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Irs Tax Tables 2010

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Irs Tax Tables 2010

Irs tax tables 2010 Depreciation Table of Contents Introduction Special Depreciation AllowanceQualified Property Election Not To Claim the Allowance Rules for Returns Filed Before June 1, 2002 Passenger Automobiles New York Liberty Zone BenefitsSpecial Liberty Zone Depreciation Allowance Increased Section 179 Deduction Liberty Zone Leasehold Improvement Property If you depreciate business property that you acquired and placed in service after September 10, 2001, new law contains provisions that may affect your depreciation deduction for that property. Irs tax tables 2010 Publication 946, How To Depreciate Property, contains information on depreciation. Irs tax tables 2010 However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Irs tax tables 2010 The new provisions are in the Supplement to Publication 946, which is reprinted below. Irs tax tables 2010 Supplement to Publication 946 How To Depreciate Property   Introduction After Publication 946 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Irs tax tables 2010 The new law made several changes in the tax rules explained in the publication. Irs tax tables 2010 Some of the changes apply to property placed in service during 2001. Irs tax tables 2010 This supplemental publication describes those changes and explains what you should do if you are affected by them. Irs tax tables 2010 The situations and examples in Publication 946 do not reflect any of the changes made by the Job Creation and Worker Assistance Act of 2002. Irs tax tables 2010 The new law contains the following provisions. Irs tax tables 2010 30% depreciation deductions (special depreciation allowance and special New York Liberty Zone (Liberty Zone) depreciation allowance) for the year qualified property is placed in service after September 10, 2001. Irs tax tables 2010 An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Irs tax tables 2010 A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Irs tax tables 2010 An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Irs tax tables 2010 If you believe you qualify for an increased deduction under any of these new rules, you must file the revised 2001 Form 4562 (dated March 2002) for 2001 calendar or fiscal years and 2000 fiscal years ending after September 10, 2001. Irs tax tables 2010 If you have already filed a tax return, this supplemental publication explains how to claim these benefits and how to elect not to claim the special depreciation allowance or special Liberty Zone depreciation allowance. Irs tax tables 2010 See Table 2 at the end of the supplement for an overview of the rules that apply if you filed your return before June 1, 2002. Irs tax tables 2010 Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Irs tax tables 2010 The allowance is an additional deduction of 30% of the property's depreciable basis. Irs tax tables 2010 To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Irs tax tables 2010 See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Irs tax tables 2010 The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Irs tax tables 2010 There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Irs tax tables 2010 In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Irs tax tables 2010 Example 1. Irs tax tables 2010 On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Irs tax tables 2010 You did not elect to claim a section 179 deduction. Irs tax tables 2010 You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Irs tax tables 2010 You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Irs tax tables 2010 Example 2. Irs tax tables 2010 The facts are the same as in Example 1, except that you choose to deduct $24,000 of the property's cost as a section 179 deduction. Irs tax tables 2010 You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Irs tax tables 2010 You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Irs tax tables 2010 Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Irs tax tables 2010 It is new property of one of the following types. Irs tax tables 2010 Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Irs tax tables 2010 See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Irs tax tables 2010 Water utility property. Irs tax tables 2010 See 25-year property on page 22 in Publication 946. Irs tax tables 2010 Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Irs tax tables 2010 (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Irs tax tables 2010 ) Qualified leasehold improvement property (defined later). Irs tax tables 2010 It meets the following tests (explained later under Tests To Be Met). Irs tax tables 2010 Acquisition date test. Irs tax tables 2010 Placed in service date test. Irs tax tables 2010 Original use test. Irs tax tables 2010 It is not excepted property (explained later under Excepted Property). Irs tax tables 2010 Qualified leasehold improvement property. Irs tax tables 2010    Generally, this is any improvement to an interior part of a building that is nonresidential real property, provided all of the following requirements are met. Irs tax tables 2010 The improvement is made under or pursuant to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Irs tax tables 2010 That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Irs tax tables 2010 The improvement is placed in service more than 3 years after the date the building was first placed in service. Irs tax tables 2010   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Irs tax tables 2010 The enlargement of the building. Irs tax tables 2010 Any elevator or escalator. Irs tax tables 2010 Any structural component benefiting a common area. Irs tax tables 2010 The internal structural framework of the building. Irs tax tables 2010   Generally, a binding commitment to enter into a lease is treated as a lease and the parties to the commitment are treated as the lessor and lessee. Irs tax tables 2010 However, a binding commitment between related persons is not treated as a lease. Irs tax tables 2010 Related persons. Irs tax tables 2010   For this purpose, the following are related persons. Irs tax tables 2010 Members of an affiliated group. Irs tax tables 2010 The persons listed in items (1) through (9) under Related persons on page 8 of Publication 946 (except that “80% or more” should be substituted for “more than 10%” each place it appears). Irs tax tables 2010 An executor and a beneficiary of the same estate. Irs tax tables 2010 Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Irs tax tables 2010 Acquisition date test. Irs tax tables 2010    Generally, you must have acquired the property either: After September 10, 2001, and before September 11, 2004, but only if no written binding contract for the acquisition was in effect before September 11, 2001, or Pursuant to a written binding contract entered into after September 10, 2001, and before September 11, 2004. Irs tax tables 2010   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001, and before September 11, 2004. Irs tax tables 2010 Placed in service date test. Irs tax tables 2010   Generally, the property must be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Irs tax tables 2010   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Irs tax tables 2010 Original use test. Irs tax tables 2010   The original use of the property must have begun with you after September 10, 2001. Irs tax tables 2010 “Original use” means the first use to which the property is put, whether or not by you. Irs tax tables 2010 Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Irs tax tables 2010 Excepted Property The following property does not qualify for the special depreciation allowance. Irs tax tables 2010 Property used by any person before September 11, 2001. Irs tax tables 2010 Property required to be depreciated using ADS. Irs tax tables 2010 This includes listed property used 50% or less in a qualified business use. Irs tax tables 2010 Qualified New York Liberty Zone leasehold improvement property (defined next). Irs tax tables 2010 Qualified New York Liberty Zone leasehold improvement property. Irs tax tables 2010   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Irs tax tables 2010 The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Irs tax tables 2010 The improvement is placed in service after September 10, 2001, and before January 1, 2007. Irs tax tables 2010 No written binding contract for the improvement was in effect before September 11, 2001. Irs tax tables 2010 Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Irs tax tables 2010 If you make this election for any property, it applies to all property in the same property class placed in service during the year. Irs tax tables 2010 To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Irs tax tables 2010 When to make election. Irs tax tables 2010   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Irs tax tables 2010   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). Irs tax tables 2010 Attach the election statement to the amended return. Irs tax tables 2010 At the top of the election statement, write “Filed pursuant to section 301. Irs tax tables 2010 9100–2. Irs tax tables 2010 ” Revoking an election. Irs tax tables 2010   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Irs tax tables 2010 A request to revoke the election is subject to a user fee. Irs tax tables 2010 Rules for Returns Filed Before June 1, 2002 The following rules apply if you placed qualified property in service after September 10, 2001, and filed your return before June 1, 2002. Irs tax tables 2010 The rules apply to returns for the following years. Irs tax tables 2010 2000 fiscal years that end after September 10, 2001. Irs tax tables 2010 2001 calendar and fiscal years. Irs tax tables 2010 Claiming the allowance. Irs tax tables 2010   If you did not claim the allowance on your return and did not make the election not to claim the allowance, you can do either of the following to claim the allowance. Irs tax tables 2010 File an amended return by the due date (not including extensions) of your return for the year following the year the property was placed in service. Irs tax tables 2010 Write “Filed Pursuant to Rev. Irs tax tables 2010 Proc. Irs tax tables 2010 2002–33” at the top of the amended return. Irs tax tables 2010 File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. Irs tax tables 2010 Your return must be filed by the due date (including extensions). Irs tax tables 2010 Write “Automatic Change Filed Under Rev. Irs tax tables 2010 Proc. Irs tax tables 2010 2002–33” on the appropriate line of Form 3115. Irs tax tables 2010 You must also file a copy (with signature) of the completed Form 3115 with the IRS National Office no later than when you file the original with your return. Irs tax tables 2010 For more information about filing Form 3115, including the address to send it to, see Revenue Procedure 2002–9, Revenue Procedure 2002–19, and Revenue Procedure 2002–33. Irs tax tables 2010 Example 1. Irs tax tables 2010 You are an individual and you use the calendar year. Irs tax tables 2010 You placed qualified property in service for your business in December 2001. Irs tax tables 2010 You filed your 2001 income tax return before April 15, 2002. Irs tax tables 2010 You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Irs tax tables 2010 You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Irs tax tables 2010 Proc. Irs tax tables 2010 2002–33” at the top of the amended return. Irs tax tables 2010 You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. Irs tax tables 2010 Example 2. Irs tax tables 2010 The facts concerning your 2001 return are the same as in Example 1. Irs tax tables 2010 In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Irs tax tables 2010 You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Irs tax tables 2010 Proc. Irs tax tables 2010 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Irs tax tables 2010 You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. Irs tax tables 2010 Electing not to claim the allowance. Irs tax tables 2010   Generally, you have elected not to claim the special depreciation allowance for a class of property if you: Filed your return timely (including extensions) for the year you placed qualified property in service and indicated on a statement with the return that you are not claiming the allowance, or Filed your return timely and filed an amended return within 6 months of the due date of the original return (not including extensions) and indicated on a statement with the amended return that you are not claiming the allowance. Irs tax tables 2010 The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Irs tax tables 2010 The statement can be either attached to or written on the return. Irs tax tables 2010 You can, for example, write “not deducting 30%” on Form 4562. Irs tax tables 2010 Deemed election. Irs tax tables 2010   If you have not followed either of the procedures described above to elect not to claim the allowance, you may still be treated as making the election. Irs tax tables 2010 You will be treated as making the election if you meet both of the following conditions. Irs tax tables 2010 You filed your return for the year you placed the property in service and claimed depreciation, but not the special allowance, for any class of property. Irs tax tables 2010 You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Irs tax tables 2010 See Claiming the allowance, earlier. Irs tax tables 2010 Passenger Automobiles The limit on your depreciation deduction (including any section 179 deduction) for any passenger automobile that is qualified property (defined earlier) placed in service after September 10, 2001, and for which you claim the special depreciation allowance is increased. Irs tax tables 2010 Generally, the limit is increased from $3,060 to $7,660. Irs tax tables 2010 However, if the automobile is a qualified electric car, the limit is increased from $9,280 to $23,080 ($22,980 if placed in service in 2002). Irs tax tables 2010 Table 1 shows the maximum deduction amounts for 2001. Irs tax tables 2010 Table 1. Irs tax tables 2010 Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Irs tax tables 2010 11 Placed in Service After Sept. Irs tax tables 2010 10 Passenger automobile $3,060 $7,660 Electric car 9,280 23,080 1 1$22,980 if you place an electric car in service in 2002. Irs tax tables 2010 Election not to claim the allowance. Irs tax tables 2010   The increased maximum depreciation deduction does not apply if you elected not to claim the special depreciation allowance as explained earlier under Election Not To Claim the Allowance and Rules for Returns Filed Before June 1, 2002. Irs tax tables 2010 New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Irs tax tables 2010 They include a special depreciation allowance for the year you place the property in service, an increased section 179 deduction, and the classification of certain leasehold improvement property as 5-year property. Irs tax tables 2010 Area defined. Irs tax tables 2010   The New York Liberty Zone is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway) in the Borough of Manhattan in the City of New York, New York. Irs tax tables 2010 Special Liberty Zone Depreciation Allowance You can take a special depreciation allowance for qualified Liberty Zone property you place in service after September 10, 2001. Irs tax tables 2010 The allowance is an additional deduction of 30% of the property's depreciable basis. Irs tax tables 2010 To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Irs tax tables 2010 See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Irs tax tables 2010 The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Irs tax tables 2010 There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Irs tax tables 2010 In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Irs tax tables 2010 You cannot claim the special Liberty Zone depreciation allowance for property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Irs tax tables 2010 Qualified property is eligible for only one special depreciation allowance. Irs tax tables 2010 Example 1. Irs tax tables 2010 On November 1, 2001, you bought and placed in service in your business, which is in the Liberty Zone, qualified Liberty Zone property that cost $200,000. Irs tax tables 2010 You did not elect to claim a section 179 deduction. Irs tax tables 2010 You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Irs tax tables 2010 You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Irs tax tables 2010 Example 2. Irs tax tables 2010 The facts are the same as in Example 1, except that you choose to deduct $59,000 of the property's cost as a section 179 deduction. Irs tax tables 2010 (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Irs tax tables 2010 You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Irs tax tables 2010 You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Irs tax tables 2010 Qualified Liberty Zone Property For a 2001 calendar or fiscal year and a 2000 fiscal year that ends after September 10, 2001, property qualifies for the special Liberty Zone depreciation allowance if it meets the following requirements. Irs tax tables 2010 It is one of the following types of property. Irs tax tables 2010 Used property depreciated under MACRS with a recovery period of 20 years or less. Irs tax tables 2010 See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Irs tax tables 2010 Used water utility property. Irs tax tables 2010 See 25-year property on page 22 in Publication 946. Irs tax tables 2010 Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Irs tax tables 2010 (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Irs tax tables 2010 ) Certain nonresidential real property and residential rental property (defined later). Irs tax tables 2010 It meets the following tests (explained later under Tests to be met). Irs tax tables 2010 Acquisition date test. Irs tax tables 2010 Placed in service date test. Irs tax tables 2010 Substantial use test. Irs tax tables 2010 Original use test. Irs tax tables 2010 It is not excepted property (explained later under Excepted property). Irs tax tables 2010 Nonresidential real property and residential rental property. Irs tax tables 2010   This property is qualifying property only to the extent it rehabilitates real property damaged, or replaces real property destroyed or condemned, as a result of the terrorist attack of September 11, 2001. Irs tax tables 2010 Property is treated as replacing destroyed or condemned property if, as part of an integrated plan, such property replaces real property included in a continuous area that includes real property destroyed or condemned. Irs tax tables 2010   For these purposes, real property is considered destroyed (or condemned) only if an entire building or structure was destroyed (or condemned) as a result of the terrorist attack. Irs tax tables 2010 Otherwise, the property is considered damaged real property. Irs tax tables 2010 For example, if certain structural components of a building (such as walls, floors, or plumbing fixtures) are damaged or destroyed as a result of the terrorist attack, but the building is not destroyed (or condemned), then only costs related to replacing the damaged or destroyed structural components qualify for the special Liberty Zone depreciation allowance. Irs tax tables 2010 Tests to be met. Irs tax tables 2010   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Irs tax tables 2010 Acquisition date test. Irs tax tables 2010   You must have acquired the property by purchase after September 10, 2001, and there must not have been a binding written contract for the acquisition in effect before September 11, 2001. Irs tax tables 2010   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Irs tax tables 2010   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001. Irs tax tables 2010 Placed in service date test. Irs tax tables 2010   Generally, the property must be placed in service for use in your trade or business or for the production of income before January 1, 2007 (January 1, 2010, in the case of qualifying nonresidential real property and residential rental property). Irs tax tables 2010   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Irs tax tables 2010 Substantial use test. Irs tax tables 2010   Substantially all use of the property must be in the Liberty Zone and in the active conduct of your trade or business in the Liberty Zone. Irs tax tables 2010 Original use test. Irs tax tables 2010   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Irs tax tables 2010   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Irs tax tables 2010 Also, additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test if the original use of the property in the Liberty Zone began with you. Irs tax tables 2010 Excepted property. Irs tax tables 2010   The following property does not qualify for the special Liberty Zone depreciation allowance. Irs tax tables 2010 Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Irs tax tables 2010 Property required to be depreciated using ADS. Irs tax tables 2010 This includes listed property used 50% or less in a qualified business use. Irs tax tables 2010 Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Irs tax tables 2010 Example. Irs tax tables 2010 In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Irs tax tables 2010 New office furniture with a MACRS recovery period of 7 years. Irs tax tables 2010 A used computer with a MACRS recovery period of 5 years. Irs tax tables 2010 The computer had not previously been used within the Liberty Zone. Irs tax tables 2010 Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Irs tax tables 2010 Because the computer is used property that had not previously been used in the Liberty Zone, it qualifies for the special Liberty Zone depreciation allowance, but not the special depreciation allowance. Irs tax tables 2010 Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Irs tax tables 2010 If you make this election for any property, it applies to all property in the same property class placed in service during the year. Irs tax tables 2010 To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Irs tax tables 2010 When to make the election. Irs tax tables 2010   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Irs tax tables 2010   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). Irs tax tables 2010 Attach the election statement to the amended return. Irs tax tables 2010 At the top of the election statement, write “Filed pursuant to section 301. Irs tax tables 2010 9100–2. Irs tax tables 2010 ” Revoking an election. Irs tax tables 2010   Once you elect not to deduct the special Liberty Zone depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Irs tax tables 2010 A request to revoke the election is subject to a user fee. Irs tax tables 2010 Returns filed before June 1, 2002. Irs tax tables 2010   The rules that apply to the special depreciation allowance discussed earlier in Rules for Returns Filed Before June 1, 2002 under Special Depreciation Allowance also apply to the special Liberty Zone depreciation allowance. Irs tax tables 2010 Increased Section 179 Deduction Under section 179 of the Internal Revenue Code, you can choose to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. Irs tax tables 2010 For tax years beginning in 2000, that limit was $20,000. Irs tax tables 2010 For tax years beginning in 2001 and 2002, that limit is generally $24,000. Irs tax tables 2010 If the cost of qualifying section 179 property placed in service in a year is over $200,000, you must reduce the dollar limit (but not below zero) by the amount of the cost over $200,000. Irs tax tables 2010 Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Irs tax tables 2010 The increase is the smaller of the following amounts. Irs tax tables 2010 $35,000. Irs tax tables 2010 The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Irs tax tables 2010 If you use the revised 2001 Form 4562 (dated March 2002) for a tax year beginning in 2000, you must reduce the section 179 dollar limit to $20,000 before adding the additional amount for qualified property. Irs tax tables 2010 Qualified property. Irs tax tables 2010   To qualify for the increased section 179 deduction, your property must be section 179 property that is either: Qualified Liberty Zone property, or Property that would be qualified Liberty Zone property except that it is eligible for the special depreciation allowance. Irs tax tables 2010 Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Irs tax tables 2010 Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Irs tax tables 2010 For information on the requirements that must be met for property to qualify for the section 179 deduction, see What Property Qualifies? on page 14 of Publication 946. Irs tax tables 2010 Example 1. Irs tax tables 2010 In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Irs tax tables 2010 Because this cost is less than $35,000, the dollar limit on the section 179 deduction is increased by $25,000 to $49,000 ($24,000 + $25,000). Irs tax tables 2010 Example 2. Irs tax tables 2010 In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Irs tax tables 2010 Because $35,000 is less than the cost of the property you place in service, the dollar limit on the section 179 deduction you can claim is increased by $35,000 to $59,000 ($24,000 + $35,000). Irs tax tables 2010 Reduced Dollar Limit Generally, you must reduce the dollar limit for a year by the cost of qualifying section 179 property placed in service in the year that is more than $200,000. Irs tax tables 2010 However, if the cost of your Liberty Zone property exceeds $200,000, you take into account only 50% (instead of 100%) of the cost of qualified property placed in service in a year. Irs tax tables 2010 Example. Irs tax tables 2010 In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Irs tax tables 2010 Your increased dollar limit is $59,000 ($35,000 + $24,000). Irs tax tables 2010 Because 50% of the cost of the property you place in service ($230,000) is $30,000 more than $200,000, you must reduce your $59,000 dollar limit to $29,000 ($59,000 - $30,000). Irs tax tables 2010 Recapture Rules Rules similar to those explained on page 20 of Publication 946 under When Must You Recapture the Deduction? apply with respect to any qualified property you stop using in the Liberty Zone. Irs tax tables 2010 Returns Filed Before June 1, 2002 If you filed a return before June 1, 2002, and did not deduct the increased section 179 amount for qualified property placed in service after September 10, 2001, you can deduct the increased amount by filing an amended return by the due date (not including extensions) of the return for the year after the year the property was placed in service. Irs tax tables 2010 This rule applies to returns for the following years. Irs tax tables 2010 2000 fiscal years that end after September 10, 2001. Irs tax tables 2010 2001 calendar and fiscal years. Irs tax tables 2010 On the amended return, write “Filed Pursuant to Rev. Irs tax tables 2010 Proc. Irs tax tables 2010 2002–33. Irs tax tables 2010 ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. Irs tax tables 2010 This means that it is depreciated over a recovery period of 5 years. Irs tax tables 2010 For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Irs tax tables 2010 The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Irs tax tables 2010 Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Irs tax tables 2010 Returns Filed Before June 1, 2002 If you filed either of the following returns before June 1, 2002, and did not depreciate qualified Liberty Zone leasehold improvement property placed in service during the tax year as 5-year property using the straight line method, you should file an amended return before you file your return for the year after the year the property was placed in service. Irs tax tables 2010 Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Irs tax tables 2010 Your 2001 calendar or fiscal year return. Irs tax tables 2010 On the amended return, write “Filed Pursuant to Rev. Irs tax tables 2010 Proc. Irs tax tables 2010 2002–33. Irs tax tables 2010 ” Table 2. Irs tax tables 2010 Rules for Returns Filed Before June 1, 2002 Note:This chart highlights the rules for returns affected by the Job Creation and Worker Assistance Act of 2002 that were filed before June 1, 2002, without accounting for any of the new benefits under the law. Irs tax tables 2010 See the text for definitions and examples. Irs tax tables 2010 Do not rely on this chart alone. Irs tax tables 2010 IF you want to. Irs tax tables 2010 . Irs tax tables 2010 . Irs tax tables 2010 THEN you. Irs tax tables 2010 . Irs tax tables 2010 . Irs tax tables 2010 BY. Irs tax tables 2010 . Irs tax tables 2010 . Irs tax tables 2010 claim the special depreciation allowance or special Liberty Zone depreciation allowance • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service, or • must file Form 3115, Application for Change in Accounting Method, with your return for the year after the year the property was placed in service • the due date (including extensions) of your return for the year after the year the property was placed in service, and • must file a copy of your completed Form 3115 with the IRS National Office • the date you file the original Form 3115 with your return for the year after the year the property was placed in service. Irs tax tables 2010 elect not to claim the special depreciation allowance or the special Liberty Zone depreciation allowance 1 • must have filed your return timely for the year the property was placed in service, and   • must file an amended return stating you are not claiming the allowance • the date that is 6 months after the due date of the original return (not including extensions). Irs tax tables 2010 deduct the increased section 179 amount • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service. Irs tax tables 2010 use a 5-year recovery period for depreciating qualified Liberty Zone leasehold improvement property • should file an amended return • the date you file your return for the year after the year the property was placed in service. Irs tax tables 2010 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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Facts & Figures

Highlights of IRS statistics available on this site include:

IRS Data Books: These contain files of data on collecting revenue, enforcing the law, assisting taxpayers and managing the system. Each Data Book table is in its own file. There is also a PDF file for each year's complete Data Book.

Weekly Filing Statistics Reports: These weekly reports contain data that track the filings of individual income tax returns on a weekly basis throughout the tax return filing season with a final report available towards the end of the year.

Tax Stats Home Page: This has links to all Statistics of Income (SOI) tables and articles, in various groupings — by IRS activity (Collection, Exam, etc.), by topic or by SOI publication series.

Projections: These forecasts of the number of returns to be filed for tax forms within the individual, tax-exempt and business areas may be found in various Projections publications or SOI Bulletins.

Individual Tax Stats: These are links to individual return data assembled in various ways. In some cases — such as county data, migration data or ZIP code data — the link shows an example of the files that can be ordered and/or the procedures for ordering data from SOI. Other links — such as state income data — contain links to available SOI data.

Statistics of Income Bulletins: These quarterly Bulletins contain articles and data releases on a wide variety of topics.

Page Last Reviewed or Updated: 04-Feb-2014

The Irs Tax Tables 2010

Irs tax tables 2010 Index A Abatement of interest and penalties, Abatement of interest and penalties. Irs tax tables 2010 Accidents, Deductible losses. Irs tax tables 2010 , Nondeductible losses. Irs tax tables 2010 Adjusted basis, Adjusted Basis Adjustments to basis, Basis adjustment to corporation's property. Irs tax tables 2010 , Adjustments to Basis Amended returns, Amended return. Irs tax tables 2010 Appraisals, Appraisal. Irs tax tables 2010 , Costs of photographs and appraisals. Irs tax tables 2010 Assistance (see Tax help) B Bad debts, Nonbusiness bad debt. Irs tax tables 2010 Basis Adjusted, Adjusted Basis Adjustments to, Basis adjustment to corporation's property. Irs tax tables 2010 , Adjustments to Basis Replacement property, Basis of replacement property. Irs tax tables 2010 Business or income-producing property, Business or income-producing property. Irs tax tables 2010 Business purposes, property used partly for, Property used partly for business and partly for personal purposes. Irs tax tables 2010 C Cars Accidents, Deductible losses. Irs tax tables 2010 Fair market value of, Car value. Irs tax tables 2010 Cash gifts, Cash gifts. Irs tax tables 2010 Casualty losses, Table 3. Irs tax tables 2010 When To Deduct a Casualty or Theft Loss Deductible losses, Deductible losses. Irs tax tables 2010 Definition, Casualty Deposits, loss on, Casualty loss or ordinary loss. Irs tax tables 2010 Nondeductible losses, Nondeductible losses. Irs tax tables 2010 Progressive deterioration, Progressive deterioration. Irs tax tables 2010 Proof of, Casualty loss proof. Irs tax tables 2010 When to report, Losses. Irs tax tables 2010 Workbooks for listing property, Workbooks for casualties and thefts. Irs tax tables 2010 Clean up costs, Cost of cleaning up or making repairs. Irs tax tables 2010 Condemnation, Condemnations. Irs tax tables 2010 Corrosive drywall, Special Procedure for Damage From Corrosive Drywall Costs Appraisals, Costs of photographs and appraisals. Irs tax tables 2010 Clean up, Cost of cleaning up or making repairs. Irs tax tables 2010 Incidental expenses, Related expenses. Irs tax tables 2010 Landscaping, Landscaping. Irs tax tables 2010 Photographs taken after loss, Costs of photographs and appraisals. Irs tax tables 2010 Protection, Cost of protection. Irs tax tables 2010 Repair, Cost of cleaning up or making repairs. Irs tax tables 2010 Replacement, Replacement cost. Irs tax tables 2010 D Death of taxpayer Postponement of gain, Death of a taxpayer. Irs tax tables 2010 Deductible losses, Deductible losses. Irs tax tables 2010 Deduction limits, Deduction Limits $100 rule, $100 Rule 10% rule, 10% Rule 2% rule, 2% Rule Deposit losses, Mislaid or lost property. Irs tax tables 2010 , Table 3. Irs tax tables 2010 When To Deduct a Casualty or Theft Loss Reporting of (Table 1), Table 1. Irs tax tables 2010 Reporting Loss on Deposits When to report, Loss on deposits. Irs tax tables 2010 Disaster area losses, Lessee's loss. Irs tax tables 2010 Claiming on amended return, Claiming a disaster loss on an amended return. Irs tax tables 2010 Federal loan canceled, Federal loan canceled. Irs tax tables 2010 Federally declared disaster, Business or income-producing property located in a federally declared disaster area. Irs tax tables 2010 , Disaster Area Losses Figuring loss deduction, Figuring the loss deduction. Irs tax tables 2010 Form 1040X, How to report the loss on Form 1040X. Irs tax tables 2010 Home made unsafe, Home made unsafe by disaster. Irs tax tables 2010 How to deduct loss in preceding year, How to deduct your loss in the preceding year. Irs tax tables 2010 Inventory, Disaster loss to inventory. Irs tax tables 2010 Main home rules, Main home in disaster area. Irs tax tables 2010 , Gains. Irs tax tables 2010 Qualified disaster mitigation payments, Qualified disaster mitigation payments. Irs tax tables 2010 Qualified disaster relief payments, Qualified disaster relief payments. Irs tax tables 2010 Records to keep, Records. Irs tax tables 2010 Tax deadlines postponed, Covered disaster area. Irs tax tables 2010 When to deduct, When to deduct the loss. Irs tax tables 2010 Table 3, Table 3. Irs tax tables 2010 When To Deduct a Casualty or Theft Loss Disaster mitigation payments, Qualified disaster mitigation payments. Irs tax tables 2010 Disaster relief grants, Disaster relief. Irs tax tables 2010 Drywall, corrosive, Special Procedure for Damage From Corrosive Drywall Due dates Tax deadlines postponed, Postponed Tax Deadlines E Employer's emergency disaster fund, Employer's emergency disaster fund. Irs tax tables 2010 F Fair market value (FMV) Decline in value of property in or near casualty area, Decline in market value of property in or near casualty area. Irs tax tables 2010 Measuring decrease in, Decrease in Fair Market Value Items not to consider, Figuring Decrease in FMV — Items Not To Consider Items to consider, Figuring Decrease in FMV — Items To Consider Federal disaster relief grants, Federal disaster relief grants. Irs tax tables 2010 Federal Emergency Management Agency (FEMA), contacting, Contacting the Federal Emergency Management Agency (FEMA) Federally declared disasters, Business or income-producing property located in a federally declared disaster area. Irs tax tables 2010 , Disaster Area Losses Figuring gain, Property used partly for business and partly for personal purposes. Irs tax tables 2010 Figuring loss, Theft loss proof. Irs tax tables 2010 , Figuring the Deduction Adjusted basis, Adjusted Basis Disaster area losses, Figuring the loss deduction. Irs tax tables 2010 Insurance and other reimbursements, Insurance and Other Reimbursements Form 1040, Schedule A, Personal-use property. Irs tax tables 2010 Form 1040, Schedule D, Personal-use property. Irs tax tables 2010 Form 1040X Disaster area losses, How to report the loss on Form 1040X. Irs tax tables 2010 Form 4684 Reporting gains and losses on personal-use property, Personal-use property. Irs tax tables 2010 Free tax services, Free help with your tax return. Irs tax tables 2010 G Gains Figuring, Figuring a Gain Postponement of, Postponement of Gain, How To Postpone a Gain Reimbursements, Gain from reimbursement. Irs tax tables 2010 Reporting of, Contacting the Federal Emergency Management Agency (FEMA) When to report, Changing your mind. Irs tax tables 2010 H Help (see Tax help) I Incidental expenses, Related expenses. Irs tax tables 2010 Insurance, Insurance and Other Reimbursements Living expenses, payments for, Insurance payments for living expenses. Irs tax tables 2010 Interest abatement, Abatement of interest and penalties. Irs tax tables 2010 Inventory losses, Loss of inventory. Irs tax tables 2010 Disaster area losses, Disaster loss to inventory. Irs tax tables 2010 L Landscaping, Landscaping. Irs tax tables 2010 Leased property, Leased property. Irs tax tables 2010 When to report, Lessee's loss. Irs tax tables 2010 Losses Casualty (see Casualty losses) Deposits (see Deposit losses) Disaster areas (see Disaster area losses) Figuring amount (see Figuring loss) Proof of, Deducted loss recovered. Irs tax tables 2010 Records of, Theft loss proof. Irs tax tables 2010 Reporting of, Contacting the Federal Emergency Management Agency (FEMA) Theft (see Theft losses) When to report, Changing your mind. Irs tax tables 2010 (Table 3), Table 3. Irs tax tables 2010 When To Deduct a Casualty or Theft Loss M Married taxpayers Deduction limits, Married taxpayers. Irs tax tables 2010 , Married taxpayers. Irs tax tables 2010 Mislaid or lost property, Mislaid or lost property. Irs tax tables 2010 Missing children, photographs of, Reminders N Nonbusiness bad debts, Nonbusiness bad debt. Irs tax tables 2010 Nondeductible losses, Nondeductible losses. Irs tax tables 2010 P Payments for living expenses, Insurance payments for living expenses. Irs tax tables 2010 Penalty abatement, Abatement of interest and penalties. Irs tax tables 2010 Personal property Loss deduction, figuring of, Personal property. Irs tax tables 2010 Personal-use property Reporting gains and losses, Personal-use property. Irs tax tables 2010 Personal-use real property, Exception for personal-use real property. Irs tax tables 2010 Photographs Documentation of loss, Costs of photographs and appraisals. Irs tax tables 2010 Ponzi-type investment schemes, Losses from Ponzi-type investment schemes. Irs tax tables 2010 Postponed tax deadlines, Postponed Tax Deadlines Postponement of gain, Postponement of Gain, How To Postpone a Gain Amended return, Amended return. Irs tax tables 2010 Changing mind, Changing your mind. Irs tax tables 2010 Replacement property acquired after return filed, Replacement property acquired after return filed. Irs tax tables 2010 Replacement property acquired before return filed, Replacement property acquired before return filed. Irs tax tables 2010 Required statement, Required statement. Irs tax tables 2010 Substituting replacement property, Substituting replacement property. Irs tax tables 2010 Three-year limit, Three-year limit. Irs tax tables 2010 Proof of loss, Proof of Loss Protection costs, Cost of protection. Irs tax tables 2010 Publications (see Tax help) R Records of loss, Theft loss proof. Irs tax tables 2010 Recovered stolen property, Recovered stolen property. Irs tax tables 2010 Reimbursements Cash gifts, Cash gifts. Irs tax tables 2010 Disaster relief, Disaster relief. Irs tax tables 2010 Employer's emergency disaster fund, Employer's emergency disaster fund. Irs tax tables 2010 Failure to file a claim, Failure to file a claim for reimbursement. Irs tax tables 2010 Received after deducting loss, Reimbursement Received After Deducting Loss Types of, Types of Reimbursements Related expenses, Related expenses. Irs tax tables 2010 Related person, replacement property bought from, Buying replacement property from a related person. Irs tax tables 2010 Repair costs, Cost of cleaning up or making repairs. Irs tax tables 2010 Replacement cost, Replacement cost. Irs tax tables 2010 Replacement period, Replacement Period Extension of, Extension. Irs tax tables 2010 Replacement property, Replacement Property Advance payment, Advance payment. Irs tax tables 2010 Basis adjustment to corporation's property, Basis adjustment to corporation's property. Irs tax tables 2010 Basis of, Basis of replacement property. Irs tax tables 2010 Main home, Main home replaced. Irs tax tables 2010 In disaster area, Main home in disaster area. Irs tax tables 2010 Postponement of gain, Replacement property acquired before return filed. Irs tax tables 2010 Reporting gains and losses, Reporting a gain. Irs tax tables 2010 , How To Report Gains and Losses Basis, adjustments to, Adjustments to Basis Business and income-producing property, Business and income-producing property. Irs tax tables 2010 Deductions exceeding income, If Deductions Are More Than Income Deposits, How to report. Irs tax tables 2010 Table 1, Table 1. Irs tax tables 2010 Reporting Loss on Deposits Disaster area losses, How to report the loss on Form 1040X. Irs tax tables 2010 Personal-use property, Personal-use property. Irs tax tables 2010 Timing of, When To Report Gains and Losses S Sentimental value, Sentimental value. Irs tax tables 2010 State disaster relief grants for businesses, State disaster relief grants for businesses. Irs tax tables 2010 Stolen property (see Theft losses) T Tables and figures Reporting loss on deposits (Table 1), Table 1. Irs tax tables 2010 Reporting Loss on Deposits When to deduct losses (Table 3), Table 3. Irs tax tables 2010 When To Deduct a Casualty or Theft Loss Tax help, How To Get Tax Help Theft losses, Theft FMV of stolen property, FMV of stolen property. Irs tax tables 2010 Mislaid or lost property, Mislaid or lost property. Irs tax tables 2010 Proof of, Theft loss proof. Irs tax tables 2010 When to deduct (Table 3), Table 3. Irs tax tables 2010 When To Deduct a Casualty or Theft Loss When to report, Losses. Irs tax tables 2010 Workbooks for listing property, Workbooks for casualties and thefts. Irs tax tables 2010 Timber loss, Timber loss. Irs tax tables 2010 W Workbooks for property lost due to casualties and thefts, Workbooks for casualties and thefts. Irs tax tables 2010 Prev  Up     Home   More Online Publications