, it has received about one-third of the individual income tax returns that it expects to receive during 2014. The IRS has processed almost 98 percent of the 49.6 million returns received so far. Each week this filing season, the IRS has processed a greater percentage of the returns received than during comparable weeks last year.

More taxpayers are filing their returns electronically this year. Overall, 46.6 million returns have been e-filed this year, up one percent from the same time last year. As in prior years, the greatest increase is among individuals filing from their home computers. Almost 22 million returns have been e-filed from home computers this year, an increase of almost 7 percent compared to the same time last year.

The IRS has issued more than 40 million tax refunds this year, an increase of more than six percent compared to the same time last year. Almost 90 percent of these refunds were directly deposited into taxpayers’ accounts.

 

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2014 FILING SEASON STATISTICS

Cumulative statistics comparing 2/22/13 and 2/21/14

Individual Income Tax Returns:

2013

2014

% Change

Total Receipts

49,448,000

49,558,000

0.2

Total Processed

42,837,000

48,335,000

12.8

 

 

 

 

E-filing Receipts:

 

 

 

TOTAL           

46,149,000

46,641,000

1.1

Tax Professionals

25,618,000

24,687,000

-3.6

Self-prepared

20,531,000

21,954,000

6.9

 

 

 

 

Web Usage:

 

 

 

Visits to IRS.gov

155,167,572

145,881,766

-6.0

 

 

 

 

Total Refunds:

 

 

 

Number

38,042,000

40,389,000

6.2

Amount

$113.738

Billion

$125.831

Billion

10.6

Average refund

$2,990

$3,116

4.2

 

 

 

 

Direct Deposit Refunds:

 

 

 

Number

34,618,000

35,694,000

3.1

Amount

$107.228

Billion

$112.628

Billion

5.0

Average refund

$3,097

$3,155

1.9

 

Page Last Reviewed or Updated: 27-Feb-2014

The Free H&r Block Military

Free h&r block military Index A Addition to property, Additions and Improvements Adjusted basis, Adjusted Basis Alternative Depreciation System (ADS) Recovery periods, Recovery Periods Under ADS Required use, Required use of ADS. Free h&r block military Amended return, Filing an Amended Return Apartment Cooperative, Cooperative apartments. Free h&r block military Rental, Which Property Class Applies Under GDS? Automobile (see Passenger automobile) B Basis Adjustments, Basis adjustment for depreciation allowed or allowable. Free h&r block military , Adjustment of partner's basis in partnership. Free h&r block military , Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. Free h&r block military , Basis adjustment due to casualty loss. Free h&r block military Basis for depreciation, What Is the Basis for Depreciation? Casualty loss, Basis adjustment due to casualty loss. Free h&r block military Change in use, Property changed from personal use. Free h&r block military Cost, Cost as Basis Depreciable basis, Depreciable basis. Free h&r block military Other than cost, Other Basis Recapture of clean-fuel vehicle deduction or credit, Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. Free h&r block military Term interest, Basis adjustments. Free h&r block military Unadjusted, Figuring the Unadjusted Basis of Your Property Business use of property, partial, Partial business or investment use. Free h&r block military Business-use limit, recapture of Section 179 deduction, When Must You Recapture the Deduction? Business-use requirement, listed property, What Is the Business-Use Requirement? C Car (see Passenger automobile) Carryover of section 179 deduction, Carryover of disallowed deduction. Free h&r block military Casualty loss, effect of, Basis adjustment due to casualty loss. Free h&r block military Changing accounting method, Changing Your Accounting Method Communication equipment (see Listed property) Commuting, Commuting use. Free h&r block military Computer (see Listed property) Computer software, Computer software. Free h&r block military , Off-the-shelf computer software. Free h&r block military Containers, Containers. Free h&r block military Conventions, Which Convention Applies? Cooperative apartment, Cooperative apartments. Free h&r block military Copyright, Patents and copyrights. Free h&r block military (see also Section 197 intangibles) Correcting depreciation deductions, How Do You Correct Depreciation Deductions? Cost basis, Cost as Basis D Declining balance Method, Declining Balance Method Rates, Declining balance rate. Free h&r block military Deduction limit Automobile, Do the Passenger Automobile Limits Apply? Section 179, How Much Can You Deduct? Depreciation Deduction Employee, Can Employees Claim a Deduction? Listed property, Can Employees Claim a Deduction? Determinable useful life, Property Having a Determinable Useful Life Excepted property, Excepted Property Incorrect amount deducted, How Do You Correct Depreciation Deductions? Methods, Which Depreciation Method Applies? Property lasting more than one year, Property Lasting More Than One Year Property owned, Property You Own Property used in business, Property Used in Your Business or Income-Producing Activity Recapture, Revoking an election. Free h&r block military , Recapture of Excess Depreciation Depreciation allowable, Basis adjustment for depreciation allowed or allowable. Free h&r block military Depreciation allowed, Basis adjustment for depreciation allowed or allowable. Free h&r block military Depreciation deduction Listed property, What Is the Business-Use Requirement? Determinable useful life, Property Having a Determinable Useful Life Disposition Before recovery period ends, Sale or Other Disposition Before the Recovery Period Ends General asset account property, Disposing of GAA Property Section 179 deduction, When Must You Recapture the Deduction? E Election ADS, Electing ADS. Free h&r block military , Election of ADS. Free h&r block military Declining balance (150% DB) method, 150% election. Free h&r block military Exclusion from MACRS, Election To Exclude Property From MACRS General asset account, Electing To Use a GAA Not to claim special depreciation allowance, How Can You Elect Not To Claim an Allowance? Section 179 deduction, How Do You Elect the Deduction? Straight line method, Straight line election. Free h&r block military Electric vehicle, Electric Vehicles Employee Depreciation deduction, Can Employees Claim a Deduction? How to claim depreciation, Employee. Free h&r block military Employee deduction, listed property, Can Employees Claim a Deduction? Energy property, Energy property. Free h&r block military Exchange of MACRS property, Property Acquired in a Like-kind Exchange or Involuntary Conversion F Farm Property, Depreciation Methods for Farm Property Figuring MACRS Using percentage tables, How Is the Depreciation Deduction Figured? Without using percentage tables, Figuring the Deduction Without Using the Tables Films, Films, video tapes, and recordings. Free h&r block military Free tax services, Free help with your tax return. Free h&r block military G General asset account Abusive transaction, Abusive transactions. Free h&r block military Disposing of property, Disposing of GAA Property Grouping property in, Grouping Property Nonrecognition transaction, Nonrecognition transactions. Free h&r block military General Depreciation System (GDS), recovery periods, Recovery Periods Under GDS Gift (see Basis, other than cost) H Help (see Tax help) I Idle property, Idle Property Improvements, How Do You Treat Repairs and Improvements?, Additions and Improvements Income forecast method, Income Forecast Method Incorrect depreciation deductions, How Do You Correct Depreciation Deductions? Indian reservation Defined, Indian reservation. Free h&r block military Qualified infrastructure property, Qualified infrastructure property. Free h&r block military Qualified property, Qualified property. Free h&r block military Recovery periods for qualified property, Indian Reservation Property Related person, Related person. Free h&r block military Inheritance (see Basis, other than cost) Intangible property Depreciation method, Intangible Property, Income Forecast Method Income forecast method, Income Forecast Method Straight line method, Intangible Property Inventory, Inventory. Free h&r block military Investment use of property, partial, Partial business or investment use. Free h&r block military Involuntary conversion of MACRS property, Property Acquired in a Like-kind Exchange or Involuntary Conversion L Land Not depreciable, Land Preparation costs, Land Leased property, Leased property. Free h&r block military Leasehold improvement property, defined, Qualified leasehold improvement property. Free h&r block military , Qualified leasehold improvement property. Free h&r block military Life tenant, Life tenant. Free h&r block military (see also Term interests) Limit on deduction Automobile, Do the Passenger Automobile Limits Apply? Section 179, How Much Can You Deduct? Listed property 5% owner, 5% owner. Free h&r block military Computer, Computers and Related Peripheral Equipment Condition of employment, Condition of employment. Free h&r block military Defined, What Is Listed Property? Employee deduction, Can Employees Claim a Deduction? Employer convenience, Employer's convenience. Free h&r block military Improvements to, Improvements to listed property. Free h&r block military Leased, Lessee's Inclusion Amount Passenger automobile, Passenger Automobiles Qualified business use, Qualified Business Use Recordkeeping, Adequate Records Related person, Related persons. Free h&r block military Reporting on Form 4562, How Is Listed Property Information Reported? Lodging, Property used for lodging. Free h&r block military M Maximum deduction Electric vehicles, Electric Vehicles Passenger automobiles, Maximum Depreciation Deduction Trucks, Trucks and Vans Vans, Trucks and Vans Mobile home (see Residential rental property) Modified ACRS (MACRS) Addition or improvement, Additions and Improvements Alternative Depreciation System (ADS), Which Depreciation System (GDS or ADS) Applies? Conventions, Which Convention Applies? Declining balance method, Declining Balance Method Depreciation methods, Which Depreciation Method Applies? Farm property, Depreciation Methods for Farm Property Figuring, short tax year, Property Placed in Service in a Short Tax Year General Depreciation System (GDS), Which Depreciation System (GDS or ADS) Applies? Percentage tables, Using the MACRS Percentage Tables Property classes, Which Property Class Applies Under GDS? Recovery periods, Which Recovery Period Applies? Short tax year, Figuring the Deduction for a Short Tax Year Straight line method, Straight Line Method N Nonresidential real property, Which Property Class Applies Under GDS? Nontaxable transfer of MACRS property, Property Acquired in a Nontaxable Transfer O Office in the home, Office in the home. Free h&r block military , Office in the home. Free h&r block military Ownership, incidents of, Incidents of ownership. Free h&r block military P Partial business use, Partial business use. Free h&r block military Passenger automobile Defined, Passenger Automobiles Electric vehicles, Electric Vehicles Limit on, Do the Passenger Automobile Limits Apply? Maximum depreciation deduction, Maximum Depreciation Deduction Trucks, Trucks and Vans Vans, Trucks and Vans Patent, Patents and copyrights. Free h&r block military (see also Section 197 intangibles) Personal property, Personal property. Free h&r block military Phonographic equipment (see Listed property) Photographic equipment (see Listed property) Placed in service Before 1987, Property You Placed in Service Before 1987 Date, What Is the Placed in Service Date? Rule, Placed in Service Property Classes, Which Property Class Applies Under GDS? Depreciable, What Property Can Be Depreciated? Idle, Idle Property Improvements, How Do You Treat Repairs and Improvements? Leased, Leased property. Free h&r block military , Leased property. Free h&r block military Listed, What Is Listed Property? Personal, Personal property. Free h&r block military Real, Real property. Free h&r block military Retired from service, Retired From Service Tangible personal, Tangible personal property. Free h&r block military Term interest, Certain term interests in property. Free h&r block military Q Qualified leasehold improvement property, defined, Qualified leasehold improvement property. Free h&r block military , Qualified leasehold improvement property. Free h&r block military Qualified property, special depreciation allowance, What Is Qualified Property? R Real property, Real property. Free h&r block military Recapture Clean-fuel vehicle deduction or credit, Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. Free h&r block military General asset account, abusive transaction, Abusive transactions. Free h&r block military Listed property, Recapture of Excess Depreciation MACRS depreciation, Revoking an election. Free h&r block military Section 179 deduction, When Must You Recapture the Deduction? Special depreciation allowance, When Must You Recapture an Allowance? Recordkeeping Listed property, Adequate Records Section 179, How Do You Elect the Deduction? Recovery periods ADS, Recovery Periods Under ADS GDS, Recovery Periods Under GDS Related persons, Related persons. Free h&r block military , Related persons. Free h&r block military , Related persons. Free h&r block military , Related persons. Free h&r block military , Related person. Free h&r block military , Related persons. Free h&r block military Rent-to-own property, defined, Qualified rent-to-own property. Free h&r block military Rental home (see Residential rental property) Rented property, improvements, Improvements to rented property. Free h&r block military Repairs, How Do You Treat Repairs and Improvements? Residential rental property, Which Property Class Applies Under GDS? Retail motor fuels outlet, Retail motor fuels outlet. Free h&r block military Revoking ADS election, Electing ADS. Free h&r block military General asset account election, Revoking an election. Free h&r block military Section 179 election, Revoking an election. Free h&r block military S Sale of property, Sale or Other Disposition Before the Recovery Period Ends Section 179 deduction Business use required, Partial business use. Free h&r block military Carryover, Carryover of disallowed deduction. Free h&r block military Dispositions, When Must You Recapture the Deduction? Electing, How Do You Elect the Deduction? Limits Business (taxable) income, Business Income Limit Business-use, recapture, When Must You Recapture the Deduction? Dollar, Dollar Limits Enterprise zone business, Enterprise Zone Businesses Partial business use, Partial business use. Free h&r block military Married filing separate returns, Married Individuals Partnership rules, Partnerships and Partners Property Eligible, Eligible Property Excepted, Excepted Property Purchase required, Property Acquired by Purchase Recapture, When Must You Recapture the Deduction? Recordkeeping, How Do You Elect the Deduction? S corporation rules, S Corporations Settlement fees, Settlement costs. Free h&r block military Short tax year Figuring depreciation, Property Placed in Service in a Short Tax Year Figuring placed-in-service date, Using the Applicable Convention in a Short Tax Year Software, computer, Computer software. Free h&r block military , Off-the-shelf computer software. Free h&r block military Sound recording, Films, video tapes, and recordings. Free h&r block military Special depreciation allowance Election not to claim, How Can You Elect Not To Claim an Allowance? Qualified property, What Is Qualified Property? Recapture, When Must You Recapture an Allowance? Stock, constructive ownership of, Constructive ownership of stock or partnership interest. Free h&r block military Straight line method, Intangible Property, Straight Line Method Created intangibles, Certain created intangibles. Free h&r block military T Tangible personal property, Tangible personal property. Free h&r block military Term interest, Certain term interests in property. Free h&r block military Trade-in of property, Trade-in of other property. Free h&r block military Trucks, Trucks and Vans U Unadjusted basis, Figuring the Unadjusted Basis of Your Property Useful life, Property Having a Determinable Useful Life V Vans, Trucks and Vans Video tape, Films, video tapes, and recordings. Free h&r block military Video-recording equipment (see Listed property) W When to use ADS, Which Depreciation System (GDS or ADS) Applies? Worksheet Leased listed property, Inclusion amount worksheet. Free h&r block military MACRS, MACRS Worksheet Prev  Up     Home   More Online Publications