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Student Tax Form

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Student Tax Form

Student tax form 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. Student tax form Publication 946, How To Depreciate Property, contains information on depreciation. Student tax form However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Student tax form The new provisions are in the Supplement to Publication 946, which is reprinted below. Student tax form 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. Student tax form The new law made several changes in the tax rules explained in the publication. Student tax form Some of the changes apply to property placed in service during 2001. Student tax form This supplemental publication describes those changes and explains what you should do if you are affected by them. Student tax form 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. Student tax form The new law contains the following provisions. Student tax form 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. Student tax form An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Student tax form A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Student tax form An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Student tax form 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. Student tax form 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. Student tax form 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. Student tax form Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Student tax form The allowance is an additional deduction of 30% of the property's depreciable basis. Student tax form 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. Student tax form See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Student tax form The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Student tax form There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Student tax form 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. Student tax form Example 1. Student tax form On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Student tax form You did not elect to claim a section 179 deduction. Student tax form You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Student tax form You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Student tax form Example 2. Student tax form 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. Student tax form You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Student tax form You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Student tax form Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Student tax form It is new property of one of the following types. Student tax form Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Student tax form See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Student tax form Water utility property. Student tax form See 25-year property on page 22 in Publication 946. Student tax form Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Student tax form (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Student tax form ) Qualified leasehold improvement property (defined later). Student tax form It meets the following tests (explained later under Tests To Be Met). Student tax form Acquisition date test. Student tax form Placed in service date test. Student tax form Original use test. Student tax form It is not excepted property (explained later under Excepted Property). Student tax form Qualified leasehold improvement property. Student tax form    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. Student tax form 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. Student tax form That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Student tax form The improvement is placed in service more than 3 years after the date the building was first placed in service. Student tax form   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Student tax form The enlargement of the building. Student tax form Any elevator or escalator. Student tax form Any structural component benefiting a common area. Student tax form The internal structural framework of the building. Student tax form   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. Student tax form However, a binding commitment between related persons is not treated as a lease. Student tax form Related persons. Student tax form   For this purpose, the following are related persons. Student tax form Members of an affiliated group. Student tax form 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). Student tax form An executor and a beneficiary of the same estate. Student tax form Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Student tax form Acquisition date test. Student tax form    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. Student tax form   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. Student tax form Placed in service date test. Student tax form   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. Student tax form   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. Student tax form Original use test. Student tax form   The original use of the property must have begun with you after September 10, 2001. Student tax form “Original use” means the first use to which the property is put, whether or not by you. Student tax form Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Student tax form Excepted Property The following property does not qualify for the special depreciation allowance. Student tax form Property used by any person before September 11, 2001. Student tax form Property required to be depreciated using ADS. Student tax form This includes listed property used 50% or less in a qualified business use. Student tax form Qualified New York Liberty Zone leasehold improvement property (defined next). Student tax form Qualified New York Liberty Zone leasehold improvement property. Student tax form   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Student tax form The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Student tax form The improvement is placed in service after September 10, 2001, and before January 1, 2007. Student tax form No written binding contract for the improvement was in effect before September 11, 2001. Student tax form Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Student tax form If you make this election for any property, it applies to all property in the same property class placed in service during the year. Student tax form 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. Student tax form When to make election. Student tax form   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. Student tax form   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). Student tax form Attach the election statement to the amended return. Student tax form At the top of the election statement, write “Filed pursuant to section 301. Student tax form 9100–2. Student tax form ” Revoking an election. Student tax form   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Student tax form A request to revoke the election is subject to a user fee. Student tax form 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. Student tax form The rules apply to returns for the following years. Student tax form 2000 fiscal years that end after September 10, 2001. Student tax form 2001 calendar and fiscal years. Student tax form Claiming the allowance. Student tax form   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. Student tax form 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. Student tax form Write “Filed Pursuant to Rev. Student tax form Proc. Student tax form 2002–33” at the top of the amended return. Student tax form File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. Student tax form Your return must be filed by the due date (including extensions). Student tax form Write “Automatic Change Filed Under Rev. Student tax form Proc. Student tax form 2002–33” on the appropriate line of Form 3115. Student tax form 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. Student tax form 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. Student tax form Example 1. Student tax form You are an individual and you use the calendar year. Student tax form You placed qualified property in service for your business in December 2001. Student tax form You filed your 2001 income tax return before April 15, 2002. Student tax form You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Student tax form You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Student tax form Proc. Student tax form 2002–33” at the top of the amended return. Student tax form You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. Student tax form Example 2. Student tax form The facts concerning your 2001 return are the same as in Example 1. Student tax form In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Student tax form You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Student tax form Proc. Student tax form 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Student tax form You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. Student tax form Electing not to claim the allowance. Student tax form   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. Student tax form The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Student tax form The statement can be either attached to or written on the return. Student tax form You can, for example, write “not deducting 30%” on Form 4562. Student tax form Deemed election. Student tax form   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. Student tax form You will be treated as making the election if you meet both of the following conditions. Student tax form 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. Student tax form You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Student tax form See Claiming the allowance, earlier. Student tax form 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. Student tax form Generally, the limit is increased from $3,060 to $7,660. Student tax form 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). Student tax form Table 1 shows the maximum deduction amounts for 2001. Student tax form Table 1. Student tax form Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Student tax form 11 Placed in Service After Sept. Student tax form 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. Student tax form Election not to claim the allowance. Student tax form   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. Student tax form New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Student tax form 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. Student tax form Area defined. Student tax form   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. Student tax form 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. Student tax form The allowance is an additional deduction of 30% of the property's depreciable basis. Student tax form 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. Student tax form See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Student tax form The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Student tax form There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Student tax form 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. Student tax form 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. Student tax form Qualified property is eligible for only one special depreciation allowance. Student tax form Example 1. Student tax form 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. Student tax form You did not elect to claim a section 179 deduction. Student tax form You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Student tax form You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Student tax form Example 2. Student tax form 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. Student tax form (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Student tax form You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Student tax form You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Student tax form 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. Student tax form It is one of the following types of property. Student tax form Used property depreciated under MACRS with a recovery period of 20 years or less. Student tax form See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Student tax form Used water utility property. Student tax form See 25-year property on page 22 in Publication 946. Student tax form Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Student tax form (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Student tax form ) Certain nonresidential real property and residential rental property (defined later). Student tax form It meets the following tests (explained later under Tests to be met). Student tax form Acquisition date test. Student tax form Placed in service date test. Student tax form Substantial use test. Student tax form Original use test. Student tax form It is not excepted property (explained later under Excepted property). Student tax form Nonresidential real property and residential rental property. Student tax form   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. Student tax form 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. Student tax form   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. Student tax form Otherwise, the property is considered damaged real property. Student tax form 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. Student tax form Tests to be met. Student tax form   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Student tax form Acquisition date test. Student tax form   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. Student tax form   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Student tax form   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. Student tax form Placed in service date test. Student tax form   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). Student tax form   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. Student tax form Substantial use test. Student tax form   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. Student tax form Original use test. Student tax form   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Student tax form   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Student tax form 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. Student tax form Excepted property. Student tax form   The following property does not qualify for the special Liberty Zone depreciation allowance. Student tax form Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Student tax form Property required to be depreciated using ADS. Student tax form This includes listed property used 50% or less in a qualified business use. Student tax form Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Student tax form Example. Student tax form In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Student tax form New office furniture with a MACRS recovery period of 7 years. Student tax form A used computer with a MACRS recovery period of 5 years. Student tax form The computer had not previously been used within the Liberty Zone. Student tax form Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Student tax form 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. Student tax form Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Student tax form If you make this election for any property, it applies to all property in the same property class placed in service during the year. Student tax form 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. Student tax form When to make the election. Student tax form   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. Student tax form   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). Student tax form Attach the election statement to the amended return. Student tax form At the top of the election statement, write “Filed pursuant to section 301. Student tax form 9100–2. Student tax form ” Revoking an election. Student tax form   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. Student tax form A request to revoke the election is subject to a user fee. Student tax form Returns filed before June 1, 2002. Student tax form   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. Student tax form 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. Student tax form For tax years beginning in 2000, that limit was $20,000. Student tax form For tax years beginning in 2001 and 2002, that limit is generally $24,000. Student tax form 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. Student tax form Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Student tax form The increase is the smaller of the following amounts. Student tax form $35,000. Student tax form The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Student tax form 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. Student tax form Qualified property. Student tax form   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. Student tax form Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Student tax form Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Student tax form 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. Student tax form Example 1. Student tax form In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Student tax form 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). Student tax form Example 2. Student tax form In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Student tax form 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). Student tax form 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. Student tax form 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. Student tax form Example. Student tax form In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Student tax form Your increased dollar limit is $59,000 ($35,000 + $24,000). Student tax form 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). Student tax form 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. Student tax form 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. Student tax form This rule applies to returns for the following years. Student tax form 2000 fiscal years that end after September 10, 2001. Student tax form 2001 calendar and fiscal years. Student tax form On the amended return, write “Filed Pursuant to Rev. Student tax form Proc. Student tax form 2002–33. Student tax form ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. Student tax form This means that it is depreciated over a recovery period of 5 years. Student tax form For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Student tax form The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Student tax form Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Student tax form 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. Student tax form Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Student tax form Your 2001 calendar or fiscal year return. Student tax form On the amended return, write “Filed Pursuant to Rev. Student tax form Proc. Student tax form 2002–33. Student tax form ” Table 2. Student tax form 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. Student tax form See the text for definitions and examples. Student tax form Do not rely on this chart alone. Student tax form IF you want to. Student tax form . Student tax form . Student tax form THEN you. Student tax form . Student tax form . Student tax form BY. Student tax form . Student tax form . Student tax form 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. Student tax form 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). Student tax form 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. Student tax form 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. Student tax form 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Vermont Agency of Agriculture, Food, and Markets

Website: Vermont Agency of Agriculture, Food, and Markets

Address: Vermont Agency of Agriculture, Food, and Markets
Food Safety and Consumer Protection
116 State St.
Montpelier, VT 05620

Phone Number: 802-828-2426

Vermont Office of the Attorney General

Website: Vermont Office of the Attorney General

Address: Vermont Office of the Attorney General
Consumer Assistance Program
146 University Pl.
Burlington, VT 05405

Phone Number: 802-656-3183

Toll-free: 1-800-649-2424 (VT)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Financial Regulation

Website: Department of Financial Regulation

Address: Department of Financial Regulation
Banking Division
89 Main St.
Montpelier, VT 05620-3101

Phone Number: 802-828-3301

Toll-free: 1-888-568-4547 (VT)

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Department of Financial Regulation

Website: Department of Financial Regulation

Address: Department of Financial Regulation
Insurance Consumer Services
89 Main St.
Montpelier, VT 05620-3101

Phone Number: 802-828-3301

Toll-free: 1-800-964-1784 (VT)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Department of Financial Regulation

Website: Department of Financial Regulation

Address: Department of Financial Regulation
Securities Division
89 Main St.
Montpelier, VT 05620-3101

Phone Number: 802-828-3301

Toll-free: 1-877-550-3907

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Service Board

Website: Public Service Board

Address: Public Service Board
112 State St., 4th Floor
Montpelier, VT 05620-2701

Phone Number: 802-828-2358

TTY: 1-800-253-0191 (VT)

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The Student Tax Form

Student tax form Publication 584-B - Main Content Table of Contents How To Use This Workbook Comments and SuggestionsOrdering forms and publications. Student tax form Tax questions. Student tax form How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Student tax form How To Use This Workbook You can use this workbook by following these five steps. Student tax form Read Publication 547 to learn about the tax rules for casualties, disasters, and thefts. Student tax form Know the definitions of adjusted basis and fair market value, discussed below. Student tax form Fill out Schedules 1 through 6. Student tax form Read the Instructions for Form 4684. Student tax form Fill out Form 4684 using the information you entered in Schedules 1 through 6. Student tax form Use the chart below to find out how to use Schedules 1 through 6 to fill out Form 4684. Student tax form Take what's in each row of. Student tax form . Student tax form . Student tax form And enter it on Form 4684. Student tax form . Student tax form . Student tax form Column 1 Line 19 Column 2 Line 20 Column 3 Line 21 Column 4 Line 22 Column 5 Line 23 Column 6 Line 24 Column 7 Line 25 Column 8 Line 26 Column 9 Line 27 Adjusted basis. Student tax form   Adjusted basis usually means original cost plus improvements, minus depreciation allowed or allowable (including any section 179 expense deduction), amortization, depletion, etc. Student tax form If you did not acquire the property by purchasing it, your basis is determined as discussed in Publication 551, Basis of Assets. Student tax form If you inherited the property from someone who died in 2010 and the executor of the decedent's estate made the election to file Form 8939, Allocation of Increase in Basis for Property Received From a Decedent, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. Student tax form Fair market value. Student tax form   Fair market value is the price for which you could sell your property to a willing buyer, when neither of you has to sell or buy and both of you know all the relevant facts. Student tax form When filling out Schedules 1 through 6, you need to know the fair market value of the property immediately before and immediately after the disaster or casualty. Student tax form Deduction limits. Student tax form   If your casualty or theft loss involved a home you used for business or rented out, your deductible loss may be limited. Student tax form See the Instructions for Form 4684, Section B. Student tax form If the casualty or theft loss involved property used in a passive activity, see Form 8582, Passive Activity Loss Limitations, and its instructions. Student tax form   The casualty and theft loss deduction for employee property, when added to your job expenses and most other miscellaneous itemized deductions on Schedule A (Form 1040), must be reduced by 2% of your adjusted gross income. Student tax form Employee property is property used in performing services as an employee. Student tax form Comments and Suggestions We welcome your comments about this publication and your suggestions for future editions. Student tax form You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Student tax form NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Student tax form Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Student tax form You can email us at taxforms@irs. Student tax form gov. Student tax form Please put “Publications Comment” on the subject line. Student tax form You can also send us comments from www. Student tax form irs. Student tax form gov/formspubs/. Student tax form Select “Comment on Tax Forms and Publications” under “Information about. Student tax form ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Student tax form Ordering forms and publications. Student tax form   Visit www. Student tax form irs. Student tax form gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Student tax form Internal Revenue Service 1201 N. Student tax form Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Student tax form   If you have a tax question, check the information available on IRS. Student tax form gov or call 1-800-829-1040. Student tax form We cannot answer tax questions sent to either of the above addresses. Student tax form How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Student tax form By selecting the method that is best for you, you will have quick and easy access to tax help. Student tax form Free help with your return. Student tax form   Free help in preparing your return is available nationwide from IRS-certified volunteers. Student tax form The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income taxpayers and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. Student tax form Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Student tax form To find the nearest VITA or TCE site, visit IRS. Student tax form gov or call 1-800-906-9887 or 1-800-829-1040. Student tax form   As part of the TCE program, AARP offers the Tax-Aide counseling program. Student tax form To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website at www. Student tax form aarp. Student tax form org/money/taxaide. Student tax form   For more information on these programs, go to IRS. Student tax form gov and enter keyword “VITA” in the upper right-hand corner. Student tax form Internet. Student tax form You can access the IRS website at IRS. Student tax form gov 24 hours a day, 7 days a week to: Check the status of your 2011 refund. Student tax form Go to IRS. Student tax form gov and click on Where's My Refund. Student tax form Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Student tax form If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Student tax form Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Student tax form E-file your return. Student tax form Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Student tax form Download forms, including talking tax forms, instructions, and publications. Student tax form Order IRS products online. Student tax form Research your tax questions online. Student tax form Search publications online by topic or keyword. Student tax form Use the online Internal Revenue Code, regulations, or other official guidance. Student tax form View Internal Revenue Bulletins (IRBs) published in the last few years. Student tax form Figure your withholding allowances using the withholding calculator online at www. Student tax form irs. Student tax form gov/individuals. Student tax form Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant available online at www. Student tax form irs. Student tax form gov/individuals. Student tax form Sign up to receive local and national tax news by email. Student tax form Get information on starting and operating a small business. Student tax form Phone. Student tax form Many services are available by phone. Student tax form   Ordering forms, instructions, and publications. Student tax form Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. Student tax form You should receive your order within 10 days. Student tax form Asking tax questions. Student tax form Call the IRS with your tax questions at 1-800-829-1040. Student tax form Solving problems. Student tax form You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Student tax form An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Student tax form Call your local Taxpayer Assistance Center for an appointment. Student tax form To find the number, go to www. Student tax form irs. Student tax form gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Student tax form TTY/TDD equipment. Student tax form If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Student tax form TeleTax topics. Student tax form Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. Student tax form Refund information. Student tax form You can check the status of your refund on the new IRS phone app. Student tax form Download the free IRS2Go app by visiting the iTunes app store or the Android Marketplace. Student tax form IRS2Go is a new way to provide you with information and tools. Student tax form To check the status of your refund by phone, call 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). Student tax form Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Student tax form If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Student tax form Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Student tax form If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. Student tax form Other refund information. Student tax form To check the status of a prior-year refund or amended return refund, call 1-800-829-1040. Student tax form Evaluating the quality of our telephone services. Student tax form To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Student tax form One method is for a second IRS representative to listen in on or record random telephone calls. Student tax form Another is to ask some callers to complete a short survey at the end of the call. Student tax form Walk-in. Student tax form Many products and services are available on a walk-in basis. Student tax form   Products. Student tax form You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Student tax form Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. Student tax form Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Student tax form Services. Student tax form You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Student tax form An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Student tax form If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Student tax form No appointment is necessary—just walk in. Student tax form If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Student tax form A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Student tax form If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. Student tax form All other issues will be handled without an appointment. Student tax form To find the number of your local office, go to  www. Student tax form irs. Student tax form gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Student tax form Mail. Student tax form You can send your order for forms, instructions, and publications to the address below. Student tax form You should receive a response within 10 days after your request is received. Student tax form  Internal Revenue Service 1201 N. Student tax form Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. Student tax form   The Taxpayer Advocate Service (TAS) is your voice at the IRS. Student tax form Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. Student tax form We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. Student tax form Remember, the worst thing you can do is nothing at all. Student tax form   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. Student tax form You face (or your business is facing) an immediate threat of adverse action. Student tax form You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. Student tax form   If you qualify for our help, we’ll do everything we can to get your problem resolved. Student tax form You will be assigned to one advocate who will be with you at every turn. Student tax form We have offices in every state, the District of Columbia, and Puerto Rico. Student tax form Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved. Student tax form And our services are always free. Student tax form   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. Student tax form Our tax toolkit at www. Student tax form TaxpayerAdvocate. Student tax form irs. Student tax form gov can help you understand these rights. Student tax form   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. Student tax form irs. Student tax form gov/advocate. Student tax form You can also call our toll-free number at 1-877-777-4778. Student tax form   TAS also handles large-scale or systemic problems that affect many taxpayers. Student tax form If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. Student tax form irs. Student tax form gov/advocate. Student tax form Low Income Taxpayer Clinics (LITCs). Student tax form   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. Student tax form Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. Student tax form These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. Student tax form Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. Student tax form For more information and to find a clinic near you, see the LITC page at www. Student tax form irs. Student tax form gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. Student tax form This publication is also available by calling 1-800-829-3676 or at your local IRS office. Student tax form Free tax services. Student tax form   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. Student tax form Learn about free tax information from the IRS, including publications, services, and education and assistance programs. Student tax form The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. Student tax form The majority of the information and services listed in this publication are available to you free of charge. Student tax form If there is a fee associated with a resource or service, it is listed in the publication. Student tax form   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. Student tax form DVD for tax products. Student tax form You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. Student tax form Prior-year forms, instructions, and publications. Student tax form Tax Map: an electronic research tool and finding aid. Student tax form Tax law frequently asked questions. Student tax form Tax Topics from the IRS telephone response system. Student tax form Internal Revenue Code—Title 26 of the U. Student tax form S. Student tax form Code. Student tax form Links to other Internet based Tax Research Materials. Student tax form Fill-in, print, and save features for most tax forms. Student tax form Internal Revenue Bulletins. Student tax form Toll-free and email technical support. Student tax form Two releases during the year. Student tax form  – The first release will ship the beginning of January 2012. Student tax form  – The final release will ship the beginning of March 2012. Student tax form Purchase the DVD from National Technical Information Service (NTIS) at www. Student tax form irs. Student tax form gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). Student tax form Prev  Up  Next   Home   More Online Publications