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How To File 2010 Taxes In 2012

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How To File 2010 Taxes In 2012

How to file 2010 taxes in 2012 Publication 529 - Main Content Table of Contents Deductions Subject to the 2% LimitUnreimbursed Employee Expenses Tax Preparation Fees Other Expenses Deductions Not Subject to the 2% LimitList of Deductions Nondeductible ExpensesList of Nondeductible Expenses How To ReportWho can use Form 2106-EZ. How to file 2010 taxes in 2012 Computer used in a home office. How to file 2010 taxes in 2012 Example How To Get Tax HelpLow Income Taxpayer Clinics Deductions Subject to the 2% Limit You can deduct certain expenses as miscellaneous itemized deductions on Schedule A (Form 1040 or Form 1040NR). How to file 2010 taxes in 2012 You can claim the amount of expenses that is more than 2% of your adjusted gross income. How to file 2010 taxes in 2012 You figure your deduction on Schedule A by subtracting 2% of your adjusted gross income from the total amount of these expenses. How to file 2010 taxes in 2012 Your adjusted gross income is the amount on Form 1040, line 38, or Form 1040NR, line 37. How to file 2010 taxes in 2012 Generally, you apply the 2% limit after you apply any other deduction limit. How to file 2010 taxes in 2012 For example, you apply the 50% (or 80%) limit on business-related meals and entertainment (discussed later under Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging ) before you apply the 2% limit. How to file 2010 taxes in 2012 Deductions subject to the 2% limit are discussed in the following three categories. How to file 2010 taxes in 2012 Unreimbursed employee expenses (Schedule A (Form 1040), line 21 or Schedule A (Form 1040NR), line 7). How to file 2010 taxes in 2012 Tax preparation fees (Schedule A (Form 1040), line 22 or Schedule A (Form 1040NR), line 8). How to file 2010 taxes in 2012 Other expenses (Schedule A (Form 1040), line 23 or Schedule A (Form 1040NR), line 9). How to file 2010 taxes in 2012 Unreimbursed Employee Expenses Generally, the following expenses are deducted on Schedule A (Form 1040), line 21, or Schedule A (Form 1040NR), line 7. How to file 2010 taxes in 2012 You can deduct only unreimbursed employee expenses that are: Paid or incurred during your tax year, For carrying on your trade or business of being an employee, and Ordinary and necessary. How to file 2010 taxes in 2012 An expense is ordinary if it is common and accepted in your trade, business, or profession. How to file 2010 taxes in 2012 An expense is necessary if it is appropriate and helpful to your business. How to file 2010 taxes in 2012 An expense does not have to be required to be considered necessary. How to file 2010 taxes in 2012 You may be able to deduct the following items as unreimbursed employee expenses. How to file 2010 taxes in 2012 Business bad debt of an employee. How to file 2010 taxes in 2012 Business liability insurance premiums. How to file 2010 taxes in 2012 Damages paid to a former employer for breach of an employment contract. How to file 2010 taxes in 2012 Depreciation on a computer your employer requires you to use in your work. How to file 2010 taxes in 2012 Dues to a chamber of commerce if membership helps you do your job. How to file 2010 taxes in 2012 Dues to professional societies. How to file 2010 taxes in 2012 Educator expenses. How to file 2010 taxes in 2012 Home office or part of your home used regularly and exclusively in your work. How to file 2010 taxes in 2012 Job search expenses in your present occupation. How to file 2010 taxes in 2012 Laboratory breakage fees. How to file 2010 taxes in 2012 Legal fees related to your job. How to file 2010 taxes in 2012 Licenses and regulatory fees. How to file 2010 taxes in 2012 Malpractice insurance premiums. How to file 2010 taxes in 2012 Medical examinations required by an employer. How to file 2010 taxes in 2012 Occupational taxes. How to file 2010 taxes in 2012 Passport for a business trip. How to file 2010 taxes in 2012 Repayment of an income aid payment received under an employer's plan. How to file 2010 taxes in 2012 Research expenses of a college professor. How to file 2010 taxes in 2012 Rural mail carriers' vehicle expenses. How to file 2010 taxes in 2012 Subscriptions to professional journals and trade magazines related to your work. How to file 2010 taxes in 2012 Tools and supplies used in your work. How to file 2010 taxes in 2012 Travel, transportation, meals, entertainment, gifts, and local lodging related to your work. How to file 2010 taxes in 2012 Union dues and expenses. How to file 2010 taxes in 2012 Work clothes and uniforms if required and not suitable for everyday use. How to file 2010 taxes in 2012 Work-related education. How to file 2010 taxes in 2012 Business Bad Debt A business bad debt is a loss from a debt created or acquired in your trade or business. How to file 2010 taxes in 2012 Any other worthless debt is a business bad debt only if there is a very close relationship between the debt and your trade or business when the debt becomes worthless. How to file 2010 taxes in 2012 A debt has a very close relationship to your trade or business of being an employee if your main motive for incurring the debt is a business reason. How to file 2010 taxes in 2012 Example. How to file 2010 taxes in 2012 You make a bona fide loan to the corporation you work for. How to file 2010 taxes in 2012 It fails to pay you back. How to file 2010 taxes in 2012 You had to make the loan in order to keep your job. How to file 2010 taxes in 2012 You have a business bad debt as an employee. How to file 2010 taxes in 2012 More information. How to file 2010 taxes in 2012   For more information on business bad debts, see chapter 10 in Publication 535. How to file 2010 taxes in 2012 For information on nonbusiness bad debts, see chapter 4 in Publication 550, Investment Income and Expenses. How to file 2010 taxes in 2012 Business Liability Insurance You can deduct insurance premiums you paid for protection against personal liability for wrongful acts on the job. How to file 2010 taxes in 2012 Damages for Breach of Employment Contract If you break an employment contract, you can deduct damages you pay your former employer if the damages are attributable to the pay you received from that employer. How to file 2010 taxes in 2012 Depreciation on Computers You can claim a depreciation deduction for a computer that you use in your work as an employee if its use is: For the convenience of your employer, and Required as a condition of your employment. How to file 2010 taxes in 2012 For the convenience of your employer. How to file 2010 taxes in 2012   This means that your use of the computer is for a substantial business reason of your employer. How to file 2010 taxes in 2012 You must consider all facts in making this determination. How to file 2010 taxes in 2012 Use of your computer during your regular working hours to carry on your employer's business is generally for the convenience of your employer. How to file 2010 taxes in 2012 Required as a condition of your employment. How to file 2010 taxes in 2012   This means that you cannot properly perform your duties without the computer. How to file 2010 taxes in 2012 Whether you can properly perform your duties without it depends on all the facts and circumstances. How to file 2010 taxes in 2012 It is not necessary that your employer explicitly requires you to use your computer. How to file 2010 taxes in 2012 But neither is it enough that your employer merely states that your use of the item is a condition of your employment. How to file 2010 taxes in 2012 Example. How to file 2010 taxes in 2012 You are an engineer with an engineering firm. How to file 2010 taxes in 2012 You occasionally take work home at night rather than work late at the office. How to file 2010 taxes in 2012 You own and use a computer that is similar to the one you use at the office to complete your work at home. How to file 2010 taxes in 2012 Since your use of the computer is not for the convenience of your employer and is not required as a condition of your employment, you cannot claim a depreciation deduction for it. How to file 2010 taxes in 2012 Which depreciation method to use. How to file 2010 taxes in 2012   The depreciation method you use depends on whether you meet the more-than-50%-use test. How to file 2010 taxes in 2012 More-than-50%-use test met. How to file 2010 taxes in 2012   You meet this test if you use the computer more than 50% in your work. How to file 2010 taxes in 2012 If you meet this test, you can claim accelerated depreciation under the General Depreciation System (GDS). How to file 2010 taxes in 2012 In addition, you may be able to take the section 179 deduction for the year you place the item in service. How to file 2010 taxes in 2012 More-than-50%-use test not met. How to file 2010 taxes in 2012   If you do not meet the more-than-50%-use test, you are limited to the straight line method of depreciation under the Alternative Depreciation System (ADS). How to file 2010 taxes in 2012 You also cannot claim the section 179 deduction. How to file 2010 taxes in 2012 (But if you use your computer in a home office, see the exception below. How to file 2010 taxes in 2012 ) Investment use. How to file 2010 taxes in 2012   Your use of a computer in connection with investments (described later under Other Expenses ) does not count as use in your work. How to file 2010 taxes in 2012 However, you can combine your investment use with your work use in figuring your depreciation deduction. How to file 2010 taxes in 2012 Exception for computer used in a home office. How to file 2010 taxes in 2012   The more-than-50%-use test does not apply to a computer used only in a part of your home that meets the requirements described later under Home Office . How to file 2010 taxes in 2012 You can claim accelerated depreciation using GDS for a computer used in a qualifying home office, even if you do not use it more than 50% in your work. How to file 2010 taxes in 2012 You also may be able to take a section 179 deduction for the year you place the computer in service. How to file 2010 taxes in 2012 See Computer used in a home office under How To Report, later. How to file 2010 taxes in 2012 More information. How to file 2010 taxes in 2012   For more information on depreciation and the section 179 deduction for computers and other items used in a home office, see Business Furniture and Equipment in Publication 587. How to file 2010 taxes in 2012 Publication 946 has detailed information about the section 179 deduction and depreciation deductions using GDS and ADS. How to file 2010 taxes in 2012 Reporting your depreciation deduction. How to file 2010 taxes in 2012    See How To Report, later, for information about reporting a deduction for depreciation. How to file 2010 taxes in 2012 You must keep records to prove your percentage of business and investment use. How to file 2010 taxes in 2012 Dues to Chambers of Commerce and Professional Societies You may be able to deduct dues paid to professional organizations (such as bar associations and medical associations) and to chambers of commerce and similar organizations, if membership helps you carry out the duties of your job. How to file 2010 taxes in 2012 Similar organizations include: Boards of trade, Business leagues, Civic or public service organizations, Real estate boards, and Trade associations. How to file 2010 taxes in 2012 Lobbying and political activities. How to file 2010 taxes in 2012    You may not be able to deduct that part of your dues that is for certain lobbying and political activities. How to file 2010 taxes in 2012 See Lobbying Expenses under Nondeductible Expenses, later. How to file 2010 taxes in 2012 Educator Expenses If you were an eligible educator in 2013, you can deduct up to $250 of qualified expenses you paid in 2013 as an adjustment to gross income on Form 1040, line 23, rather than as a miscellaneous itemized deduction. How to file 2010 taxes in 2012 If you file Form 1040A, you can deduct these expenses on line 16. How to file 2010 taxes in 2012 If you and your spouse are filing jointly and both of you were eligible educators, the maximum deduction is $500. How to file 2010 taxes in 2012 However, neither spouse can deduct more than $250 of his or her qualified expenses. How to file 2010 taxes in 2012 Eligible educator. How to file 2010 taxes in 2012   An eligible educator is a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide in school for at least 900 hours during a school year. How to file 2010 taxes in 2012 Qualified expenses. How to file 2010 taxes in 2012   Qualified expenses include ordinary and necessary expenses paid in connection with books, supplies, equipment (including computer equipment, software, and services), and other materials used in the classroom. How to file 2010 taxes in 2012 An ordinary expense is one that is common and accepted in your educational field. How to file 2010 taxes in 2012 A necessary expense is one that is helpful and appropriate for your profession as an educator. How to file 2010 taxes in 2012 An expense does not have to be required to be considered necessary. How to file 2010 taxes in 2012   Qualified expenses do not include expenses for home schooling or for nonathletic supplies for courses in health or physical education. How to file 2010 taxes in 2012 You must reduce your qualified expenses by the following amounts. How to file 2010 taxes in 2012 Excludable U. How to file 2010 taxes in 2012 S. How to file 2010 taxes in 2012 series EE and I savings bond interest from Form 8815. How to file 2010 taxes in 2012 Nontaxable qualified state tuition program earnings. How to file 2010 taxes in 2012 Nontaxable earnings from Coverdell education savings accounts. How to file 2010 taxes in 2012 Any reimbursements you received for those expenses that were not reported to you on your Form W-2, box 1. How to file 2010 taxes in 2012 Educator expenses over limit. How to file 2010 taxes in 2012   If you were an educator in 2013 and you had qualified expenses that you cannot take as an adjustment to gross income, you can deduct the rest as an itemized deduction subject to the 2% limit. How to file 2010 taxes in 2012 Home Office If you use a part of your home regularly and exclusively for business purposes, you may be able to deduct a part of the operating expenses and depreciation of your home. How to file 2010 taxes in 2012 You can claim this deduction for the business use of a part of your home only if you use that part of your home regularly and exclusively: As your principal place of business for any trade or business, As a place to meet or deal with your patients, clients, or customers in the normal course of your trade or business, or In the case of a separate structure not attached to your home, in connection with your trade or business. How to file 2010 taxes in 2012 The regular and exclusive business use must be for the convenience of your employer and not just appropriate and helpful in your job. How to file 2010 taxes in 2012 Principal place of business. How to file 2010 taxes in 2012   If you have more than one place of business, the business part of your home is your principal place of business if: You use it regularly and exclusively for administrative or management activities of your trade or business, and You have no other fixed location where you conduct substantial administrative or management activities of your trade or business. How to file 2010 taxes in 2012   Otherwise, the location of your principal place of business generally depends on the relative importance of the activities performed at each location and the time spent at each location. How to file 2010 taxes in 2012 You should keep records that will give the information needed to figure the deduction according to these rules. How to file 2010 taxes in 2012 Also keep canceled checks, substitute checks, or account statements and receipts of the expenses paid to prove the deductions you claim. How to file 2010 taxes in 2012 More information. How to file 2010 taxes in 2012   See Publication 587 for more detailed information and a worksheet for figuring the deduction. How to file 2010 taxes in 2012 Job Search Expenses You can deduct certain expenses you have in looking for a new job in your present occupation, even if you do not get a new job. How to file 2010 taxes in 2012 You cannot deduct these expenses if: You are looking for a job in a new occupation, There was a substantial break between the ending of your last job and your looking for a new one, or You are looking for a job for the first time. How to file 2010 taxes in 2012 Employment and outplacement agency fees. How to file 2010 taxes in 2012    You can deduct employment and outplacement agency fees you pay in looking for a new job in your present occupation. How to file 2010 taxes in 2012 Employer pays you back. How to file 2010 taxes in 2012   If, in a later year, your employer pays you back for employment agency fees, you must include the amount you receive in your gross income up to the amount of your tax benefit in the earlier year. How to file 2010 taxes in 2012 See Recoveries in Publication 525. How to file 2010 taxes in 2012 Employer pays the employment agency. How to file 2010 taxes in 2012   If your employer pays the fees directly to the employment agency and you are not responsible for them, you do not include them in your gross income. How to file 2010 taxes in 2012 Résumé. How to file 2010 taxes in 2012   You can deduct amounts you spend for preparing and mailing copies of a résumé to prospective employers if you are looking for a new job in your present occupation. How to file 2010 taxes in 2012 Travel and transportation expenses. How to file 2010 taxes in 2012   If you travel to an area and, while there, you look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area. How to file 2010 taxes in 2012 You can deduct the travel expenses if the trip is primarily to look for a new job. How to file 2010 taxes in 2012 The amount of time you spend on personal activity compared to the amount of time you spend in looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job. How to file 2010 taxes in 2012   Even if you cannot deduct the travel expenses to and from an area, you can deduct the expenses of looking for a new job in your present occupation while in the area. How to file 2010 taxes in 2012    You can choose to use the standard mileage rate to figure your car expenses. How to file 2010 taxes in 2012 The 2013 rate for business use of a vehicle is 56½ cents per mile. How to file 2010 taxes in 2012 See Publication 463 for more information on travel and car expenses. How to file 2010 taxes in 2012 Legal Fees You can deduct legal fees related to doing or keeping your job. How to file 2010 taxes in 2012 Licenses and Regulatory Fees You can deduct the amount you pay each year to state or local governments for licenses and regulatory fees for your trade, business, or profession. How to file 2010 taxes in 2012 Occupational Taxes You can deduct an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. How to file 2010 taxes in 2012 If you are an employee, you can claim occupational taxes only as a miscellaneous deduction subject to the 2% limit; you cannot claim them as a deduction for taxes elsewhere on your return. How to file 2010 taxes in 2012 Repayment of Income Aid Payment An “income aid payment” is one that is received under an employer's plan to aid employees who lose their jobs because of lack of work. How to file 2010 taxes in 2012 If you repay a lump-sum income aid payment that you received and included in income in an earlier year, you can deduct the repayment. How to file 2010 taxes in 2012 Research Expenses of a College Professor If you are a college professor, you can deduct your research expenses, including travel expenses, for teaching, lecturing, or writing and publishing on subjects that relate directly to your teaching duties. How to file 2010 taxes in 2012 You must have undertaken the research as a means of carrying out the duties expected of a professor and without expectation of profit apart from salary. How to file 2010 taxes in 2012 However, you cannot deduct the cost of travel as a form of education. How to file 2010 taxes in 2012 Rural Mail Carriers' Vehicle Expenses If your expenses to use a vehicle in performing services as a rural mail carrier are more than the amount of your reimbursements, you can deduct the unreimbursed expenses. How to file 2010 taxes in 2012 See chapter 4 of Publication 463 for more information. How to file 2010 taxes in 2012 Tools Used in Your Work Generally, you can deduct amounts you spend for tools used in your work if the tools wear out and are thrown away within 1 year from the date of purchase. How to file 2010 taxes in 2012 You can depreciate the cost of tools that have a useful life substantially beyond the tax year. How to file 2010 taxes in 2012 For more information about depreciation, see Publication 946. How to file 2010 taxes in 2012 Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging If you are an employee and have ordinary and necessary business-related expenses for travel away from home, local transportation, entertainment, and gifts, you may be able to deduct these expenses. How to file 2010 taxes in 2012 Generally, you must file Form 2106 or Form 2106-EZ to claim these expenses. How to file 2010 taxes in 2012 Travel expenses. How to file 2010 taxes in 2012   Travel expenses are those incurred while traveling away from home for your employer. How to file 2010 taxes in 2012 You can deduct travel expenses paid or incurred in connection with a temporary work assignment. How to file 2010 taxes in 2012 Generally, you cannot deduct travel expenses paid or incurred in connection with an indefinite work assignment. How to file 2010 taxes in 2012   Travel expenses may include: The cost of getting to and from your business destination (air, rail, bus, car, etc. How to file 2010 taxes in 2012 ), Meals and lodging while away from home, Taxi fares, Baggage charges, and Cleaning and laundry expenses. How to file 2010 taxes in 2012   Travel expenses are discussed more fully in chapter 1 of Publication 463. How to file 2010 taxes in 2012 Temporary work assignment. How to file 2010 taxes in 2012    If your assignment or job away from home in a single location is realistically expected to last (and does in fact last) for 1 year or less, it is temporary, unless there are facts and circumstances that indicate it is not. How to file 2010 taxes in 2012 Indefinite work assignment. How to file 2010 taxes in 2012   If your assignment or job away from home in a single location is realistically expected to last for more than 1 year, it is indefinite, whether or not it actually lasts for more than 1 year. How to file 2010 taxes in 2012 If your assignment or job away from home in a single location is realistically expected to last for 1 year or less, but at some later date it is realistically expected to exceed 1 year, it will be treated as temporary (in the absence of facts and circumstances indicating otherwise) until the date that your realistic expectation changes, and it will be treated as indefinite after that date. How to file 2010 taxes in 2012 Federal crime investigation and prosecution. How to file 2010 taxes in 2012   If you are a federal employee participating in a federal crime investigation or prosecution, you are not subject to the 1-year rule for deducting temporary travel expenses. How to file 2010 taxes in 2012 This means that you may be able to deduct travel expenses even if you are away from your tax home for more than 1 year. How to file 2010 taxes in 2012   To qualify, the Attorney General must certify that you are traveling: For the Federal Government, In a temporary duty status, and To investigate, prosecute, or provide support services for the investigation or prosecution of a federal crime. How to file 2010 taxes in 2012 Armed Forces reservists traveling more than 100 miles from home. How to file 2010 taxes in 2012   If you are a member of a reserve component of the Armed Forces of the United States and you travel more than 100 miles away from home in connection with your performance of services as a member of the reserves, you can deduct some of your travel expenses as an adjustment to gross income rather than as a miscellaneous itemized deduction. How to file 2010 taxes in 2012 The amount of expenses you can deduct as an adjustment to gross income is limited to the regular federal per diem rate (for lodging, meals, and incidental expenses) and the standard mileage rate (for car expenses) plus any parking fees, ferry fees, and tolls. How to file 2010 taxes in 2012 The balance, if any, is reported on Schedule A. How to file 2010 taxes in 2012   You are a member of a reserve component of the Armed Forces of the United States if you are in the Army, Naval, Marine Corps, Air Force, Coast Guard Reserve, the Army National Guard of the United States, the Air National Guard of the United States, or the Reserve Corps of the Public Health Service. How to file 2010 taxes in 2012   For more information on travel expenses, see Publication 463. How to file 2010 taxes in 2012 Local transportation expenses. How to file 2010 taxes in 2012   Local transportation expenses are the expenses of getting from one workplace to another when you are not traveling away from home. How to file 2010 taxes in 2012 They include the cost of transportation by air, rail, bus, taxi, and the cost of using your car. How to file 2010 taxes in 2012   You can choose to use the standard mileage rate to figure your car expenses. How to file 2010 taxes in 2012 The 2013 rate for business use of a vehicle is 56½ cents per mile. How to file 2010 taxes in 2012    In general, the costs of commuting between your residence and your place of business are nondeductible. How to file 2010 taxes in 2012 Work at two places in a day. How to file 2010 taxes in 2012   If you work at two places in a day, whether or not for the same employer, you can generally deduct the expenses of getting from one workplace to the other. How to file 2010 taxes in 2012 Temporary work location. How to file 2010 taxes in 2012   You can deduct expenses incurred in going between your home and a temporary work location if at least one of the following applies. How to file 2010 taxes in 2012 The work location is outside the metropolitan area where you live and normally work. How to file 2010 taxes in 2012 You have at least one regular work location (other than your home) for the same trade or business. How to file 2010 taxes in 2012 (If this applies, the distance between your home and the temporary work location does not matter. How to file 2010 taxes in 2012 )   For this purpose, a work location is generally considered temporary if your work there is realistically expected to last (and does in fact last) for 1 year or less. How to file 2010 taxes in 2012 It is not temporary if your work there is realistically expected to last for more than 1 year, even if it actually lasts for 1 year or less. How to file 2010 taxes in 2012 If your work there initially is realistically expected to last for 1 year or less, but later is realistically expected to last for more than 1 year, the work location is generally considered temporary until the date your realistic expectation changes and not temporary after that date. How to file 2010 taxes in 2012 For more information, see chapter 1 of Publication 463. How to file 2010 taxes in 2012 Home office. How to file 2010 taxes in 2012   You can deduct expenses incurred in going between your home and a workplace if your home is your principal place of business for the same trade or business. How to file 2010 taxes in 2012 (In this situation, whether the other workplace is temporary or regular and its distance from your home do not matter. How to file 2010 taxes in 2012 ) See Home Office , earlier, for a discussion on the use of your home as your principal place of business. How to file 2010 taxes in 2012 Meals and entertainment. How to file 2010 taxes in 2012   Generally, you can deduct entertainment expenses (including entertainment-related meals) only if they are directly related to the active conduct of your trade or business. How to file 2010 taxes in 2012 However, the expense only needs to be associated with the active conduct of your trade or business if it directly precedes or follows a substantial and bona fide business-related discussion. How to file 2010 taxes in 2012   You can deduct only 50% of your business-related meal and entertainment expenses unless the expenses meet certain exceptions. How to file 2010 taxes in 2012 You apply this 50% limit before you apply the 2%-of-adjusted-gross-income limit. How to file 2010 taxes in 2012 Meals when subject to “hours of service” limits. How to file 2010 taxes in 2012   You can deduct 80% of your business-related meal expenses if you consume the meals during or incident to any period subject to the Department of Transportation's “hours of service” limits. How to file 2010 taxes in 2012 You apply this 80% limit before you apply the 2%-of-adjusted-gross-income limit. How to file 2010 taxes in 2012 Gift expenses. How to file 2010 taxes in 2012   You can generally deduct up to $25 of business gifts you give to any one individual during the year. How to file 2010 taxes in 2012 The following items do not count toward the $25 limit. How to file 2010 taxes in 2012 Identical, widely distributed items costing $4 or less that have your name clearly and permanently imprinted. How to file 2010 taxes in 2012 Signs, racks, and promotional materials to be displayed on the business premises of the recipient. How to file 2010 taxes in 2012 Local lodging. How to file 2010 taxes in 2012   If your employer provides or requires you to obtain lodging while you are not traveling away from home, you can deduct the cost of the lodging if it is: on a temporary basis, necessary for you to participate in or be available for a business meeting or employer function, and the costs are ordinary and necessary, but not lavish or extravagant. How to file 2010 taxes in 2012   If your employer provides the lodging or reimburses you for the cost of the lodging, you can deduct the cost only if the value or the reimbursement is included in your gross income because it is reported as wages on your Form W-2. How to file 2010 taxes in 2012 Additional information. How to file 2010 taxes in 2012    See Publication 463 for more information on travel, transportation, meal, entertainment, and gift expenses, and reimbursements for these expenses. How to file 2010 taxes in 2012 Union Dues and Expenses You can deduct dues and initiation fees you pay for union membership. How to file 2010 taxes in 2012 You can also deduct assessments for benefit payments to unemployed union members. How to file 2010 taxes in 2012 However, you cannot deduct the part of the assessments or contributions that provides funds for the payment of sick, accident, or death benefits. How to file 2010 taxes in 2012 Also, you cannot deduct contributions to a pension fund even if the union requires you to make the contributions. How to file 2010 taxes in 2012 You may not be able to deduct amounts you pay to the union that are related to certain lobbying and political activities. How to file 2010 taxes in 2012 See Lobbying Expenses under Nondeductible Expenses, later. How to file 2010 taxes in 2012 Work Clothes and Uniforms You can deduct the cost and upkeep of work clothes if the following two requirements are met. How to file 2010 taxes in 2012 You must wear them as a condition of your employment. How to file 2010 taxes in 2012 The clothes are not suitable for everyday wear. How to file 2010 taxes in 2012 It is not enough that you wear distinctive clothing. How to file 2010 taxes in 2012 The clothing must be specifically required by your employer. How to file 2010 taxes in 2012 Nor is it enough that you do not, in fact, wear your work clothes away from work. How to file 2010 taxes in 2012 The clothing must not be suitable for taking the place of your regular clothing. How to file 2010 taxes in 2012 Examples of workers who may be able to deduct the cost and upkeep of work clothes are: delivery workers, firefighters, health care workers, law enforcement officers, letter carriers, professional athletes, and transportation workers (air, rail, bus, etc. How to file 2010 taxes in 2012 ). How to file 2010 taxes in 2012 Musicians and entertainers can deduct the cost of theatrical clothing and accessories that are not suitable for everyday wear. How to file 2010 taxes in 2012 However, work clothing consisting of white cap, white shirt or white jacket, white bib overalls, and standard work shoes, which a painter is required by his union to wear on the job, is not distinctive in character or in the nature of a uniform. How to file 2010 taxes in 2012 Similarly, the costs of buying and maintaining blue work clothes worn by a welder at the request of a foreman are not deductible. How to file 2010 taxes in 2012 Protective clothing. How to file 2010 taxes in 2012   You can deduct the cost of protective clothing required in your work, such as safety shoes or boots, safety glasses, hard hats, and work gloves. How to file 2010 taxes in 2012   Examples of workers who may be required to wear safety items are: carpenters, cement workers, chemical workers, electricians, fishing boat crew members, machinists, oil field workers, pipe fitters, steamfitters, and truck drivers. How to file 2010 taxes in 2012 Military uniforms. How to file 2010 taxes in 2012   You generally cannot deduct the cost of your uniforms if you are on full-time active duty in the armed forces. How to file 2010 taxes in 2012 However, if you are an armed forces reservist, you can deduct the unreimbursed cost of your uniform if military regulations restrict you from wearing it except while on duty as a reservist. How to file 2010 taxes in 2012 In figuring the deduction, you must reduce the cost by any nontaxable allowance you receive for these expenses. How to file 2010 taxes in 2012   If local military rules do not allow you to wear fatigue uniforms when you are off duty, you can deduct the amount by which the cost of buying and keeping up these uniforms is more than the uniform allowance you receive. How to file 2010 taxes in 2012   If you are a student at an armed forces academy, you cannot deduct the cost of your uniforms if they replace regular clothing. How to file 2010 taxes in 2012 However, you can deduct the cost of insignia, shoulder boards, and related items. How to file 2010 taxes in 2012    You can deduct the cost of your uniforms if you are a civilian faculty or staff member of a military school. How to file 2010 taxes in 2012 Work-Related Education You can deduct expenses you have for education, even if the education may lead to a degree, if the education meets at least one of the following two tests. How to file 2010 taxes in 2012 It maintains or improves skills required in your present work. How to file 2010 taxes in 2012 It is required by your employer or the law to keep your salary, status, or job, and the requirement serves a business purpose of your employer. How to file 2010 taxes in 2012 You cannot deduct expenses you have for education, even though one or both of the preceding tests are met, if the education: Is needed to meet the minimum educational requirements to qualify you in your trade or business, or Is part of a program of study that will lead to qualifying you in a new trade or business. How to file 2010 taxes in 2012 If your education qualifies, you can deduct expenses for tuition, books, supplies, laboratory fees, and similar items, and certain transportation costs. How to file 2010 taxes in 2012 If the education qualifies you for a new trade or business, you cannot deduct the educational expenses even if you do not intend to enter that trade or business. How to file 2010 taxes in 2012 Travel as education. How to file 2010 taxes in 2012   You cannot deduct the cost of travel that in itself constitutes a form of education. How to file 2010 taxes in 2012 For example, a French teacher who travels to France to maintain general familiarity with the French language and culture cannot deduct the cost of the trip as an educational expense. How to file 2010 taxes in 2012 More information. How to file 2010 taxes in 2012    See Publication 970, Tax Benefits for Education, for a complete discussion of the deduction for work-related education expenses. How to file 2010 taxes in 2012 Education Expenses During Unemployment If you stop working for a year or less in order to get education in order to maintain or improve skills needed in your present work and then return to the same general type of work, your absence is considered temporary. How to file 2010 taxes in 2012 Education that you get during a temporary absence is qualifying work-related education if it maintains or improves skills needed in your present work. How to file 2010 taxes in 2012 Tax Preparation Fees You can usually deduct tax preparation fees on the return for the year in which you pay them. How to file 2010 taxes in 2012 Thus, on your 2013 return, you can deduct fees paid in 2013 for preparing your 2012 return. How to file 2010 taxes in 2012 These fees include the cost of tax preparation software programs and tax publications. How to file 2010 taxes in 2012 They also include any fee you paid for electronic filing of your return. How to file 2010 taxes in 2012 See Tax preparation fees under How To Report, later. How to file 2010 taxes in 2012 Other Expenses You can deduct certain other expenses as miscellaneous itemized deductions subject to the 2%-of-adjusted-gross-income limit. How to file 2010 taxes in 2012 On Schedule A (Form 1040), line 23, or Schedule A (Form 1040NR), line 9, you can deduct the ordinary and necessary expenses that you pay: To produce or collect income that must be included in your gross income, To manage, conserve, or maintain property held for producing such income, or To determine, contest, pay, or claim a refund of any tax. How to file 2010 taxes in 2012 You can deduct expenses you pay for the purposes in (1) and (2) above only if they are reasonable and closely related to these purposes. How to file 2010 taxes in 2012 These other expenses include the following items. How to file 2010 taxes in 2012 Appraisal fees for a casualty loss or charitable contribution. How to file 2010 taxes in 2012 Casualty and theft losses from property used in performing services as an employee. How to file 2010 taxes in 2012 Clerical help and office rent in caring for investments. How to file 2010 taxes in 2012 Depreciation on home computers used for investments. How to file 2010 taxes in 2012 Excess deductions (including administrative expenses) allowed a beneficiary on termination of an estate or trust. How to file 2010 taxes in 2012 Fees to collect interest and dividends. How to file 2010 taxes in 2012 Hobby expenses, but generally not more than hobby income. How to file 2010 taxes in 2012 Indirect miscellaneous deductions from pass-through entities. How to file 2010 taxes in 2012 Investment fees and expenses. How to file 2010 taxes in 2012 Legal fees related to producing or collecting taxable income or getting tax advice. How to file 2010 taxes in 2012 Loss on deposits in an insolvent or bankrupt financial institution. How to file 2010 taxes in 2012 Loss on traditional IRAs or Roth IRAs, when all amounts have been distributed to you. How to file 2010 taxes in 2012 Repayments of income. How to file 2010 taxes in 2012 Repayments of social security benefits. How to file 2010 taxes in 2012 Safe deposit box rental, except for storing jewelry and other personal effects. How to file 2010 taxes in 2012 Service charges on dividend reinvestment plans. How to file 2010 taxes in 2012 Tax advice fees. How to file 2010 taxes in 2012 Trustee's fees for your IRA, if separately billed and paid. How to file 2010 taxes in 2012 If the expenses you pay produce income that is only partially taxable, see Tax-Exempt Income Expenses, later, under Nondeductible Expenses. How to file 2010 taxes in 2012 Appraisal Fees You can deduct appraisal fees if you pay them to figure a casualty loss or the fair market value of donated property. How to file 2010 taxes in 2012 Casualty and Theft Losses You can deduct a casualty or theft loss as a miscellaneous itemized deduction subject to the 2% limit if you used the damaged or stolen property in performing services as an employee. How to file 2010 taxes in 2012 First report the loss in Section B of Form 4684, Casualties and Thefts. How to file 2010 taxes in 2012 You may also have to include the loss on Form 4797, Sales of Business Property, if you are otherwise required to file that form. How to file 2010 taxes in 2012 To figure your deduction, add all casualty or theft losses from this type of property included on Form 4684, lines 32 and 38b, or Form 4797, line 18a. How to file 2010 taxes in 2012 For more information on casualty and theft losses, see Publication 547, Casualties, Disasters, and Thefts. How to file 2010 taxes in 2012 Clerical Help and Office Rent You can deduct office expenses, such as rent and clerical help, that you have in connection with your investments and collecting the taxable income on them. How to file 2010 taxes in 2012 Credit or Debit Card Convenience Fees You can deduct the convenience fee charged by the card processor for paying your income tax (including estimated tax payments) by credit or debit card. How to file 2010 taxes in 2012 The fees are deductible on the return for the year in which you paid them. How to file 2010 taxes in 2012 For example, fees charged to payments made in 2013 can be claimed on the 2013 tax return. How to file 2010 taxes in 2012 Depreciation on Home Computer You can deduct depreciation on your home computer if you use it to produce income (for example, to manage your investments that produce taxable income). How to file 2010 taxes in 2012 You generally must depreciate the computer using the straight line method over the Alternative Depreciation System (ADS) recovery period. How to file 2010 taxes in 2012 But if you work as an employee and also use the computer in that work, see Depreciation on Computers under Unreimbursed Employee Expenses, earlier. How to file 2010 taxes in 2012 For more information on depreciation, see Publication 946. How to file 2010 taxes in 2012 Excess Deductions of an Estate If an estate's total deductions in its last tax year are more than its gross income for that year, the beneficiaries succeeding to the estate's property can deduct the excess. How to file 2010 taxes in 2012 Do not include deductions for the estate's personal exemption and charitable contributions when figuring the estate's total deductions. How to file 2010 taxes in 2012 The beneficiaries can claim the deduction only for the tax year in which, or with which, the estate terminates, whether the year of termination is a normal year or a short tax year. How to file 2010 taxes in 2012 For more information, see Termination of Estate in Publication 559, Survivors, Executors, and Administrators. How to file 2010 taxes in 2012 Fees To Collect Interest and Dividends You can deduct fees you pay to a broker, bank, trustee, or similar agent to collect your taxable bond interest or dividends on shares of stock. How to file 2010 taxes in 2012 But you cannot deduct a fee you pay to a broker to buy investment property, such as stocks or bonds. How to file 2010 taxes in 2012 You must add the fee to the cost of the property. How to file 2010 taxes in 2012 You cannot deduct the fee you pay to a broker to sell securities. How to file 2010 taxes in 2012 You can use the fee only to figure gain or loss from the sale. How to file 2010 taxes in 2012 See the instructions for Schedule D (Form 1040) for information on how to report the fee. How to file 2010 taxes in 2012 Hobby Expenses You can generally deduct hobby expenses, but only up to the amount of hobby income. How to file 2010 taxes in 2012 A hobby is not a business because it is not carried on to make a profit. How to file 2010 taxes in 2012 See Not-for-Profit Activities in chapter 1 of Publication 535. How to file 2010 taxes in 2012 Indirect Deductions of Pass-Through Entities Pass-through entities include partnerships, S corporations, and mutual funds that are not publicly offered. How to file 2010 taxes in 2012 Deductions of pass-through entities are passed through to the partners or shareholders. How to file 2010 taxes in 2012 The partners or shareholders can deduct their share of passed-through deductions for investment expenses as miscellaneous itemized deductions subject to the 2% limit. How to file 2010 taxes in 2012 Example. How to file 2010 taxes in 2012 You are a member of an investment club that is formed solely to invest in securities. How to file 2010 taxes in 2012 The club is treated as a partnership. How to file 2010 taxes in 2012 The partnership's income is solely from taxable dividends, interest, and gains from sales of securities. How to file 2010 taxes in 2012 In this case, you can deduct your share of the partnership's operating expenses as miscellaneous itemized deductions subject to the 2% limit. How to file 2010 taxes in 2012 However, if the investment club partnership has investments that also produce nontaxable income, you cannot deduct your share of the partnership's expenses that produce the nontaxable income. How to file 2010 taxes in 2012 Publicly offered mutual funds. How to file 2010 taxes in 2012   Publicly offered mutual funds do not pass deductions for investment expenses through to shareholders. How to file 2010 taxes in 2012 A mutual fund is “publicly offered” if it is: Continuously offered pursuant to a public offering, Regularly traded on an established securities market, or Held by or for at least 500 persons at all times during the tax year. How to file 2010 taxes in 2012   A publicly offered mutual fund will send you a Form 1099-DIV, Dividends and Distributions, or a substitute form, showing the net amount of dividend income (gross dividends minus investment expenses). How to file 2010 taxes in 2012 This net figure is the amount you report on your return as income. How to file 2010 taxes in 2012 You cannot further deduct investment expenses related to publicly offered mutual funds because they are already included as part of the net income amount. How to file 2010 taxes in 2012 Information returns. How to file 2010 taxes in 2012   You should receive information returns from pass-through entities. How to file 2010 taxes in 2012 Partnerships and S corporations. How to file 2010 taxes in 2012   These entities issue Schedule K-1, which lists the items and amounts you must report, and identifies the tax return schedules and lines to use. How to file 2010 taxes in 2012 Nonpublicly offered mutual funds. How to file 2010 taxes in 2012   These funds will send you a Form 1099-DIV, or a substitute form, showing your share of gross income and investment expenses. How to file 2010 taxes in 2012 You can claim the expenses only as a miscellaneous itemized deduction subject to the 2% limit. How to file 2010 taxes in 2012 Investment Fees and Expenses You can deduct investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income. How to file 2010 taxes in 2012 Legal Expenses You can usually deduct legal expenses that you incur in attempting to produce or collect taxable income or that you pay in connection with the determination, collection, or refund of any tax. How to file 2010 taxes in 2012 You can also deduct legal expenses that are: Related to either doing or keeping your job, such as those you paid to defend yourself against criminal charges arising out of your trade or business, For tax advice related to a divorce if the bill specifies how much is for tax advice and it is determined in a reasonable way, or To collect taxable alimony. How to file 2010 taxes in 2012 You can deduct expenses of resolving tax issues relating to profit or loss from business (Schedule C or C-EZ), rentals or royalties (Schedule E), or farm income and expenses (Schedule F) on the appropriate schedule. How to file 2010 taxes in 2012 You deduct expenses of resolving nonbusiness tax issues on Schedule A (Form 1040 or Form 1040NR). How to file 2010 taxes in 2012 See Tax Preparation Fees, earlier. How to file 2010 taxes in 2012 Unlawful discrimination claims. How to file 2010 taxes in 2012   You may be able to deduct, as an adjustment to income on Form 1040, line 36, or Form 1040NR, line 35, rather than as a miscellaneous itemized deduction, attorney fees and court costs for actions settled or decided after October 22, 2004, involving a claim of unlawful discrimination, a claim against the U. How to file 2010 taxes in 2012 S. How to file 2010 taxes in 2012 Government, or a claim made under section 1862(b)(3)(A) of the Social Security Act. How to file 2010 taxes in 2012 However, the amount you can deduct on Form 1040, line 36, or Form 1040NR, line 35, is limited to the amount of the judgment or settlement you are including in income for the tax year. How to file 2010 taxes in 2012 See Publication 525 for more information. How to file 2010 taxes in 2012 Loss on Deposits A loss on deposits can occur when a bank, credit union, or other financial institution becomes insolvent or bankrupt. How to file 2010 taxes in 2012 If you can reasonably estimate the amount of your loss on money you have on deposit in a financial institution that becomes insolvent or bankrupt, you can generally choose to deduct it in the current year even though its exact amount has not been finally determined. How to file 2010 taxes in 2012 If elected, the casualty loss is subject to certain deduction limitations. How to file 2010 taxes in 2012 The election is made on Form 4684. How to file 2010 taxes in 2012 Once you make this choice, you cannot change it without IRS approval. How to file 2010 taxes in 2012 If none of the deposit is federally insured, you can deduct the loss in either of the following ways. How to file 2010 taxes in 2012 As an ordinary loss (as a miscellaneous itemized deduction subject to the 2% limit). How to file 2010 taxes in 2012 Write the name of the financial institution and “Insolvent Financial Institution” beside the amount on Schedule A (Form 1040), line 23, or Schedule A (Form 1040NR), line 9. How to file 2010 taxes in 2012 This deduction is limited to $20,000 ($10,000 if you are married filing separately) for each financial institution, reduced by any expected state insurance proceeds. How to file 2010 taxes in 2012 As a casualty loss. How to file 2010 taxes in 2012 Report it on Form 4684 first and then on Schedule A (Form 1040). How to file 2010 taxes in 2012 See Publication 547 for details. How to file 2010 taxes in 2012 As a nonbusiness bad debt. How to file 2010 taxes in 2012 Report it on Schedule D (Form 1040). How to file 2010 taxes in 2012 If any part of the deposit is federally insured, you can deduct the loss only as a casualty loss. How to file 2010 taxes in 2012 Exception. How to file 2010 taxes in 2012   You cannot make this choice if you are a 1%-or-more-owner or an officer of the financial institution, or are related to such owner or officer. How to file 2010 taxes in 2012 For a definition of “related,” see Deposit in Insolvent or Bankrupt Financial Institution in chapter 4 of Publication 550. How to file 2010 taxes in 2012 Actual loss different from estimated loss. How to file 2010 taxes in 2012   If you make this choice and your actual loss is less than your estimated loss, you must include the excess in income. How to file 2010 taxes in 2012 See Recoveries in Publication 525. How to file 2010 taxes in 2012 If your actual loss is more than your estimated loss, treat the excess loss as explained under Choice not made, next. How to file 2010 taxes in 2012 Choice not made. How to file 2010 taxes in 2012   If you do not make this choice (or if you have an excess actual loss after choosing to deduct your estimated loss), treat your loss (or excess loss) as a nonbusiness bad debt (deductible as a short-term capital loss) in the year its amount is finally determined. How to file 2010 taxes in 2012 See Nonbusiness Bad Debts in chapter 4 of Publication 550. How to file 2010 taxes in 2012 Loss on IRA If you have a loss on your traditional IRA (or Roth IRA) investment, you can deduct the loss as a miscellaneous itemized deduction subject to the 2% limit, but only when all the amounts in all your traditional IRA (or Roth IRA) accounts have been distributed to you and the total distributions are less than your unrecovered basis. How to file 2010 taxes in 2012 For more information, see Publication 590, Individual Retirement Arrangements (IRAs). How to file 2010 taxes in 2012 Repayments of Income If you had to repay an amount that you included in income in an earlier year, you may be able to deduct the amount you repaid. How to file 2010 taxes in 2012 If the amount you had to repay was ordinary income of $3,000 or less, the deduction is subject to the 2% limit. How to file 2010 taxes in 2012 If it was more than $3,000, see Repayments Under Claim of Right under Deductions Not Subject to the 2% Limit, later. How to file 2010 taxes in 2012 Repayments of Social Security Benefits If the total of the amounts in box 5 (net benefits for 2013) of all your Forms SSA-1099, Social Security Benefit Statement, and Forms RRB-1099, Payments By the Railroad Retirement Board, is a negative figure (a figure in parentheses), you may be able to take a miscellaneous itemized deduction subject to the 2% limit. How to file 2010 taxes in 2012 The amount you can deduct is the part of the negative figure that represents an amount you included in gross income in an earlier year. How to file 2010 taxes in 2012 The amount in box 5 of Form SSA-1099 or RRB-1099 is the net amount of your benefits for the year. How to file 2010 taxes in 2012 It will be a negative figure if the amount of benefits you repaid in 2013 (box 4) is more than the gross amount of benefits paid to you in 2013 (box 3). How to file 2010 taxes in 2012 If the deduction is more than $3,000, you will have to use a special computation to figure your tax. How to file 2010 taxes in 2012 See Publication 915, Social Security and Equivalent Railroad Retirement Benefits, for additional information. How to file 2010 taxes in 2012 Safe Deposit Box Rent You can deduct safe deposit box rent if you use the box to store taxable income-producing stocks, bonds, or investment-related papers and documents. How to file 2010 taxes in 2012 You cannot deduct the rent if you use the box only for jewelry, other personal items, or tax-exempt securities. How to file 2010 taxes in 2012 Service Charges on Dividend Reinvestment Plans You can deduct service charges you pay as a subscriber in a dividend reinvestment plan. How to file 2010 taxes in 2012 These service charges include payments for: Holding shares acquired through a plan, Collecting and reinvesting cash dividends, and Keeping individual records and providing detailed statements of accounts. How to file 2010 taxes in 2012 Trustee's Administrative Fees for IRA Trustee's administrative fees that are billed separately and paid by you in connection with your IRA are deductible (if they are ordinary and necessary) as a miscellaneous itemized deduction subject to the 2% limit. How to file 2010 taxes in 2012 Deductions Not Subject to the 2% Limit You can deduct the items listed below as miscellaneous itemized deductions. How to file 2010 taxes in 2012 They are not subject to the 2% limit. How to file 2010 taxes in 2012 Report these items on Schedule A (Form 1040), line 28, or Schedule A (Form 1040NR), line 14. How to file 2010 taxes in 2012 List of Deductions Amortizable premium on taxable bonds. How to file 2010 taxes in 2012 Casualty and theft losses from income-producing property. How to file 2010 taxes in 2012 Federal estate tax on income in respect of a decedent. How to file 2010 taxes in 2012 Gambling losses up to the amount of gambling winnings. How to file 2010 taxes in 2012 Impairment-related work expenses of persons with disabilities. How to file 2010 taxes in 2012 Loss from other activities from Schedule K-1 (Form 1065-B), box 2. How to file 2010 taxes in 2012 Losses from Ponzi-type investment schemes. How to file 2010 taxes in 2012 Repayments of more than $3,000 under a claim of right. How to file 2010 taxes in 2012 Unrecovered investment in an annuity. How to file 2010 taxes in 2012 Amortizable Premium on Taxable Bonds In general, if the amount you pay for a bond is greater than its stated principal amount, the excess is bond premium. How to file 2010 taxes in 2012 You can elect to amortize the premium on taxable bonds. How to file 2010 taxes in 2012 The amortization of the premium is generally an offset to interest income on the bond rather than a separate deduction item. How to file 2010 taxes in 2012 Pre-1998 election to amortize bond premium. How to file 2010 taxes in 2012   Generally, if you first elected to amortize bond premium before 1998, the above treatment of the premium does not apply to bonds you acquired before 1988. How to file 2010 taxes in 2012 Bonds acquired after October 22, 1986, and before 1988. How to file 2010 taxes in 2012   The amortization of the premium on these bonds is investment interest expense subject to the investment interest limit, unless you chose to treat it as an offset to interest income on the bond. How to file 2010 taxes in 2012 Bonds acquired before October 23, 1986. How to file 2010 taxes in 2012   The amortization of the premium on these bonds is a miscellaneous itemized deduction not subject to the 2% limit. How to file 2010 taxes in 2012 Deduction for excess premium. How to file 2010 taxes in 2012   On certain bonds (such as bonds that pay a variable rate of interest or that provide for an interest-free period), the amount of bond premium allocable to a period may exceed the amount of stated interest allocable to the period. How to file 2010 taxes in 2012 If this occurs, treat the excess as a miscellaneous itemized deduction that is not subject to the 2% limit. How to file 2010 taxes in 2012 However, the amount deductible is limited to the amount by which your total interest inclusions on the bond in prior periods exceed the total amount you treated as a bond premium deduction on the bond in prior periods. How to file 2010 taxes in 2012 If any of the excess bond premium cannot be deducted because of the limit, this amount is carried forward to the next period and is treated as bond premium allocable to that period. How to file 2010 taxes in 2012    Pre-1998 choice to amortize bond premium. How to file 2010 taxes in 2012 If you made the choice to amortize the premium on taxable bonds before 1998, you can deduct the bond premium amortization that is more than your interest income only for bonds acquired during 1998 and later years. How to file 2010 taxes in 2012 More information. How to file 2010 taxes in 2012    For more information on bond premium, see Bond Premium Amortization in chapter 3 of Publication 550. How to file 2010 taxes in 2012 Casualty and Theft Losses of Income-Producing Property You can deduct a casualty or theft loss as a miscellaneous itemized deduction not subject to the 2% limit if the damaged or stolen property was income-producing property (property held for investment, such as stocks, notes, bonds, gold, silver, vacant lots, and works of art). How to file 2010 taxes in 2012 First report the loss in Section B of Form 4684. How to file 2010 taxes in 2012 You may also have to include the loss on Form 4797, Sales of Business Property, if you are otherwise required to file that form. How to file 2010 taxes in 2012 To figure your deduction, add all casualty or theft losses from this type of property included on Form 4684, lines 32 and 38b, or Form 4797, line 18a. How to file 2010 taxes in 2012 For more information on casualty and theft losses, see Publication 547. How to file 2010 taxes in 2012 Federal Estate Tax on Income in Respect of a Decedent You can deduct the federal estate tax attributable to income in respect of a decedent that you as a beneficiary include in your gross income. How to file 2010 taxes in 2012 Income in respect of the decedent is gross income that the decedent would have received had death not occurred and that was not properly includible in the decedent's final income tax return. How to file 2010 taxes in 2012 See Publication 559 for information about figuring the amount of this deduction. How to file 2010 taxes in 2012 Gambling Losses Up to the Amount of Gambling Winnings You must report the full amount of your gambling winnings for the year on Form 1040, line 21. How to file 2010 taxes in 2012 You deduct your gambling losses for the year on Schedule A (Form 1040), line 28. How to file 2010 taxes in 2012 You cannot deduct gambling losses that are more than your winnings. How to file 2010 taxes in 2012 Generally, nonresident aliens cannot deduct gambling losses on Schedule A (Form 1040NR). How to file 2010 taxes in 2012 You cannot reduce your gambling winnings by your gambling losses and report the difference. How to file 2010 taxes in 2012 You must report the full amount of your winnings as income and claim your losses (up to the amount of winnings) as an itemized deduction. How to file 2010 taxes in 2012 Therefore, your records should show your winnings separately from your losses. How to file 2010 taxes in 2012 Diary of winnings and losses. How to file 2010 taxes in 2012 You must keep an accurate diary or similar record of your losses and winnings. How to file 2010 taxes in 2012 Your diary should contain at least the following information. How to file 2010 taxes in 2012 The date and type of your specific wager or wagering activity. How to file 2010 taxes in 2012 The name and address or location of the gambling establishment. How to file 2010 taxes in 2012 The names of other persons present with you at the gambling establishment. How to file 2010 taxes in 2012 The amount(s) you won or lost. How to file 2010 taxes in 2012 Proof of winnings and losses. How to file 2010 taxes in 2012   In addition to your diary, you should also have other documentation. How to file 2010 taxes in 2012 You can generally prove your winnings and losses through Form W-2G, Certain Gambling Winnings, Form 5754, Statement by Person(s) Receiving Gambling Winnings, wagering tickets, canceled checks, substitute checks, credit records, bank withdrawals, and statements of actual winnings or payment slips provided to you by the gambling establishment. How to file 2010 taxes in 2012   For specific wagering transactions, you can use the following items to support your winnings and losses. How to file 2010 taxes in 2012    These recordkeeping suggestions are intended as general guidelines to help you establish your winnings and losses. How to file 2010 taxes in 2012 They are not all-inclusive. How to file 2010 taxes in 2012 Your tax liability depends on your particular facts and circumstances. How to file 2010 taxes in 2012 Keno. How to file 2010 taxes in 2012   Copies of the keno tickets you purchased that were validated by the gambling establishment, copies of your casino credit records, and copies of your casino check cashing records. How to file 2010 taxes in 2012 Slot machines. How to file 2010 taxes in 2012   A record of the machine number and all winnings by date and time the machine was played. How to file 2010 taxes in 2012 Table games (twenty-one (blackjack), craps, poker, baccarat, roulette, wheel of fortune, etc. How to file 2010 taxes in 2012 ). How to file 2010 taxes in 2012   The number of the table at which you were playing. How to file 2010 taxes in 2012 Casino credit card data indicating whether the credit was issued in the pit or at the cashier's cage. How to file 2010 taxes in 2012 Bingo. How to file 2010 taxes in 2012   A record of the number of games played, cost of tickets purchased, and amounts collected on winning tickets. How to file 2010 taxes in 2012 Supplemental records include any receipts from the casino, parlor, etc. How to file 2010 taxes in 2012 Racing (horse, harness, dog, etc. How to file 2010 taxes in 2012 ). How to file 2010 taxes in 2012   A record of the races, amounts of wagers, amounts collected on winning tickets, and amounts lost on losing tickets. How to file 2010 taxes in 2012 Supplemental records include unredeemed tickets and payment records from the racetrack. How to file 2010 taxes in 2012 Lotteries. How to file 2010 taxes in 2012   A record of ticket purchases, dates, winnings, and losses. How to file 2010 taxes in 2012 Supplemental records include unredeemed tickets, payment slips, and winnings statements. How to file 2010 taxes in 2012 Impairment-Related Work Expenses If you have a physical or mental disability that limits your being employed, or substantially limits one or more of your major life activities, such as performing manual tasks, walking, speaking, breathing, learning, and working, you can deduct your impairment-related work expenses. How to file 2010 taxes in 2012 Impairment-related work expenses are ordinary and necessary business expenses for attendant care services at your place of work and other expenses in connection with your place of work that are necessary for you to be able to work. How to file 2010 taxes in 2012 Example. How to file 2010 taxes in 2012 You are blind. How to file 2010 taxes in 2012 You must use a reader to do your work. How to file 2010 taxes in 2012 You use the reader both during your regular working hours at your place of work and outside your regular working hours away from your place of work. How to file 2010 taxes in 2012 The reader's services are only for your work. How to file 2010 taxes in 2012 You can deduct your expenses for the reader as impairment-related work expenses. How to file 2010 taxes in 2012 Self-employed. How to file 2010 taxes in 2012   If you are self-employed, enter your impairment-related work expenses on the appropriate form (Schedule C, C-EZ, E, or F) used to report your business income and expenses. How to file 2010 taxes in 2012 See Impairment-related work expenses. How to file 2010 taxes in 2012 , later under How To Report. How to file 2010 taxes in 2012 Loss From Other Activities From Schedule K-1 (Form 1065-B), Box 2 If the amount reported in Schedule K-1 (Form 1065-B), box 2, is a loss, report it on Schedule A (Form 1040), line 28, or Schedule A (Form 1040NR), line 14 (only if effectively connected with a U. How to file 2010 taxes in 2012 S. How to file 2010 taxes in 2012 trade or business). How to file 2010 taxes in 2012 It is not subject to the passive activity limitations. How to file 2010 taxes in 2012 Officials Paid on a Fee Basis If you are a fee-basis official, you can claim your expenses in performing services in that job as an adjustment to income rather than as a miscellaneous itemized deduction. How to file 2010 taxes in 2012 See Publication 463 for more information. How to file 2010 taxes in 2012 Performing Artists If you are a qualified performing artist, you can deduct your employee business expenses as an adjustment to income rather than as a miscellaneous itemized deduction. How to file 2010 taxes in 2012 If you are an employee, complete Form 2106 or Form 2106-EZ. How to file 2010 taxes in 2012 See Publication 463 for more information. How to file 2010 taxes in 2012 Losses From Ponzi-type Investment Schemes These losses are deductible as theft losses of income-producing property on your tax return for the year the loss was discovered. How to file 2010 taxes in 2012 You figure the deductible loss in Section B of Form 4684. How to file 2010 taxes in 2012 However, if you qualify to use Revenue Procedure 2009-20 (as modified by Revenue Procedure 2011-58) and you choose to follow the procedures in the guidance, complete Section C of Form 4684 before completing Section B. How to file 2010 taxes in 2012 Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. How to file 2010 taxes in 2012 You do not need to complete Appendix A. How to file 2010 taxes in 2012 See the Form 4684 instructions and Publication 547, Casualties, Disasters, and Thefts, for more information. How to file 2010 taxes in 2012 Repayments Under Claim of Right If you had to repay more than $3,000 that you included in your income in an earlier year because at the time you thought you had an unrestricted right to it, you may be able to deduct the amount you repaid, or take a credit against your tax. How to file 2010 taxes in 2012 See Repayments in Publication 525 for more information. How to file 2010 taxes in 2012 Unrecovered Investment in Annuity A retiree who contributed to the cost of an annuity can exclude from income a part of each payment received as a tax-free return of the retiree's investment. How to file 2010 taxes in 2012 If the retiree dies before the entire investment is recovered tax free, any unrecovered investment can be deducted on the retiree's final income tax return. How to file 2010 taxes in 2012 See Publication 575, Pension and Annuity Income, for more information about the tax treatment of pensions and annuities. How to file 2010 taxes in 2012 Nondeductible Expenses You cannot deduct the following expenses. How to file 2010 taxes in 2012 List of Nondeductible Expenses Adoption expenses. How to file 2010 taxes in 2012 Broker's commissions. How to file 2010 taxes in 2012 Burial or funeral expenses, including the cost of a cemetery lot. How to file 2010 taxes in 2012 Campaign expenses. How to file 2010 taxes in 2012 Capital expenses. How to file 2010 taxes in 2012 Check-writing fees. How to file 2010 taxes in 2012 Club dues. How to file 2010 taxes in 2012 Commuting expenses. How to file 2010 taxes in 2012 Fees and licenses, such as car licenses, marriage licenses, and dog tags. How to file 2010 taxes in 2012 Fines and penalties, such as parking tickets. How to file 2010 taxes in 2012 Health spa expenses. How to file 2010 taxes in 2012 Hobby losses—but see Hobby Expenses, earlier. How to file 2010 taxes in 2012 Home repairs, insurance, and rent. How to file 2010 taxes in 2012 Home security system. How to file 2010 taxes in 2012 Illegal bribes and kickbacks—see Bribes and kickbacks in chapter 11 of Publication 535. How to file 2010 taxes in 2012 Investment-related seminars. How to file 2010 taxes in 2012 Life insurance premiums paid by the insured. How to file 2010 taxes in 2012 Lobbying expenses. How to file 2010 taxes in 2012 Losses from the sale of your home, furniture, personal car, etc. How to file 2010 taxes in 2012 Lost or misplaced cash or property. How to file 2010 taxes in 2012 Lunches with co-workers. How to file 2010 taxes in 2012 Meals while working late. How to file 2010 taxes in 2012 Medical expenses as business expenses other than medical examinations required by your employer. How to file 2010 taxes in 2012 Personal disability insurance premiums. How to file 2010 taxes in 2012 Personal legal expenses. How to file 2010 taxes in 2012 Personal, living, or family expenses. How to file 2010 taxes in 2012 Political contributions. How to file 2010 taxes in 2012 Professional accreditation fees. How to file 2010 taxes in 2012 Professional reputation, expenses to improve. How to file 2010 taxes in 2012 Relief fund contributions. How to file 2010 taxes in 2012 Residential telephone line. How to file 2010 taxes in 2012 Stockholders' meeting, expenses of attending. How to file 2010 taxes in 2012 Tax-exempt income, expenses of earning or collecting. How to file 2010 taxes in 2012 The value of wages never received or lost vacation time. How to file 2010 taxes in 2012 Travel expenses for another individual. How to file 2010 taxes in 2012 Voluntary unemployment benefit fund contributions. How to file 2010 taxes in 2012 Wristwatches. How to file 2010 taxes in 2012 Adoption Expenses You cannot deduct the expenses of adopting a child but you may be able to take a credit for those expenses. How to file 2010 taxes in 2012 For details, see Form 8839, Qualified Adoption Expenses. How to file 2010 taxes in 2012 Commissions Commissions paid on the purchase of securities are not deductible, either as business or nonbusiness expenses. How to file 2010 taxes in 2012 Instead, these fees must be added to the taxpayer's cost of the securities. How to file 2010 taxes in 2012 Commissions paid on the sale are deductible as business expenses only by dealers. How to file 2010 taxes in 2012 Campaign Expenses You cannot deduct campaign expenses of a candidate for any office, even if the candidate is running for reelection to the office. How to file 2010 taxes in 2012 These include qualification and registration fees for primary elections. How to file 2010 taxes in 2012 Legal fees. How to file 2010 taxes in 2012   You cannot deduct legal fees paid to defend charges that arise from participation in a political campaign. How to file 2010 taxes in 2012 Capital Expenses You cannot currently deduct amounts paid to buy property that has a useful life substantially beyond the tax year or amounts paid to increase the value or prolong the life of property. How to file 2010 taxes in 2012 If you use such property in your work, you may be able to take a depreciation deduction. How to file 2010 taxes in 2012 See Publication 946. How to file 2010 taxes in 2012 If the property is a car used in your work, also see Publication 463. How to file 2010 taxes in 2012 Check-Writing Fees on Personal Account If you have a personal checking account, you cannot deduct fees charged by the bank for the privilege of writing checks, even if the account pays interest. How to file 2010 taxes in 2012 Club Dues Generally, you cannot deduct the cost of membership in any club organized for business, pleasure, recreation, or other social purpose. How to file 2010 taxes in 2012 This includes business, social, athletic, luncheon, sporting, airline, hotel, golf, and country clubs. How to file 2010 taxes in 2012 You cannot deduct dues paid to an organization if one of its main purposes is to: Conduct entertainment activities for members or their guests, or Provide members or their guests with access to entertainment facilities. How to file 2010 taxes in 2012 Dues paid to airline, hotel, and luncheon clubs are not deductible. How to file 2010 taxes in 2012 Commuting Expenses You cannot deduct commuting expenses (the cost of transportation between your home and your main or regular place of work). How to file 2010 taxes in 2012 If you haul tools, instruments, or other items in your car to and from work, you can deduct only the additional cost of hauling the items, such as the rent on a trailer to carry the items. How to file 2010 taxes in 2012 Fines or Penalties You cannot deduct fines or penalties you pay to a governmental unit for violating a law. How to file 2010 taxes in 2012 This includes an amount paid in settlement of your actual or potential liability for a fine or penalty (civil or criminal). How to file 2010 taxes in 2012 Fines or penalties include parking tickets, tax penalties, and penalties deducted from teachers' paychecks after an illegal strike. How to file 2010 taxes in 2012 Health Spa Expenses You cannot deduct health spa expenses, even if there is a job requirement to stay in excellent physical condition, such as might be required of a law enforcement officer. How to file 2010 taxes in 2012 Home Security System You cannot deduct the cost of a home security system as a miscellaneous deduction. How to file 2010 taxes in 2012 However, you may be able to claim a deduction for a home security system as a business expense if you have a home office. How to file 2010 taxes in 2012 See Home Office under Unreimbursed Employee Expenses, earlier, and Publication 587. How to file 2010 taxes in 2012 Investment-Related Seminars You cannot deduct any expenses for attending a convention, seminar, or similar meeting for investment purposes. How to file 2010 taxes in 2012 Life Insurance Premiums You cannot deduct premiums you pay on your life insurance. How to file 2010 taxes in 2012 You may be able to deduct, as alimony, premiums you pay on life insurance policies assigned to your former spouse. How to file 2010 taxes in 2012 See Publication 504, Divorced or Separated Individuals, for information on alimony. How to file 2010 taxes in 2012 Lobbying Expenses You generally cannot deduct amounts paid or incurred for lobbying expenses. How to file 2010 taxes in 2012 These include expenses to: Influence legislation, Participate, or intervene, in any political campaign for, or against, any candidate for public office, Attempt to influence the general public, or segments of the public, about elections, legislative matters, or referendums, or Communicate directly with covered executive branch officials in any attempt to influence the official actions or positions of those officials. How to file 2010 taxes in 2012 Lobbying expenses also include any amounts paid or incurred for research, preparation, planning, or coordination of any of these activities. How to file 2010 taxes in 2012 Covered executive branch official. How to file 2010 taxes in 2012   A covered executive branch official, for the purpose of (4) above, is any of the following officials. How to file 2010 taxes in 2012 The President. How to file 2010 taxes in 2012 The Vice President. How to file 2010 taxes in 2012 Any officer or employee of the White House Office of the Executive Office of the President, and the two most senior level officers of each of the other agencies in the Executive Office. How to file 2010 taxes in 2012 Any individual serving in a position in Level I of the Executive Schedule under section 5312 of Title 5, United States Code, any other individual designated by the President as having Cabinet-level status, and any immediate deputy of one of these individuals. How to file 2010 taxes in 2012 Dues used for lobbying. How to file 2010 taxes in 2012   If a tax-exempt organization notifies you that part of the dues or other amounts you pay to the organization are used to pay nondeductible lobbying expenses, you cannot deduct that part. How to file 2010 taxes in 2012 Exceptions. How to file 2010 taxes in 2012   You can deduct certain lobbying expenses if they are ordinary and necessary expenses of carrying on your trade or business. How to file 2010 taxes in 2012 You can deduct expenses for attempting to influence the legislation of any local council or similar governing body (local legislation). How to file 2010 taxes in 2012 An Indian tribal government is considered a local council or similar governing body. How to file 2010 taxes in 2012 You can deduct in-house expenses for influencing legislation or communicating directly with a covered executive branch official if the expenses for the tax year are not more than $2,000 (not counting overhead expenses). How to file 2010 taxes in 2012 If you are a professional lobbyist, you can deduct the expenses you incur in the trade or business of lobbying on behalf of another person. How to file 2010 taxes in 2012 Payments by the other person to you for lobbying activities cannot be deducted. How to file 2010 taxes in 2012 Lost or Mislaid Cash or Property You cannot deduct a loss based on the mere disappearance of money or property. How to file 2010 taxes in 2012 However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual. How to file 2010 taxes in 2012 See Publication 547. How to file 2010 taxes in 2012 Example. How to file 2010 taxes in 2012 A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. How to file 2010 taxes in 2012 The diamond falls from the ring and is never found. How to file 2010 taxes in 2012 The loss of the diamond is a casualty. How to file 2010 taxes in 2012 Lunches With Co-workers You cannot deduct the expenses of lunches with co-workers, except while traveling away from home on business. How to file 2010 taxes in 2012 See Publication 463 for information on deductible expenses while traveling away from home. How to file 2010 taxes in 2012 Meals While Working Late You cannot deduct the cost of meals while working late. How to file 2010 taxes in 2012 However, you may be able to claim a deduction if the cost of the meals is a deductible entertainment expense, or if you are traveling away from home. How to file 2010 taxes in 2012 See Publication 463 for information on deductible entertainment expenses and expenses while traveling away from home. How to file 2010 taxes in 2012 Personal Legal Expenses You cannot deduct personal legal expenses such as those for the following. How to file 2010 taxes in 2012 Custody of children. How to file 2010 taxes in 2012 Breach of promise to marry suit. How to file 2010 taxes in 2012 Civil or criminal charges resulting from a personal relationship. How to file 2010 taxes in 2012 Damages for personal injury (except certain whistleblower claims and unlawful discrimination claims). How to file 2010 taxes in 2012 For more information about unlawful discrimination claims, see Deductions Subject to the 2% Limit, earlier. How to file 2010 taxes in 2012 Preparation of a title (or defense or perfection of a title). How to file 2010 taxes in 2012 Preparation of a will. How to file 2010 taxes in 2012 Property claims or property settlement in a divorce. How to file 2010 taxes in 2012 You cannot deduct these expenses even if a result of the legal proceeding is the loss of income-producing property. How to file 2010 taxes in 2012 Political Contributions You cannot deduct contributions made to a political candidate, a campaign committee, or a newsletter fund. How to file 2010 taxes in 2012 Advertisements in convention bulletins and admissions to dinners or programs that benefit a political party or political candidate are not deductible. How to file 2010 taxes in 2012 Professional Accreditation Fees You cannot deduct professional accreditation fees such as the following. How to file 2010 taxes in 2012 Accounting certificate fees paid for the initial right to practice accounting. How to file 2010 taxes in 2012 Bar exam fees and incidental expenses in securing initial admission to the bar. How to file 2010 taxes in 2012 Medical and dental license fees paid to get initial licensing. How to file 2010 taxes in 2012 Professional Reputation You cannot deduct expenses of radio and TV appearances to increase your personal prestige or establish your professional reputation. How to file 2010 taxes in 2012 Relief Fund Contributions You cannot deduct contributions paid to a private plan that pays benefits to any covered employee who cannot work because of any injury or illness not related to the job. How to file 2010 taxes in 2012 Residential Telephone Service You cannot deduct any charge (including taxes) for basic local telephone service for the first telephone line to your residence, even if it is used in a trade or business. How to file 2010 taxes in 2012 Stockholders' Meetings You cannot deduct transportation and other expenses you pay to attend stockholders' meetings of companies in which you own stock but have no other interest. How to file 2010 taxes in 2012 You cannot deduct these expenses even if you are attending the meeting to get information that would be useful in making further investments. How to file 2010 taxes in 2012 Tax-Exempt Income Expenses You cannot deduct expenses to produce tax-exempt income. How to file 2010 taxes in 2012 You cannot deduct interest on a debt incurred or continued to buy or carry tax-exempt securities. How to file 2010 taxes in 2012 If you have expenses to p
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The How To File 2010 Taxes In 2012

How to file 2010 taxes in 2012 Publication 4492 - Main Contents Table of Contents DefinitionsHurricane Katrina Disaster Area Katrina Covered Disaster Area Gulf Opportunity (GO) Zone (Core Disaster Area) Hurricane Rita Disaster Area (Rita Covered Disaster Area) Rita GO Zone Hurricane Wilma Disaster Area Wilma Covered Disaster Area Wilma GO Zone Extended Tax Deadlines Charitable Giving IncentivesTemporary Suspension of Limits on Charitable Contributions Standard Mileage Rate for Charitable Use of Vehicles Mileage Reimbursements to Charitable Volunteers Charitable Deduction for Contributions of Food Inventory Charitable Deduction for Contributions of Book Inventories to Public Schools Casualty and Theft LossesTime limit for making election. How to file 2010 taxes in 2012 Replacement Period for Nonrecognition of Gain Net Operating Losses IRAs and Other Retirement PlansDefinitions Taxation of Qualified Hurricane Distributions Repayment of Qualified Hurricane Distributions Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Loans From Qualified Plans Additional Tax Relief for IndividualsEarned Income Credit and Child Tax Credit Additional Exemption for Housing Individuals Displaced by Hurricane Katrina Education Credits Recapture of Federal Mortgage Subsidy Exclusion of Certain Cancellations of Indebtedness by Reason of Hurricane Katrina Tax Relief for Temporary Relocation Additional Tax Relief for BusinessesSpecial Depreciation Allowance Increased Section 179 Deduction Work Opportunity Credit Employee Retention Credit Hurricane Katrina Housing Credit Reforestation Costs Demolition and Clean-up Costs Increase in Rehabilitation Tax Credit Request for Copy or Transcript of Tax Return How To Get Tax Help Definitions The following definitions are used throughout this publication. How to file 2010 taxes in 2012 Hurricane Katrina Disaster Area The Hurricane Katrina disaster area covers the area for which the President declared a major disaster before September 14, 2005, because of Hurricane Katrina. How to file 2010 taxes in 2012 The Hurricane Katrina disaster area covers the entire states of Alabama, Florida, Louisiana, and Mississippi. How to file 2010 taxes in 2012 Katrina Covered Disaster Area A portion of the Hurricane Katrina disaster area has been designated by the IRS as a covered disaster area. How to file 2010 taxes in 2012 The Katrina covered disaster area covers the following areas in four states. How to file 2010 taxes in 2012 Alabama. How to file 2010 taxes in 2012   The counties of Baldwin, Bibb, Choctaw, Clarke, Colbert, Cullman, Greene, Hale, Jefferson, Lamar, Lauderdale, Marengo, Marion, Mobile, Monroe, Perry, Pickens, Sumter, Tuscaloosa, Washington, Wilcox, and Winston. How to file 2010 taxes in 2012 Florida. How to file 2010 taxes in 2012   The counties of Bay, Broward, Collier, Escambia, Franklin, Gulf, Miami-Dade, Monroe, Okaloosa, Santa Rosa, and Walton. How to file 2010 taxes in 2012 Louisiana. How to file 2010 taxes in 2012   All parishes. How to file 2010 taxes in 2012 Mississippi. How to file 2010 taxes in 2012   All counties. How to file 2010 taxes in 2012 Gulf Opportunity (GO) Zone (Core Disaster Area) The GO Zone (also called the core disaster area) covers the portion of the Hurricane Katrina disaster area determined by the Federal Emergency Management Agency (FEMA) to be eligible for either individual only or both individual and public assistance from the Federal Government. How to file 2010 taxes in 2012 The GO Zone covers the following areas in three states. How to file 2010 taxes in 2012 Alabama. How to file 2010 taxes in 2012   The counties of Baldwin, Choctaw, Clarke, Greene, Hale, Marengo, Mobile, Pickens, Sumter, Tuscaloosa, and Washington. How to file 2010 taxes in 2012 Louisiana. How to file 2010 taxes in 2012   The parishes of Acadia, Ascension, Assumption, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. How to file 2010 taxes in 2012 Bernard, St. How to file 2010 taxes in 2012 Charles, St. How to file 2010 taxes in 2012 Helena, St. How to file 2010 taxes in 2012 James, St. How to file 2010 taxes in 2012 John the Baptist, St. How to file 2010 taxes in 2012 Martin, St. How to file 2010 taxes in 2012 Mary, St. How to file 2010 taxes in 2012 Tammany, Tangipahoa, Terrebonne, Vermilion, Washington, West Baton Rouge, and West Feliciana. How to file 2010 taxes in 2012 Mississippi. How to file 2010 taxes in 2012   The counties of Adams, Amite, Attala, Choctaw, Claiborne, Clarke, Copiah, Covington, Forrest, Franklin, George, Greene, Hancock, Harrison, Hinds, Holmes, Humphreys, Jackson, Jasper, Jefferson, Jefferson Davis, Jones, Kemper, Lamar, Lauderdale, Lawrence, Leake, Lincoln, Lowndes, Madison, Marion, Neshoba, Newton, Noxubee, Oktibbeha, Pearl River, Perry, Pike, Rankin, Scott, Simpson, Smith, Stone, Walthall, Warren, Wayne, Wilkinson, Winston, and Yazoo. How to file 2010 taxes in 2012 Hurricane Rita Disaster Area (Rita Covered Disaster Area) The Hurricane Rita disaster area (also designated by the IRS as the Rita covered disaster area) covers the area for which the President declared a major disaster before October 6, 2005, because of Hurricane Rita. How to file 2010 taxes in 2012 This area covers the entire states of Louisiana and Texas. How to file 2010 taxes in 2012 Rita GO Zone The Rita GO Zone covers the portion of the Hurricane Rita disaster area determined by FEMA to be eligible for either individual only or both individual and public assistance from the Federal Government. How to file 2010 taxes in 2012 The Rita GO Zone covers the following areas in two states. How to file 2010 taxes in 2012 Louisiana. How to file 2010 taxes in 2012   The parishes of Acadia, Allen, Ascension, Beauregard, Calcasieu, Cameron, Evangeline, Iberia, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Plaquemines, Sabine, St. How to file 2010 taxes in 2012 Landry, St. How to file 2010 taxes in 2012 Martin, St. How to file 2010 taxes in 2012 Mary, St. How to file 2010 taxes in 2012 Tammany, Terrebonne, Vermilion, Vernon, and West Baton Rouge. How to file 2010 taxes in 2012 Texas. How to file 2010 taxes in 2012   The counties of Angelina, Brazoria, Chambers, Fort Bend, Galveston, Hardin, Harris, Jasper, Jefferson, Liberty, Montgomery, Nacogdoches, Newton, Orange, Polk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler, and Walker. How to file 2010 taxes in 2012 Hurricane Wilma Disaster Area The Hurricane Wilma disaster area covers the area for which the President declared a major disaster before November 14, 2005, because of Hurricane Wilma. How to file 2010 taxes in 2012 The Hurricane Wilma disaster area covers the entire state of Florida. How to file 2010 taxes in 2012 Wilma Covered Disaster Area A portion of the Hurricane Wilma disaster area has been designated by the IRS as a covered disaster area. How to file 2010 taxes in 2012 The Wilma covered disaster area covers the following counties. How to file 2010 taxes in 2012 Florida. How to file 2010 taxes in 2012   Brevard, Broward, Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Osceola, Palm Beach, Polk, St. How to file 2010 taxes in 2012 Lucie, and Sarasota. How to file 2010 taxes in 2012 Wilma GO Zone The Wilma GO Zone covers the portion of the Hurricane Wilma disaster area determined by FEMA to be eligible for either individual only or both individual and public assistance from the Federal Government. How to file 2010 taxes in 2012 The Wilma GO Zone covers the following counties. How to file 2010 taxes in 2012 Florida. How to file 2010 taxes in 2012   Brevard, Broward, Collier, Glades, Hendry, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Palm Beach, and St. How to file 2010 taxes in 2012 Lucie. How to file 2010 taxes in 2012 Extended Tax Deadlines The IRS has extended deadlines that apply to filing returns, paying taxes, and performing certain other time-sensitive acts for certain taxpayers affected by Hurricane Katrina, Rita, or Wilma, until February 28, 2006. How to file 2010 taxes in 2012 The extension applies to deadlines (either an original or extended due date) that occur during the following periods. How to file 2010 taxes in 2012 After August 28, 2005 (August 23, 2005, for Florida affected taxpayers), and before February 28, 2006, for taxpayers affected by Hurricane Katrina. How to file 2010 taxes in 2012 After September 22, 2005, and before February 28, 2006, for taxpayers affected by Hurricane Rita. How to file 2010 taxes in 2012 After October 22, 2005, and before February 28, 2006, for taxpayers affected by Hurricane Wilma. How to file 2010 taxes in 2012 Affected taxpayer. How to file 2010 taxes in 2012   The following taxpayers are eligible for the extension. How to file 2010 taxes in 2012 Any individual whose main home is located in a covered disaster area. How to file 2010 taxes in 2012 Any business entity or sole proprietor whose principal place of business is located in a covered disaster area. How to file 2010 taxes in 2012 Any individual, business entity, or sole proprietor whose records needed to meet a postponed deadline are maintained or whose tax professional's office is in a covered disaster area. How to file 2010 taxes in 2012 The main home or principal place of business does not have to be located in the covered area. How to file 2010 taxes in 2012 Any individual visiting a county or parish in the Hurricane Katrina or Hurricane Rita covered disaster area that was injured or killed (and the estate of an individual killed) as a result of the hurricane or its aftermath. How to file 2010 taxes in 2012 Any estate or trust whose tax records needed to meet a filing or payment deadline are maintained in a covered disaster area. How to file 2010 taxes in 2012 Generally, any individual who is a worker assisting in the relief activities in a covered disaster area. How to file 2010 taxes in 2012 However, a relief worker assisting in the Wilma covered disaster area is not an affected taxpayer unless the worker is affiliated with a recognized government or philanthropic organization assisting in the relief activities. How to file 2010 taxes in 2012 The spouse of an affected taxpayer, solely with regard to a joint income tax return with that taxpayer. How to file 2010 taxes in 2012   To ensure correct processing, affected taxpayers should write the assigned disaster designation (for example, “Hurricane Katrina”) in red ink at the top of any forms or documents filed with the IRS. How to file 2010 taxes in 2012 Affected taxpayers can also identify themselves to the IRS or ask hurricane-related questions by calling the special IRS disaster hotline at 1-866-562-5227. How to file 2010 taxes in 2012 Acts extended. How to file 2010 taxes in 2012   Deadlines for performing the following acts are extended. How to file 2010 taxes in 2012 Filing any return of income, estate, gift, generation-skipping transfer, excise, or employment tax. How to file 2010 taxes in 2012 Paying any income, estate, gift, generation-skipping transfer, excise, or employment tax. How to file 2010 taxes in 2012 This includes making estimated tax payments. How to file 2010 taxes in 2012 Making certain contributions, distributions, recharacterizing contributions, or making a rollover to or from a qualified retirement plan. How to file 2010 taxes in 2012 Filing certain petitions with the Tax Court. How to file 2010 taxes in 2012 Filing a claim for credit or refund of any tax. How to file 2010 taxes in 2012 Bringing suit upon a claim for credit or refund. How to file 2010 taxes in 2012 Certain other acts described in Revenue Procedure 2005-27. How to file 2010 taxes in 2012 You can find Revenue Procedure 2005-27 on page 1050 of Internal Revenue Bulletin 2005-20 at www. How to file 2010 taxes in 2012 irs. How to file 2010 taxes in 2012 gov/pub/irs-irbs/irb05-20. How to file 2010 taxes in 2012 pdf. How to file 2010 taxes in 2012 Forgiveness of interest and penalties. How to file 2010 taxes in 2012   The IRS may forgive the interest and penalties on any underpaid income, estate, gift, employment, or excise tax for the length of any extension. How to file 2010 taxes in 2012 Charitable Giving Incentives Temporary Suspension of Limits on Charitable Contributions Individuals. How to file 2010 taxes in 2012   Qualified contributions are not subject to the overall limit on itemized deductions or the 50% adjusted gross income (AGI) limit. How to file 2010 taxes in 2012 A qualified contribution is a charitable contribution paid in cash or by check after August 27, 2005, and before January 1, 2006, to a 50% limit organization (other than certain private foundations described in section 509(a)(3)) if you make an election to have the 50% limit not apply to these contributions. How to file 2010 taxes in 2012   Your deduction for qualified contributions is limited to your AGI minus your deduction for all other charitable contributions. How to file 2010 taxes in 2012 You can carry over any contributions you are not able to deduct for 2005 because of this limit. How to file 2010 taxes in 2012 In 2006, treat the carryover of your unused qualified contributions as a carryover of contributions subject to the 50% limit. How to file 2010 taxes in 2012 Exception. How to file 2010 taxes in 2012   Qualified contributions do not include a contribution to a segregated fund or account for which you (or any person you appoint or designate) have or expect to have advisory privileges with respect to distributions or investments based on your contribution. How to file 2010 taxes in 2012 Corporations. How to file 2010 taxes in 2012   A corporation may elect to deduct qualified cash contributions without regard to the 10% taxable income limit if the contributions were made after August 27, 2005, and before January 1, 2006, to a qualified charitable organization (other than certain private foundations described in section 509(a)(3)), for Hurricane Katrina, Rita, or Wilma relief efforts. How to file 2010 taxes in 2012 The corporation's deduction for these qualified contributions is limited to 100% of taxable income (as modified for the 10% limit) minus the corporation's deduction for all other charitable contributions. How to file 2010 taxes in 2012 Any qualified contributions over this limit can be carried over to the next 5 years, subject to the 10% limit. How to file 2010 taxes in 2012 Partners and shareholders. How to file 2010 taxes in 2012   Each partner in a partnership and each shareholder in an S corporation makes a separate election to have the appropriate limit not apply. How to file 2010 taxes in 2012 More information. How to file 2010 taxes in 2012   For more information, see Publication 526 or Publication 542, Corporations. How to file 2010 taxes in 2012 Publication 526 includes a worksheet you can use to figure your deduction if any limits apply to your charitable contributions. How to file 2010 taxes in 2012 Standard Mileage Rate for Charitable Use of Vehicles The following are special standard mileage rates in effect in 2005 and 2006 for the cost of operating your automobile for providing charitable services solely related to Hurricane Katrina. How to file 2010 taxes in 2012 29 cents per mile for the period August 25 through August 31, 2005. How to file 2010 taxes in 2012 34 cents per mile for the period September 1 through December 31, 2005. How to file 2010 taxes in 2012 32 cents per mile for the period January 1 through December 31, 2006. How to file 2010 taxes in 2012 Mileage Reimbursements to Charitable Volunteers You can exclude from income amounts you receive as mileage reimbursements for the use of a private passenger automobile for the benefit of a qualified charitable organization in providing relief related to Hurricane Katrina during the period beginning on August 25, 2005, and ending on December 31, 2006. How to file 2010 taxes in 2012 You cannot claim a deduction or credit for amounts you receive as a mileage reimbursement. How to file 2010 taxes in 2012 You must keep records of miles driven, time, place (or use), and purpose of the mileage. How to file 2010 taxes in 2012 The amount you can exclude from income cannot exceed the standard business mileage rate (shown below) for expenses incurred during the following periods. How to file 2010 taxes in 2012 40. How to file 2010 taxes in 2012 5 cents per mile for the period August 25 through August 31, 2005. How to file 2010 taxes in 2012 48. How to file 2010 taxes in 2012 5 cents per mile for the period September 1 through December 31, 2005. How to file 2010 taxes in 2012 44. How to file 2010 taxes in 2012 5 cents per mile for the period January 1 through December 31, 2006. How to file 2010 taxes in 2012 Charitable Deduction for Contributions of Food Inventory Any taxpayer engaged in a trade or business is eligible to claim a deduction for a contribution of “apparently wholesome food” inventory to a qualified charitable organization described in section 501(c)(3) (except for private nonoperating foundations) after August 27, 2005, and before January 1, 2006. How to file 2010 taxes in 2012 “Apparently wholesome food” is food that meets all quality and labeling standards imposed by federal, state, and local laws and regulations even though the food may not be readily marketable due to appearance, age, freshness, grade, size, surplus, or other conditions. How to file 2010 taxes in 2012 The deduction is equal to the lesser of: The basis of the donated food plus one-half of the gain that would have been realized if the donated food had been sold at fair market value on the date of the donation, or Two times the basis of the donated food. How to file 2010 taxes in 2012 The taxpayer must receive written certification from the donee stating: The donated food is related to the purpose or function of the donee's basis for exemption under section 501(c)(3) and is to be used solely for the care of the ill, the needy, or infants; and The food was not given in exchange for money, other property, or services. How to file 2010 taxes in 2012 For a taxpayer other than a C corporation, the deduction is limited to 10% of the taxpayer's total net income from all trades or businesses from which the food contributions were made (figured without regard to the deduction for charitable contributions). How to file 2010 taxes in 2012 For example, if a taxpayer is a sole proprietor, a shareholder in an S corporation, and a partner in a partnership, and each made a contribution of apparently wholesome food inventory, the taxpayer's deduction is limited to 10% of the taxpayer's total net income from the sole proprietorship, S corporation, and partnership (figured without regard to the deduction for charitable contributions). How to file 2010 taxes in 2012 Charitable Deduction for Contributions of Book Inventories to Public Schools A corporation (other than an S corporation) may be allowed a charitable deduction for a qualified book contribution made after August 27, 2005, and before January 1, 2006, to a public school that: Provides elementary or secondary education (kindergarten through grade 12), and Normally maintains a regular faculty and curriculum and has a regular enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on. How to file 2010 taxes in 2012 . How to file 2010 taxes in 2012 The deduction is equal to the lesser of: The basis of the donated books plus one-half of the gain that would have been realized if the donated books had been sold at fair market value on the date of the donation, or Two times the basis of the donated books. How to file 2010 taxes in 2012 The corporation must receive written certification from the school stating that the donated books are suitable for the organization's educational programs and will be used for such programs. How to file 2010 taxes in 2012 Casualty and Theft Losses The following paragraphs explain changes to casualty and theft losses that were caused by Hurricane Katrina, Rita, or Wilma. How to file 2010 taxes in 2012 For more information, see Publication 547. How to file 2010 taxes in 2012 Limits on personal casualty or theft losses caused by Hurricane Katrina, Rita, or Wilma. How to file 2010 taxes in 2012   The following losses to personal use property are not subject to the $100 or 10% of adjusted gross income limits. How to file 2010 taxes in 2012 Losses that arose in the Hurricane Katrina disaster area after August 24, 2005, and that were caused by Hurricane Katrina. How to file 2010 taxes in 2012 Losses that arose in the Hurricane Rita disaster area after September 22, 2005, and that were caused by Hurricane Rita. How to file 2010 taxes in 2012 Losses that arose in the Hurricane Wilma disaster area after October 22, 2005, and that were caused by Hurricane Wilma. How to file 2010 taxes in 2012 Qualifying losses include losses from flooding or other casualty, and from theft, that arose in the hurricane disaster area and that were caused by the hurricane. How to file 2010 taxes in 2012 Special instructions for individuals who elect to claim a Hurricane Katrina, Rita, or Wilma casualty or theft loss for 2004. How to file 2010 taxes in 2012   Casualty and theft losses are generally deductible only in the year the casualty occurred or theft was discovered. How to file 2010 taxes in 2012 However, Hurricane Katrina, Rita, and Wilma are Presidentially declared disasters. How to file 2010 taxes in 2012 Therefore, you can elect to deduct losses from these hurricanes on your tax return for the previous year. How to file 2010 taxes in 2012 If you make this election, use the following additional instructions to complete your forms. How to file 2010 taxes in 2012   Individuals filing or amending their 2004 tax return whose only casualty or theft losses to personal use property claimed on that return were caused by Hurricane Katrina, Rita, or Wilma should write “Hurricane Katrina,” “Hurricane Rita,” or “Hurricane Wilma” at the top of Form 1040 or 1040X. How to file 2010 taxes in 2012 They must also complete and attach the 2004 Form 4684 and write “Hurricane Katrina,”“Hurricane Rita,” or “Hurricane Wilma” on the dotted line next to line 11 and enter -0- on lines 11 and 17. How to file 2010 taxes in 2012   Individuals filing or amending their 2004 tax return who also have casualty or theft losses to personal use property not related to Hurricane Katrina, Rita, or Wilma should disregard the caution directing taxpayers to use only one Form 4684, located above line 13, and complete lines 13 through 18 on two Forms 4684. How to file 2010 taxes in 2012 The Form 1040 or 1040X and the first Form 4684 should be prepared as explained above for Hurricane Katrina, Rita, or Wilma losses only. How to file 2010 taxes in 2012 The second Form 4684 should be prepared in the normal manner for all gains and non-Hurricane Katrina, Rita or Wilma losses. How to file 2010 taxes in 2012 If both Forms 4684 have a loss on line 18, they should carry the combined losses from that line to Schedule A (Form 1040), line 19. How to file 2010 taxes in 2012 If there is a gain on line 15 of the second Form 4684, disregard the instruction to enter it on Schedule D (Form 1040), and instead enter on Schedule A (Form 1040), line 19, the excess of the loss from the first Form 4684 over the gain on line 15 of the second Form 4684. How to file 2010 taxes in 2012 , Time limit for making election. How to file 2010 taxes in 2012   You must make this election to claim your casualty or theft loss in 2004 by the later of the following dates. How to file 2010 taxes in 2012 The due date (without extensions) for filing your 2005 income tax return. How to file 2010 taxes in 2012 The due date (with extensions) for filing your 2004 income tax return. How to file 2010 taxes in 2012 Example. How to file 2010 taxes in 2012 If you are a calendar year individual taxpayer, you have until April 17, 2006, to amend your 2004 tax return to claim a casualty or theft loss that occurred during 2005. How to file 2010 taxes in 2012 Replacement Period for Nonrecognition of Gain Generally, an involuntary conversion occurs when property is damaged, destroyed, stolen, seized, requisitioned, or condemned, and you receive other property or money in payment, such as insurance or a condemnation award. How to file 2010 taxes in 2012 Generally, you do not have to report a gain (if any) if you replace the property within 2 years (4 years for a main home in a Presidentially declared disaster area). How to file 2010 taxes in 2012 However, for property that was involuntarily converted after August 24, 2005, as a result of Hurricane Katrina, a 5-year replacement period applies if substantially all of the use of the replacement property is in the Hurricane Katrina disaster area. How to file 2010 taxes in 2012 For more information, see the Instructions for Form 4684. How to file 2010 taxes in 2012 Net Operating Losses Qualified GO Zone loss. How to file 2010 taxes in 2012   Generally, you can carry a net operating loss (NOL) back to the 2 tax years before the NOL year. How to file 2010 taxes in 2012 However, the portion of an NOL that is a qualified GO Zone loss can be carried back to the 5 tax years before the NOL year. How to file 2010 taxes in 2012 In addition, the 90% limit on the alternative tax NOL deduction (ATNOLD) does not apply to such portion of the ATNOLD. How to file 2010 taxes in 2012   A qualified GO Zone loss is the smaller of: The excess of the NOL for the year over the specified liability loss for the year to which a 10-year carryback applies, or The total of the following deductions (to the extent they are taken into account in computing the NOL for the tax year): Qualified GO Zone casualty loss (as defined below), Moving expenses paid or incurred after August 27, 2005, and before January 1, 2008, for the employment of an individual whose main home was in the GO Zone before August 28, 2005, who was unable to remain in that home because of Hurricane Katrina, and whose main job location (after the move) is in the GO Zone, Temporary housing expenses paid or incurred after August 27, 2005, and before January 1, 2008, to house employees of the taxpayer whose main job location is in the GO Zone, Depreciation or amortization allowable for any qualified GO Zone property (even if you elected not to claim the special GO Zone depreciation allowance for such property) for the year placed in service, and Repair expenses (including expenses for the removal of debris) paid or incurred after August 27, 2005, and before January 1, 2008, for any damage from Hurricane Katrina to property located in the GO Zone. How to file 2010 taxes in 2012 Qualified GO Zone casualty loss. How to file 2010 taxes in 2012   A qualified GO Zone casualty loss is any deductible section 1231 loss of property located in the GO Zone if the loss was caused by Hurricane Katrina. How to file 2010 taxes in 2012 For this purpose, the amount of the loss is reduced by any recognized gain from an involuntary conversion caused by Hurricane Katrina of property located in the GO Zone. How to file 2010 taxes in 2012 Any such loss taken into account in figuring your qualified GO Zone loss is not eligible for the election to be treated as having occurred in the previous tax year. How to file 2010 taxes in 2012 5-year NOL carryback of certain timber losses. How to file 2010 taxes in 2012   Generally, you can carry the portion of an NOL due to income and deductions attributable to a farming business back to the 5 tax years before the NOL year. How to file 2010 taxes in 2012 You can treat income and deductions attributable to qualified timber property as attributable to a farming business if any portion of the property is located in the GO Zone, Rita GO Zone, or Wilma GO Zone, and the income and deductions are allocable to the part of your tax year which is after the applicable date below. How to file 2010 taxes in 2012 August 27, 2005, if any portion of the property is located in the GO Zone. How to file 2010 taxes in 2012 September 22, 2005, if any portion of the property is located in the Rita GO Zone (but not in the GO Zone). How to file 2010 taxes in 2012 October 22, 2005, if any portion of the property is located in the Wilma GO Zone (but not in the GO Zone or the RITA GO Zone). How to file 2010 taxes in 2012   These rules will not apply after 2006. How to file 2010 taxes in 2012   However, these rules apply only to a timber producer who: Held qualified timber property (defined in Publication 535, Business Expenses) on the applicable date below: August 28, 2005, if any portion of the property is located in the GO Zone, September 23, 2005, if any portion of the property is located in the Rita GO Zone (but not in the GO Zone), or October 23, 2005, if any portion of the property is located in the Wilma GO Zone (but not in the GO Zone or the Rita GO Zone); Is not a corporation with stock publicly traded on an established securities market; Is not a real estate investment trust; and Did not hold more than 500 acres of qualified timber property on the applicable date above. How to file 2010 taxes in 2012 More information. How to file 2010 taxes in 2012   For more information on NOLs, see Publication 536 or Publication 542, Corporations. How to file 2010 taxes in 2012 IRAs and Other Retirement Plans New rules provide for tax-favored withdrawals, repayments, and loans from certain retirement plans for taxpayers who suffered economic losses as a result of Hurricane Katrina, Rita, or Wilma. How to file 2010 taxes in 2012 Definitions Qualified hurricane distribution. How to file 2010 taxes in 2012   A qualified hurricane distribution is any distribution you received from an eligible retirement plan if all of the following apply. How to file 2010 taxes in 2012 The distribution was made: After August 24, 2005, and before January 1, 2007, for Hurricane Katrina; After September 22, 2005, and before January 1, 2007, for Hurricane Rita; or After October 22, 2005, and before January 1, 2007, for Hurricane Wilma. How to file 2010 taxes in 2012 Your main home was located in a hurricane disaster area listed below on the date shown for that area. How to file 2010 taxes in 2012 August 28, 2005, for the Hurricane Katrina disaster area. How to file 2010 taxes in 2012 September 23, 2005, for the Hurricane Rita disaster area. How to file 2010 taxes in 2012 October 23, 2005, for the Hurricane Wilma disaster area. How to file 2010 taxes in 2012 You sustained an economic loss because of Hurricane Katrina, Rita, or Wilma and your main home was in that hurricane disaster area on the date shown in (2) above for that hurricane. How to file 2010 taxes in 2012 Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. How to file 2010 taxes in 2012   If (1) through (3) above apply, you can generally designate any distribution (including periodic payments and required minimum distributions) from an eligible retirement plan as a qualified hurricane distribution, regardless of whether the distribution was made on account of Hurricane Katrina, Rita, or Wilma. How to file 2010 taxes in 2012 Qualified hurricane distributions are permitted without regard to your need or the actual amount of your economic loss. How to file 2010 taxes in 2012   The total of your qualified hurricane distributions from all plans is limited to $100,000. How to file 2010 taxes in 2012 If you have distributions in excess of $100,000 from more than one type of plan, such as a 401(k) plan and an IRA, you may allocate the $100,000 limit among the plans any way you choose. How to file 2010 taxes in 2012   A reduction or offset (after August 24, 2005, for Katrina; after September 22, 2005, for Rita; or after October 22, 2005, for Wilma) of your account balance in an eligible retirement plan in order to repay a loan can also be designated as a qualified hurricane distribution. How to file 2010 taxes in 2012 Eligible retirement plan. How to file 2010 taxes in 2012   An eligible retirement plan can be any of the following. How to file 2010 taxes in 2012 A qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan). How to file 2010 taxes in 2012 A qualified annuity plan. How to file 2010 taxes in 2012 A tax-sheltered annuity contract. How to file 2010 taxes in 2012 A governmental section 457 deferred compensation plan. How to file 2010 taxes in 2012 A traditional, SEP, SIMPLE, or Roth IRA. How to file 2010 taxes in 2012 Main home. How to file 2010 taxes in 2012   Generally, your main home is the home where you live most of the time. How to file 2010 taxes in 2012 A temporary absence due to special circumstances, such as illness, education, business, military service, evacuation, or vacation, will not change your main home. How to file 2010 taxes in 2012 Taxation of Qualified Hurricane Distributions Qualified hurricane distributions are included in income in equal amounts over three years. How to file 2010 taxes in 2012 However, if you elect, you can include the entire distribution in your income in the year it was received. How to file 2010 taxes in 2012 Qualified hurricane distributions are not subject to the additional 10% tax (or the additional 25% tax for certain distributions from SIMPLE IRAs) on early distributions from qualified retirement plans (including IRAs). How to file 2010 taxes in 2012 However, any distributions you receive in excess of the $100,000 qualified hurricane distribution limit may be subject to the additional tax on early distributions. How to file 2010 taxes in 2012 For more information, see Form 8915. How to file 2010 taxes in 2012 Repayment of Qualified Hurricane Distributions If you choose, you generally can repay any portion of a qualified hurricane distribution that is eligible for tax-free rollover treatment to an eligible retirement plan. How to file 2010 taxes in 2012 Also, you can repay a qualified hurricane distribution made on account of a hardship from a retirement plan. How to file 2010 taxes in 2012 However, see Exceptions below for qualified hurricane distributions you cannot repay. How to file 2010 taxes in 2012 You have three years from the day after the date you received the distribution to make a repayment. How to file 2010 taxes in 2012 Amounts that are repaid are treated as a qualified rollover and are not included in income. How to file 2010 taxes in 2012 Also, for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a qualified rollover. How to file 2010 taxes in 2012 See Form 8915 for more information on how to report repayments. How to file 2010 taxes in 2012 Exceptions. How to file 2010 taxes in 2012   You cannot repay the following types of distributions. How to file 2010 taxes in 2012 Qualified hurricane distributions received as a beneficiary (other than a surviving spouse). How to file 2010 taxes in 2012 Required minimum distributions. How to file 2010 taxes in 2012 Periodic payments (other than from an IRA) that are for: A period of 10 years or more, Your life or life expectancy, or The joint lives or joint life expectancies of you and your beneficiary. How to file 2010 taxes in 2012 Repayment of Qualified Distributions for the Purchase or Construction of a Main Home If you received a qualified distribution to purchase or construct a main home in the Hurricane Katrina, Rita, or Wilma disaster area, you can repay that distribution before March 1, 2006, to an eligible retirement plan after August 24, 2005 (Katrina); after September 22, 2005 (Rita); or after October 22, 2005 (Wilma). How to file 2010 taxes in 2012 For this purpose, an eligible retirement plan is any plan, annuity, or IRA to which a qualified rollover can be made. How to file 2010 taxes in 2012 To be a qualified distribution, the distribution must meet all of the following requirements. How to file 2010 taxes in 2012 The distribution is a hardship distribution from a 401(k) plan, a hardship distribution from a tax-sheltered annuity contract, or a qualified first-time homebuyer distribution from an IRA. How to file 2010 taxes in 2012 The distribution was received in 2005 after February 28 and before: August 29 for Hurricane Katrina; September 24 for Hurricane Rita; or October 24 for Hurricane Wilma. How to file 2010 taxes in 2012 The distribution was to be used to purchase or construct a main home in the Hurricane Katrina, Rita, or Wilma disaster area that was not purchased or constructed because of Hurricane Katrina, Rita, or Wilma. How to file 2010 taxes in 2012 Amounts that are repaid before March 1, 2006, are treated as a qualified rollover and are not included in income. How to file 2010 taxes in 2012 Also, for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a qualified rollover. How to file 2010 taxes in 2012 A qualified distribution not repaid before March 1, 2006, may be taxable for 2005 and subject to the additional 10% tax (or the additional 25% tax for certain SIMPLE IRAs) on early distributions. How to file 2010 taxes in 2012 You must file Form 8915 if you received a qualified distribution that you repaid, in whole or in part, before March 1, 2006. How to file 2010 taxes in 2012 Loans From Qualified Plans The following benefits are available to qualified individuals. How to file 2010 taxes in 2012 Increases to the limits for distributions treated as loans from employer plans. How to file 2010 taxes in 2012 A 1-year suspension for payments due on plan loans. How to file 2010 taxes in 2012 Qualified individual. How to file 2010 taxes in 2012   You are a qualified individual if any of the following apply. How to file 2010 taxes in 2012 Your main home on August 28, 2005, was located in the Hurricane Katrina disaster area and you had an economic loss because of Hurricane Katrina. How to file 2010 taxes in 2012 Your main home on September 23, 2005, was located in the Hurricane Rita disaster area and you had an economic loss because of Hurricane Rita. How to file 2010 taxes in 2012 Your main home on October 23, 2005, was located in the Hurricane Wilma disaster area and you had an economic loss because of Hurricane Wilma. How to file 2010 taxes in 2012 Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. How to file 2010 taxes in 2012 Limits on plan loans. How to file 2010 taxes in 2012   The $50,000 limit for distributions treated as plan loans is increased to $100,000. How to file 2010 taxes in 2012 In addition, the limit based on 50% of your vested accrued benefit is increased to 100% of that benefit. How to file 2010 taxes in 2012 The higher limits apply only to loans received during the following period. How to file 2010 taxes in 2012 If your main home was located in the Hurricane Katrina disaster area, the period began on September 24, 2005, and ends on December 31, 2006. How to file 2010 taxes in 2012 If your main home was located in the Hurricane Rita or Wilma disaster area, the period began on December 21, 2005, and ends on December 31, 2006. How to file 2010 taxes in 2012 If you are a qualified individual based on Hurricane Katrina and another hurricane, use the period based on Hurricane Katrina. How to file 2010 taxes in 2012 One-year suspension of loan payments. How to file 2010 taxes in 2012   Payments on plan loans due before 2007 may be suspended for 1 year by the plan administrator. How to file 2010 taxes in 2012 To qualify for the suspension, the due date for any loan payment must occur during the period beginning on: August 28, 2005, if your main home was located in the Hurricane Katrina disaster area. How to file 2010 taxes in 2012 September 23, 2005, if your main home was located in the Hurricane Rita disaster area. How to file 2010 taxes in 2012 October 23, 2005, if your main home was located in the Hurricane Wilma disaster area. How to file 2010 taxes in 2012 If you are a qualified individual based on more than one hurricane, use the period with the earliest beginning date. How to file 2010 taxes in 2012 Additional Tax Relief for Individuals Earned Income Credit and Child Tax Credit You can elect to use your 2004 earned income to figure your earned income credit (EIC) and additional child tax credit for 2005 if: Your 2005 earned income is less than your 2004 earned income, and At least one of the following statements is true. How to file 2010 taxes in 2012 Your main home on August 25, 2005, was in the Gulf Opportunity (GO) Zone. How to file 2010 taxes in 2012 Your main home on August 25, 2005, was in the Hurricane Katrina disaster area and you were displaced from that home because of Hurricane Katrina. How to file 2010 taxes in 2012 Your main home on September 23, 2005, was in the Rita GO Zone. How to file 2010 taxes in 2012 Your main home on September 23, 2005, was in the Hurricane Rita disaster area and you were displaced from that home because of Hurricane Rita. How to file 2010 taxes in 2012 Your main home on October 23, 2005, was in the Wilma GO Zone. How to file 2010 taxes in 2012 Your main home on October 23, 2005, was in the Hurricane Wilma disaster area and you were displaced from that home because of Hurricane Wilma. How to file 2010 taxes in 2012 Earned income. How to file 2010 taxes in 2012    For the purpose of this election, your earned income for both the EIC and the additional child tax credit is the amount of earned income used to figure your EIC, even if you did not take the EIC and even if that amount is different than your earned income for the additional child tax credit. How to file 2010 taxes in 2012 If you are claiming only the additional child tax credit, you must figure the amount of your earned income for EIC purposes to determine your eligibility to make the election and the amount of the credit. How to file 2010 taxes in 2012 Joint returns. How to file 2010 taxes in 2012   If you file a joint return, you qualify to make this election even if only one spouse meets the requirements. How to file 2010 taxes in 2012 If you make the election, your 2004 earned income is the sum of your 2004 earned income and your spouse's 2004 earned income. How to file 2010 taxes in 2012 Making the election. How to file 2010 taxes in 2012   If you make the election to use your 2004 earned income, the election applies for figuring both the EIC and the additional child tax credit. How to file 2010 taxes in 2012 However, you can make the election for the additional child tax credit even if you do not take the EIC. How to file 2010 taxes in 2012   Electing to use your 2004 earned income may increase or decrease your EIC. How to file 2010 taxes in 2012 Take the following steps to decide whether to make the election. How to file 2010 taxes in 2012 Figure your 2005 EIC using your 2004 earned income. How to file 2010 taxes in 2012 Figure your 2005 additional child tax credit using your 2004 earned income for EIC purposes. How to file 2010 taxes in 2012 Add the results of (1) and (2). How to file 2010 taxes in 2012 Figure your 2005 EIC using your 2005 earned income. How to file 2010 taxes in 2012 Figure your 2005 additional child tax credit using your 2005 earned income for additional child tax credit purposes. How to file 2010 taxes in 2012 Add the results of (4) and (5). How to file 2010 taxes in 2012 Compare the results of (3) and (6). How to file 2010 taxes in 2012 If (3) is larger than (6), it is to your benefit to make the election. How to file 2010 taxes in 2012 If (3) is equal to or smaller than (6), making the election will not help you. How to file 2010 taxes in 2012   If you elect to use your 2004 earned income and you are claiming the EIC, enter “PYEI” and the amount of your 2004 earned income on the dotted line next to line 66a of Form 1040, on the line next to line 41a of Form 1040A, or in the space to the left of line 8a of Form 1040EZ. How to file 2010 taxes in 2012   If you elect to use your 2004 earned income and you are claiming the additional child tax credit, enter your 2004 earned income for EIC purposes (even if you did not claim the EIC) on Form 8812, Additional Child Tax Credit, line 4a, and check the box on that line. How to file 2010 taxes in 2012   Because Form 8812 was released before the GO Zone legislation was enacted, the instructions refer only to individuals whose main home was in the Hurricane Katrina disaster area. How to file 2010 taxes in 2012 When completing Form 8812, line 4a, use the above rules to determine your eligibility to make the election (instead of the Form 8812 instructions). How to file 2010 taxes in 2012 Getting your 2004 tax return information. How to file 2010 taxes in 2012   If you do not have your 2004 tax records, you can get the amount of earned income used to figure your 2004 EIC by calling 1-866-562-5227. How to file 2010 taxes in 2012 You can also get this information by visiting the IRS website at www. How to file 2010 taxes in 2012 irs. How to file 2010 taxes in 2012 gov. How to file 2010 taxes in 2012   If you prefer to figure your 2004 earned income yourself, copies or transcripts of your filed and processed tax returns can help you reconstruct your tax records. How to file 2010 taxes in 2012 See Request for Copy or Transcript of Tax Return on page 16. How to file 2010 taxes in 2012 Additional Exemption for Housing Individuals Displaced by Hurricane Katrina You may be able to claim an additional exemption amount of $500 for providing housing in your main home for each individual displaced by Hurricane Katrina. How to file 2010 taxes in 2012 The additional exemption amount is claimed on new Form 8914. How to file 2010 taxes in 2012 The additional exemption amount is allowable once per taxpayer for a specific individual in 2005 or 2006, but not in both years. How to file 2010 taxes in 2012 The maximum additional exemption amount you can claim for all displaced individuals is $2,000 ($1,000 if married filing separately). How to file 2010 taxes in 2012 The additional exemption amount you claim for displaced individuals in 2005 will reduce the $2,000 maximum for 2006. How to file 2010 taxes in 2012 If two or more taxpayers share the same main home, only one taxpayer in that main home can claim the additional exemption amount for a specific displaced individual. How to file 2010 taxes in 2012 If married filing separately, only one spouse may claim the additional exemption amount for a specific displaced individual. How to file 2010 taxes in 2012 In order for you to be considered to have provided housing, you must have a legal interest in the main home (that is, own or rent the home). How to file 2010 taxes in 2012 To qualify as a displaced individual, the individual: Must have had his or her main home in the Hurricane Katrina disaster area on August 28, 2005, and he or she must have been displaced from that home. How to file 2010 taxes in 2012 If the individual's main home was located outside the core disaster area, that home must have been damaged by Hurricane Katrina or the individual must have been evacuated from that home because of Hurricane Katrina, Must have been provided housing in your main home for a period of at least 60 consecutive days ending in the tax year in which the exemption is claimed, and Cannot be your spouse or dependent. How to file 2010 taxes in 2012 You cannot claim the additional exemption amount if you received rent (or any other amount) from any source for providing the housing. How to file 2010 taxes in 2012 You are permitted to receive payments or reimbursements that do not relate to normal housing costs, including the following. How to file 2010 taxes in 2012 Food, clothing, or personal items consumed or used by the displaced individual. How to file 2010 taxes in 2012 Reimbursement for the cost of any long distance telephone calls made by the displaced individual. How to file 2010 taxes in 2012 Reimbursement for the cost of gasoline for the displaced individual's use of your vehicle. How to file 2010 taxes in 2012 However, you cannot claim the additional exemption amount if you received any reimbursement for the extra costs of heat, electricity, or water used by the displaced individual. How to file 2010 taxes in 2012 Also, you must report on Form 8914 the displaced individual's social security number or individual taxpayer identification number to claim an additional exemption amount. How to file 2010 taxes in 2012 For more information, see Form 8914. How to file 2010 taxes in 2012 Education Credits The education credits have been expanded for students attending an eligible educational institution located in the Gulf Opportunity Zone (GOZ students) for any tax year beginning in 2005 or 2006. How to file 2010 taxes in 2012 The Hope credit for a GOZ student is increased to 100% of the first $2,000 in qualified education expenses and 50% of the next $2,000 of qualified education expenses for a maximum credit of $3,000 per student. How to file 2010 taxes in 2012 The lifetime learning credit rate for a GOZ student is increased from 20% to 40%. How to file 2010 taxes in 2012 The definition of qualified education expenses for a GOZ student also has been expanded. How to file 2010 taxes in 2012 In addition to tuition and fees required for the student's enrollment or attendance at an eligible educational institution, qualified education expenses for a GOZ student include the following. How to file 2010 taxes in 2012 Books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. How to file 2010 taxes in 2012 For a special needs student, expenses that are necessary for that person's enrollment or attendance at an eligible educational institution. How to file 2010 taxes in 2012 For a student who is at least a half-time student, the reasonable costs of room and board, but only to the extent that the costs are not more than the greater of the following two amounts. How to file 2010 taxes in 2012 The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. How to file 2010 taxes in 2012 The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. How to file 2010 taxes in 2012 You will need to contact the eligible educational institution for qualified room and board costs. How to file 2010 taxes in 2012 For more information, see Form 8863. How to file 2010 taxes in 2012 Recapture of Federal Mortgage Subsidy Generally, if you financed your home under a federally subsidized program (loans from tax-exempt qualified mortgage bonds or loans with mortgage credit certificates), you may have to recapture all or part of the benefit you received from that program when you sell or otherwise dispose of your home. How to file 2010 taxes in 2012 However, you do not have to recapture any benefit if your mortgage loan was a qualified home improvement loan of not more than $15,000. How to file 2010 taxes in 2012 This amount is increased to $150,000 if the loan was provided before 2011 and was used to: Repair damage caused by Hurricane Katrina to a residence in the Hurricane Katrina disaster area, or Alter, repair, or improve an existing owner-occupied residence in the GO Zone, Rita GO Zone, or Wilma GO Zone. How to file 2010 taxes in 2012 Exclusion of Certain Cancellations of Indebtedness by Reason of Hurricane Katrina Generally, discharges of nonbusiness debts (such as mortgages) made after August 24, 2005, and before January 1, 2007, are excluded from income for individuals whose main home was in the Hurricane Katrina disaster area on August 25, 2005. How to file 2010 taxes in 2012 If the individual's main home was located outside the core disaster area, the individual also must have had an economic loss because of Hurricane Katrina. How to file 2010 taxes in 2012 Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. How to file 2010 taxes in 2012 This relief does not apply to any debt secured by real property located outside the Hurricane Katrina disaster area. How to file 2010 taxes in 2012 You may also have to reduce certain tax attributes by the amount excluded. How to file 2010 taxes in 2012 For more information, see Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). How to file 2010 taxes in 2012 Tax Relief for Temporary Relocation Under the Gulf Opportunity Zone Act of 2005, the IRS may adjust the internal revenue laws to ensure that taxpayers do not lose a deduction or credit or experience a change of filing status in 2005 or 2006 as a result of a temporary relocation caused by Hurricane Katrina, Rita, or Wilma. How to file 2010 taxes in 2012 However, any such adjustment must ensure that an individual is not taken into account by more than one taxpayer for the same tax benefit. How to file 2010 taxes in 2012 The IRS has exercised this authority as follows. How to file 2010 taxes in 2012 In determining whether you furnished over one-half of the cost of maintaining a household, you can exclude from total household costs any assistance received from the government or charitable organizations because you were temporarily relocated as a result of Hurricane Katrina, Rita, or Wilma. How to file 2010 taxes in 2012 In determining whether you provided more than one-half of an individual's support, you can disregard any assistance received from the government or charitable organizations because you were temporarily relocated as a result of Hurricane Katrina, Rita, or Wilma. How to file 2010 taxes in 2012 You can treat as a student an individual who enrolled in school before August 25, 2005, and who is unable to attend classes because of Hurricane Katrina, for each month of the enrollment period that individual is prevented by Hurricane Katrina from attending school as planned. How to file 2010 taxes in 2012 You can treat as a student an individual who enrolled in school before September 23, 2005, and who is unable to attend classes because of Hurricane Rita, for each month of the enrollment period that individual is prevented by Hurricane Rita from attending school as planned. How to file 2010 taxes in 2012 You can treat as a student an individual who enrolled in school before October 23, 2005, and who is unable to attend classes because of Hurricane Wilma, for each month of the enrollment period that individual is prevented by Hurricane Wilma from attending school as planned. How to file 2010 taxes in 2012 Additional Tax Relief for Businesses Special Depreciation Allowance You can take a special depreciation allowance for qualified Gulf Opportunity (GO) Zone property (as defined below) you place in service after August 27, 2005. How to file 2010 taxes in 2012 The allowance is an additional deduction of 50% of the property's depreciable basis (after any section 179 deduction and before figuring your regular depreciation deduction). How to file 2010 taxes in 2012 The special allowance applies only for the first year the property is placed in service. How to file 2010 taxes in 2012 The allowance is deductible for both the regular tax and the alternative minimum tax (AMT). How to file 2010 taxes in 2012 There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. How to file 2010 taxes in 2012 You can elect not to deduct the special GO Zone depreciation allowance for qualified property. How to file 2010 taxes in 2012 If you make this election for any property, it applies to all property in the same class placed in service during the year. How to file 2010 taxes in 2012 Qualified GO Zone property. How to file 2010 taxes in 2012   Property that qualifies for the special GO Zone depreciation allowance includes the following. How to file 2010 taxes in 2012 Tangible property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. How to file 2010 taxes in 2012 Water utility property. How to file 2010 taxes in 2012 Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. How to file 2010 taxes in 2012 (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. How to file 2010 taxes in 2012 ) Qualified leasehold improvement property. How to file 2010 taxes in 2012 Nonresidential real property and residential rental property. How to file 2010 taxes in 2012   For more information on this property, see Publication 946. How to file 2010 taxes in 2012 Other tests to be met. How to file 2010 taxes in 2012   To be qualified GO Zone property, the property must also meet all of the following tests. How to file 2010 taxes in 2012 You must have acquired the property, by purchase, after August 27, 2005, but only if no binding written contract for the acquisition was in effect before August 28, 2005. How to file 2010 taxes in 2012 The property must be placed in service before 2008 (2009 in the case of nonresidential real property and residential rental property). How to file 2010 taxes in 2012 Substantially all of the use of the property must be in the GO Zone and in the active conduct of your trade or business in the GO Zone. How to file 2010 taxes in 2012 The original use of the property in the GO Zone must begin with you after August 27, 2005. How to file 2010 taxes in 2012 Used property can be qualified GO Zone property if it has not previously been used within the GO Zone. How to file 2010 taxes in 2012 Also, additional capital expenditures you incurred after August 27, 2005, to recondition or rebuild your property meet the original use test if the original use of the property in the GO Zone began with you. How to file 2010 taxes in 2012 Excepted property. How to file 2010 taxes in 2012   Qualified GO Zone property does not include any of the following. How to file 2010 taxes in 2012 Property required to be depreciated using the Alternative Depreciation System (ADS). How to file 2010 taxes in 2012 Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103. How to file 2010 taxes in 2012 Property for which you are claiming a commercial revitalization deduction. How to file 2010 taxes in 2012 Any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store, the principal business of which is the sale of alcoholic beverages for consumption off premises. How to file 2010 taxes in 2012 Any gambling or animal racing property (as defined below). How to file 2010 taxes in 2012 Property in the same class as that for which you elected not to claim the special GO Zone depreciation allowance. How to file 2010 taxes in 2012   Gambling or animal racing property is: Any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing, and The portion of any real property (determined by square footage) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing, unless this portion is less than 100 square feet. How to file 2010 taxes in 2012 Recapture of special allowance. How to file 2010 taxes in 2012   If, in any year after the year you claim the special allowance, the property ceases to be qualified GO Zone property, you may have to recapture as ordinary income any excess benefit you received from claiming the special allowance. How to file 2010 taxes in 2012 Increased Section 179 Deduction An increased section 179 deduction is allowable for qualified section 179 Gulf Opportunity (GO) Zone property (as defined later) placed in service in the GO Zone. How to file 2010 taxes in 2012 Increased dollar limit. How to file 2010 taxes in 2012   The limit on the section 179 deduction ($105,000 for 2005, $108,000 for 2006) for qualified section 179 GO Zone property acquired after August 27, 2005, is increased by the smaller of: $100,000, or The cost of qualified section 179 GO Zone property placed in service during the year (including such property placed in service by your spouse, even if you are filing a separate return). How to file 2010 taxes in 2012   The amount for which you can make the election is reduced if the cost of all qualified section 179 GO Zone property you placed in service during the year exceeds $420,000 for 2005 ($430,000 for 2006) increased by the smaller of: $600,000, or The cost of qualified section 179 GO Zone property placed in service during the year. How to file 2010 taxes in 2012 Qualified section 179 GO Zone property. How to file 2010 taxes in 2012   Qualified section 179 GO Zone property is section 179 property that is qualified GO Zone property (explained earlier under Special Depreciation Allowance). How to file 2010 taxes in 2012 Section 179 property does not include nonresidential real property or residential rental property. How to file 2010 taxes in 2012 For more information, including the requirements that must be met for property to qualify for the section 179 deduction, see chapter 2 of Publication 946. How to file 2010 taxes in 2012 Work Opportunity Credit For the work opportunity credit, the definition of “targeted group employee” has been expanded to include a Hurricane Katrina employee. How to file 2010 taxes in 2012 Hurricane Katrina employee. How to file 2010 taxes in 2012   A Hurricane Katrina employee is: A person who, on August 28, 2005, had a main home in the core disaster area and, within a two-year period beginning on that date, is hired to perform services principally in the core disaster area; or A person who, on August 28, 2005, had a main home in the core disaster area, was displaced from that main home as a result of Hurricane Katrina, and was hired during the period beginning on August 28, 2005, and ending on December 31, 2005. How to file 2010 taxes in 2012 Qualified wages. How to file 2010 taxes in 2012   Generally, qualified wages do not include wages you paid to a targeted group employee who worked for you previously. How to file 2010 taxes in 2012 However, wages will qualify if: You paid them to an employee who is a Hurricane Katrina employee, The employee was not in your employment on August 28, 2005, and This is your first hire of the employee as a Hurricane Katrina employee after August 28, 2005. How to file 2010 taxes in 2012   For more information, see Form 5884. How to file 2010 taxes in 2012 Certification requirements. How to file 2010 taxes in 2012   An employee must provide to the employer reasonable evidence that he or she is a Hurricane Katrina employee. How to file 2010 taxes in 2012 An employer may accept a completed Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity and Welfare-to-Work Credits, as such evidence. How to file 2010 taxes in 2012 The certification requirements described in Form 8850 do not apply to a Hurricane Katrina employee. How to file 2010 taxes in 2012 Do not send any Forms 8850 that have only box 1 checked to the state employment security agency. How to file 2010 taxes in 2012 Instead, the employer should keep these Forms 8850 with the employer's other records. How to file 2010 taxes in 2012 For more information, see Form 8850 and its instructions. How to file 2010 taxes in 2012 Employee Retention Credit An eligible employer who conducted an active trade or business in the Gulf Opportunity (GO) Zone, the Rita GO Zone, or the Wilma GO Zone can claim the employee retention credit. How to file 2010 taxes in 2012 The credit is 40% of qualified wages for each eligible employee (up to a maximum of $6,000 in qualified wages per employee). How to file 2010 taxes in 2012 Generally, you must reduce your deduction for salaries and wages by the amount of this credit (before the tax liability limit). How to file 2010 taxes in 2012 Use Form 5884-A to claim the credit. How to file 2010 taxes in 2012 See the following rules and definitions for each hurricane. How to file 2010 taxes in 2012 Employers affected by Hurricane Katrina. How to file 2010 taxes in 2012   The following definitions apply to employers affected by Hurricane Katrina. How to file 2010 taxes in 2012 Eligible employer. How to file 2010 taxes in 2012   For this purpose, an eligible employer is any employer who conducted an active trade or business on August 28, 2005, in the GO Zone and whose trade or business was inoperable on any day after August 28, 2005, and before January 1, 2006, because of damage caused by Hurricane Katrina. How to file 2010 taxes in 2012 Eligible employee. How to file 2010 taxes in 2012   For this purpose, an eligible employee is an employee whose principal place of employment on August 28, 2005, with such eligible employer was in the GO Zone. How to file 2010 taxes in 2012 An employee is not an eligible employee for purposes of Hurricane Katrina if the employee is treated as an eligible employee for the work opportunity credit. How to file 2010 taxes in 2012 Employers affected by Hurricane Rita. How to file 2010 taxes in 2012   The following definitions apply to employers affected by Hurricane Rita. How to file 2010 taxes in 2012 Eligible employer. How to file 2010 taxes in 2012   For this purpose, an eligible employer is any employer who conducted an active trade or business on September 23, 2005, in the Rita GO Zone and whose trade or business was inoperable on any day after September 23, 2005, and before January 1, 2006, because of damage caused by Hurricane Rita. How to file 2010 taxes in 2012 Eligible employee. How to file 2010 taxes in 2012   For this purpose, an eligible employee is an employee whose principal place of employment on September 23, 2005, with such eligible employer was in the Rita GO Zone. How to file 2010 taxes in 2012 An employee is not an eligible employee for purposes of Hurricane Rita if the employee is treated as an eligible employee for the work opportunity credit or the Hurricane Katrina employee retention credit. How to file 2010 taxes in 2012 Employers affected by Hurricane Wilma. How to file 2010 taxes in 2012   The following definitions apply to employers affected by Hurricane Wilma. How to file 2010 taxes in 2012 Eligible employer. How to file 2010 taxes in 2012   For this purpose, an eligible employer is any employer who conducted an active trade or business on October 23, 2005, in the Wilma GO Zone and whose trade or business was inoperable on any day after October 23, 2005, and before January 1, 2006, because of damage caused by Hurricane Wilma. How to file 2010 taxes in 2012 Eligible employee. How to file 2010 taxes in 2012   For this purpose, an eligible employee is an employee whose principal place of employment on October 23, 2005, with such eligible employer was in the Wilma GO Zone. How to file 2010 taxes in 2012 An employee is not an eligible employee for purposes of Hurricane Wilma if the employee is treated as an eligible employee for the work opportunity credit or the Hurricane Katrina or Rita employee retention credit. How to file 2010 taxes in 2012 Qualified wages. How to file 2010 taxes in 2012   Qualified wages are wages you paid or incurred before January 1, 2006, (up to $6,000 per employee) for an eligible employee beginning on the date your trade or business first became inoperable at the employee's principal place of employment immediately before the applicable hurricane, and ending on the date your trade or business resumed significant operations at that place. How to file 2010 taxes in 2012 In addition, the wages must have been paid or incurred after the following date. How to file 2010 taxes in 2012 August 28, 2005, for Hurricane Katrina. How to file 2010 taxes in 2012 September 23, 2005, for Hurricane Rita. How to file 2010 taxes in 2012 October 23, 2005, for Hurricane Wilma. How to file 2010 taxes in 2012    This includes wages paid even if the employee performed no services, performed services at a place of employment other than the principal place of employment, or performed services at the principal place of employment before significant operations resumed. How to file 2010 taxes in 2012    Wages qualifying for the credit generally have the same meaning as wages subject to the Federal Unemployment Tax Act (FUTA). How to file 2010 taxes in 2012 Qualified wages also include amounts you paid for medical or hospitalization expenses in connection with sickness or accident disability. How to file 2010 taxes in 2012 Qualified wages for any employee must be reduced by the amount of any work supplementation payment you received under the Social Security Act. How to file 2010 taxes in 2012   For agricultural employees, if the work performed by any employee during more than half of any pay period qualified under FUTA as agricultural labor, that employee's wages subject to social security and Medicare taxes are qualified wages. How to file 2010 taxes in 2012 For a special rule that applies to railroad employees, see section 51(h)(1)(B). How to file 2010 taxes in 2012   Qualified wages do not include the following. How to file 2010 taxes in 2012 Wages paid to your dependent or a related individual. How to file 2010 taxes in 2012 See section 51(i)(1). How to file 2010 taxes in 2012 Wages paid to any employee during the period for which you received payment for the employee from a federally funded on-the-job training program. How to file 2010 taxes in 2012 Wages for services of replacement workers during a strike or lockout. How to file 2010 taxes in 2012   For more information, see Form 5884-A. How to file 2010 taxes in 2012 Hurricane Katrina Housing Credit An employer who conducted an active trade or business in the Gulf Opportunity (GO) Zone can claim the Hurricane Katrina housing credit. How to file 2010 taxes in 2012 The credit is equal to 30% of the value (up to $600 per month per employee) of in-kind lodging furnished to a qualified employee (and the employee's spouse or dependents) from January 1, 2006, through July 1, 2006. How to file 2010 taxes in 2012 The value of the lodging is excluded from the income of the qualified employee but is treated as wages for purposes of taxes imposed under the Federal Insurance Contributions Act (FICA) and the Federal Unemployment Tax Act (FUTA). How to file 2010 taxes in 2012 Generally, you must reduce your deduction for salaries and wages by the amount of this credit (before the tax liability limit). How to file 2010 taxes in 2012 The employer must use Form 5884-A to claim the credit. How to file 2010 taxes in 2012 A qualified employee is an individual who had a main home in the GO Zone on August 28, 2005, and who performs substantially all employment services in the GO Zone for the employer furnishing the lodging. How to file 2010 taxes in 2012 The employee cannot be your dependent or a related individual. How to file 2010 taxes in 2012 See section 51(i)(1). How to file 2010 taxes in 2012 For more information, see Form 5884-A. How to file 2010 taxes in 2012 Reforestation Costs You may be able to elect to deduct a limited amount of reforestation costs for each qualified timber property. How to file 2010 taxes in 2012 The deduction for any tax year generally is limited to $10,000 ($5,000 if married filing separately, $0 for a trust). How to file 2010 taxes in 2012 However, this limit is increased if you paid or incurred reforestation costs after the applicable date below and any portion of the qualified timber property is located in one of the following areas. How to file 2010 taxes in 2012 August 27, 2005, if any portion of the property is located in the GO Zone. How to file 2010 taxes in 2012 September 22, 2005, if any portion of the property is located in the Rita GO Zone (but not in the GO Zone). How to file 2010 taxes in 2012 October 22, 2005, if any portion of the property is located in the Wilma GO Zone. How to file 2010 taxes in 2012 The limit for each qualified timber property is increased by the smaller of: $10,000 ($5,000 if married filing separately, $0 for a trust), or The amount of reforestation costs you paid or incurred after the applicable date for the qualified timber property, any portion of which is located in the zone described above. How to file 2010 taxes in 2012 The increase in the limit applies only to costs paid or incurred before 2008. How to file 2010 taxes in 2012 However, these rules do not apply to any timber producer who: Held more than 500 acres of qualified timber property at any time during the tax year, Is a corporation with stock publicly traded on an established securities market, or Is a real estate investment trust. How to file 2010 taxes in 2012 For more information about the election to deduct reforestation costs, see chapter 8 in Publication 535, Business Expenses. How to file 2010 taxes in 2012 Demolition and Clean-up Costs You can elect to deduct 50% of any qualified GO Zone clean-up costs for the tax year in which the costs are paid or incurred, instead of capitalizing them. How to file 2010 taxes in 2012 Qualified GO Zone clean-up costs are any amounts paid or incurred after August 27, 2005, and before January 1, 2008, for the removal of debris from, or the demolition of structures on, real property located in the GO Zone that is: Held by you for use in a trade or business or for the production of income, or Inventory or other property held primarily for sale to customers in the ordinary course of your trade or business. How to file 2010 taxes in 2012 Increase in Rehabilitation Tax Credit The rehabilitation credit is increased for qualified rehabilitation expenditures paid or incurred after August 27, 2005, and before January 1, 2009, on buildings located in the GO Zone as follows. How to file 2010 taxes in 2012 For pre-1936 buildings (other than certified historic structures), the credit percentage is increased from 10% to 13%. How to file 2010 taxes in 2012 For certified historic structures, the credit percentage is increased from 20% to 26%. How to file 2010 taxes in 2012 For more information, see Form 3468, Investment Credit. How to file 2010 taxes in 2012 Request for Copy or Transcript of Tax Return Request for copy of tax return. How to file 2010 taxes in 2012   You can use Form 4506 to order a copy of your tax return. How to file 2010 taxes in 2012 Generally, there is a $39. How to file 2010 taxes in 2012 00 fee for requesting each copy of a tax return. How to file 2010 taxes in 2012 If your main home, principal place of business, or tax records are located in a Presidentially declared disaster area, the fee will be waived if the assigned disaster designation (for example, “Hurricane Katrina”) is written in red across the top of the form when filed. How to file 2010 taxes in 2012 Request for transcript of tax return. How to file 2010 taxes in 2012   You can use Form 4506-T to order a free transcript of your tax return. How to file 2010 taxes in 2012 A transcript provides most of the line entries from a tax return and usually contains the information that a third party requires. How to file 2010 taxes in 2012 You can also call 1-800-829-1040 to order a transcript. How to file 2010 taxes in 2012 How To Get Tax Help Special IRS assistance. How to file 2010 taxes in 2012   The IRS is providing special help for those affected by Hurricane Katrina, Rita, or Wilma, as well as survivors and personal representatives of the victims. How to file 2010 taxes in 2012 We have set up a special toll-free number for people who may have trouble filing or paying their taxes because they were affected by Hurricane Katrina, Rita, or Wilma, or who have other tax issues related to the hurricanes. How to file 2010 taxes in 2012 Call 1-866-562-5227 Monday through Friday In English-7 a. How to file 2010 taxes in 2012 m. How to file 2010 taxes in 2012 to 10 p. How to file 2010 taxes in 2012 m. How to file 2010 taxes in 2012 local time In Spanish-8 a. How to file 2010 taxes in 2012 m. How to file 2010 taxes in 2012 to 9:30 p. How to file 2010 taxes in 2012 m. How to file 2010 taxes in 2012 local time   The IRS website at www. How to file 2010 taxes in 2012 irs. How to file 2010 taxes in 2012 gov has notices and other tax relief information. How to file 2010 taxes in 2012 Check it periodically for any new guidance. How to file 2010 taxes in 2012 Other help from the IRS. How to file 2010 taxes in 2012   You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get more information from the IRS in several ways. How to file 2010 taxes in 2012 By selecting the method that is best for you, you will have quick and easy access to tax help. How to file 2010 taxes in 2012 Contacting your Taxpayer Advocate. How to file 2010 taxes in 2012   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. How to file 2010 taxes in 2012   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. How to file 2010 taxes in 2012 While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. How to file 2010 taxes in 2012   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778. How to file 2010 taxes in 2012 Call, write, or fax the Taxpayer Advocate office in your area. How to file 2010 taxes in 2012 Call 1-800-829-4059 if you are a TTY/TDD user. How to file 2010 taxes in 2012 Visit www. How to file 2010 taxes in 2012 irs. How to file 2010 taxes in 2012 gov/advocate. How to file 2010 taxes in 2012   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). How to file 2010 taxes in 2012 Free tax services. How to file 2010 taxes in 2012   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. How to file 2010 taxes in 2012 It contains a list of free tax publications and an index of tax topics. How to file 2010 taxes in 2012 It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. How to file 2010 taxes in 2012 Internet. How to file 2010 taxes in 2012 You can access the IRS website 24 hours a day, 7 days a week, at www. How to file 2010 taxes in 2012 irs. How to file 2010 taxes in 2012 gov to: E-file your return. How to file 2010 taxes in 2012 Find out about commercial tax preparation and e-file services available free to eligible taxpayers. How to file 2010 taxes in 2012 Check the status of your refund. How to file 2010 taxes in 2012 Click on Where's My Refund. How to file 2010 taxes in 2012 Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). How to file 2010 taxes in 2012 Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. How to file 2010 taxes in 2012 Download forms, instructions, and publications. How to file 2010 taxes in 2012 Order IRS products online. How to file 2010 taxes in 2012 Research your tax questions online. How to file 2010 taxes in 2012 Search publications online by topic or keyword. How to file 2010 taxes in 2012 View Internal Revenue Bulletins (IRBs) published in the last few years. How to file 2010 taxes in 2012 Figure your withholdin