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H&r Block Free TaxH&r block free tax Publication 534 - Introductory Material Table of Contents Important Change for 1995 Introduction How To Use This Publication Important Change for 1995 Major changes to Publications 534 and 946. H&r block free tax This publication, as well as Publication 946,How To Depreciate Property, has been changed. H&r block free tax Publication 534 has been shortened. H&r block free tax It no longer contains general information on MACRS and the section 179 deduction. H&r block free tax It contains a discussion of the accelerated cost recovery system (ACRS), the ACRS Percentage Tables, a discussion of other methods of depreciation, and a limited discussion of listed property. H&r block free tax We expanded Publication 946 by adding material taken from Publication 534. H&r block free tax We added more detail to the discussions of the section 179 deduction, the modified accelerated cost recovery system (MACRS), and listed property. H&r block free tax We replaced the partialMACRS Percentage Tables with the complete ones from Publication 534. H&r block free tax We also added the Table of Class Lives and Recovery Periods from Publication 534. H&r block free tax We made these changes to eliminate most of the duplication that existed in the two publications. H&r block free tax This will save money and make it easier for you to decide which publication you need. H&r block free tax Use this publication to figure depreciation on property you placed in service before 1987; use Publication 946 to figure depreciation on property you placed in service after 1986. H&r block free tax Introduction The law allows you to recover your cost in business or income-producing property through yearly tax deductions. H&r block free tax You do this by depreciating your property, that is, by deducting some of your cost on your tax return each year. H&r block free tax You can depreciate both tangible property, such as a car, building, or machinery, and certain intangible property, such as a copyright or a patent. H&r block free tax The amount you can deduct depends on: How much the property cost, When you began using it, How long it will take to recover your cost, and Which of several depreciation methods you use. H&r block free tax Depreciation defined. H&r block free tax Depreciation is a loss in the value of property over the time the property is being used. H&r block free tax Events that can cause property to depreciate include wear and tear, age, deterioration, and obsolescence. H&r block free tax You can get back your cost of certain property, such as equipment you use in your business or property used for the production of income by taking deductions for depreciation. H&r block free tax Black's Law Dictionary Amortization. H&r block free tax Amortization is similar to depreciation. H&r block free tax Using amortization, you can recover your cost or basis in certain property proportionately over a specific number of years or months. H&r block free tax Examples of costs you can amortize are the costs of starting a business, reforestation, and pollution control facilities. H&r block free tax You can find information on amortization inchapter 12 of Publication 535, Business Expenses. H&r block free tax Alternative minimum tax. H&r block free tax If you use accelerated depreciation for real property, or personal property that is leased to others, you may be liable for the alternative minimum tax. H&r block free tax Accelerated depreciation is any method, that allows recovery at a faster rate in the earlier years than the straight line method. H&r block free tax For more information, you may wish to see the following: Form 6251, Alternative Minimum Tax-Individuals, and Publication 542, Tax Information on Corporations. H&r block free tax Ordering publications and forms. H&r block free tax To order free publications and forms, 1-800-TAX-FORM (1-800-829-3676). H&r block free tax You can also write to the IRS Forms Distribution Center nearest you. H&r block free tax Check your income tax package for the address. H&r block free tax If you have access to a personal computer and a modem, you can also get many forms and publications electronically. H&r block free tax See How To Get Forms and Publications in your income tax package for details. H&r block free tax Telephone help. H&r block free tax You can call the IRS with your tax question Monday through Friday during regular business hours. H&r block free tax Check your telephone book for the local number or you can call1-800-829-1040. H&r block free tax Telephone help for hearing-impaired persons. H&r block free tax If you have access to TDD equipment, you can call 1-800-829-4059 with your tax question or to order forms and publications. H&r block free tax See your tax package for the hours of operation. H&r block free tax How To Use This Publication This publication describes the kinds of property that can be depreciated and the methods used to figure depreciation on property placed in service before 1987. H&r block free tax It is divided into three chapters and contains an appendix. H&r block free tax Chapter 1 explains the rules for depreciating property under the Accelerated Cost Recovery System (ACRS). H&r block free tax Chapter 2 explains the rules for depreciating property first used before 1981. H&r block free tax Chapter 3 explains the rules for listed property. H&r block free tax Also this chapter defines listed property. H&r block free tax The appendix contains the ACRS Percentage Tables. H&r block free tax Prev Up Next Home More Online Publications
Delayed, Damaged, or Lost Bags
File a Delayed Baggage Report
If your bags aren't on the conveyor belt when you arrive, file a report with the airline before you leave the airport.
- Insist they fill out a form and give you a copy, even if they say the bag will be on the next flight.
- Get the name of the person who filled out the form and a phone number for follow up.
- Confirm that the airline will deliver the bag to you without charge when it's found.
Some airlines will give you money to purchase a few necessities. If they don't provide you with cash, ask what types of articles would be reimbursable, and keep all receipts.
If a suitcase arrives damaged, the airline will usually pay for repairs. If an item can't be fixed, they will negotiate to pay you its depreciated value. The same is true for belongings packed inside. Of course, airlines may refuse to pay for damage if it was caused by your failure to pack something properly rather than the airline's handling.
Submit a Second Detailed Report
If your bag is declared officially lost, you will have to submit a second, more detailed form within a time period set by the airline. The information on the form is used to estimate the value of your lost belongings. Airlines can limit their liability for delayed, lost and damaged baggage, however, they must prominently display a sign that explains the limit. According to the Office of Aviation Consumer Protection and Enforcement; the maximum an airline pays on lost bags and their contents is limited to $3,000 per passenger on domestic flights, and $1,500 per passenger for checked baggage on international flights. The Travel Insider offers more information on maximum liability, including special rates that change on a daily basis.
If the airline's offer doesn't fully cover your loss, check your homeowner's or renter's insurance to see if it covers losses away from home. Some credit card companies and travel agencies also offer optional or even automatic supplemental baggage coverage.
On those trips when you know you're carrying more than the liability limits, you may want to ask about purchasing "excess valuation" from the airline when you check in. Of course, there is no guarantee the airline will sell you this protection. The airline may refuse, especially if the item is valuable or breakable.
Air travelers may choose from a wide variety of airfares. Compare rates online using airline websites or third-party reservation services. You can also contact a travel agent, another ticket outlet, or the airlines serving the places to which you want to travel. Watch for newspaper, magazine, and radio ads. Be wary of new companies serving the market; they may offer lower fares but may not yet have a track record for safety or reliability.
Many airlines charge extra fees for checked baggage, advance seat assignments, meals, and other services. The Department of Transportation has ruled that an airline must prominently disclose all potential fees on their websites. The airline must also refund baggage fees if they lose your baggage. Airlines are also required to include all government taxes and fees in the advertised price. For more information contact the Department of Transportation's Aviation Consumer Protection Division.