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Tax Forms 1040x

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Tax Forms 1040x

Tax forms 1040x Index A Addition to property, Additions and Improvements Adjusted basis, Adjusted Basis Alternative Depreciation System (ADS) Recovery periods, Recovery Periods Under ADS Required use, Required use of ADS. Tax forms 1040x Amended return, Filing an Amended Return Apartment Cooperative, Cooperative apartments. Tax forms 1040x Rental, Which Property Class Applies Under GDS? Automobile (see Passenger automobile) B Basis Adjustments, Basis adjustment for depreciation allowed or allowable. Tax forms 1040x , Adjustment of partner's basis in partnership. Tax forms 1040x , Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. Tax forms 1040x , Basis adjustment due to casualty loss. Tax forms 1040x Basis for depreciation, What Is the Basis for Depreciation? Casualty loss, Basis adjustment due to casualty loss. Tax forms 1040x Change in use, Property changed from personal use. Tax forms 1040x Cost, Cost as Basis Depreciable basis, Depreciable basis. Tax forms 1040x Other than cost, Other Basis Recapture of clean-fuel vehicle deduction or credit, Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. Tax forms 1040x Term interest, Basis adjustments. Tax forms 1040x Unadjusted, Figuring the Unadjusted Basis of Your Property Business use of property, partial, Partial business or investment use. Tax forms 1040x Business-use limit, recapture of Section 179 deduction, When Must You Recapture the Deduction? Business-use requirement, listed property, What Is the Business-Use Requirement? C Car (see Passenger automobile) Carryover of section 179 deduction, Carryover of disallowed deduction. Tax forms 1040x Casualty loss, effect of, Basis adjustment due to casualty loss. Tax forms 1040x Changing accounting method, Changing Your Accounting Method Communication equipment (see Listed property) Commuting, Commuting use. Tax forms 1040x Computer (see Listed property) Computer software, Computer software. Tax forms 1040x , Off-the-shelf computer software. Tax forms 1040x Containers, Containers. Tax forms 1040x Conventions, Which Convention Applies? Cooperative apartment, Cooperative apartments. Tax forms 1040x Copyright, Patents and copyrights. Tax forms 1040x (see also Section 197 intangibles) Correcting depreciation deductions, How Do You Correct Depreciation Deductions? Cost basis, Cost as Basis D Declining balance Method, Declining Balance Method Rates, Declining balance rate. Tax forms 1040x Deduction limit Automobile, Do the Passenger Automobile Limits Apply? Section 179, How Much Can You Deduct? Depreciation Deduction Employee, Can Employees Claim a Deduction? Listed property, Can Employees Claim a Deduction? Determinable useful life, Property Having a Determinable Useful Life Excepted property, Excepted Property Incorrect amount deducted, How Do You Correct Depreciation Deductions? Methods, Which Depreciation Method Applies? Property lasting more than one year, Property Lasting More Than One Year Property owned, Property You Own Property used in business, Property Used in Your Business or Income-Producing Activity Recapture, Revoking an election. Tax forms 1040x , Recapture of Excess Depreciation Depreciation allowable, Basis adjustment for depreciation allowed or allowable. Tax forms 1040x Depreciation allowed, Basis adjustment for depreciation allowed or allowable. Tax forms 1040x Depreciation deduction Listed property, What Is the Business-Use Requirement? Determinable useful life, Property Having a Determinable Useful Life Disposition Before recovery period ends, Sale or Other Disposition Before the Recovery Period Ends General asset account property, Disposing of GAA Property Section 179 deduction, When Must You Recapture the Deduction? E Election ADS, Electing ADS. Tax forms 1040x , Election of ADS. Tax forms 1040x Declining balance (150% DB) method, 150% election. Tax forms 1040x Exclusion from MACRS, Election To Exclude Property From MACRS General asset account, Electing To Use a GAA Not to claim special depreciation allowance, How Can You Elect Not To Claim an Allowance? Section 179 deduction, How Do You Elect the Deduction? Straight line method, Straight line election. Tax forms 1040x Electric vehicle, Electric Vehicles Employee Depreciation deduction, Can Employees Claim a Deduction? How to claim depreciation, Employee. Tax forms 1040x Employee deduction, listed property, Can Employees Claim a Deduction? Energy property, Energy property. Tax forms 1040x Exchange of MACRS property, Property Acquired in a Like-kind Exchange or Involuntary Conversion F Farm Property, Depreciation Methods for Farm Property Figuring MACRS Using percentage tables, How Is the Depreciation Deduction Figured? Without using percentage tables, Figuring the Deduction Without Using the Tables Films, Films, video tapes, and recordings. Tax forms 1040x Free tax services, Free help with your tax return. Tax forms 1040x G General asset account Abusive transaction, Abusive transactions. Tax forms 1040x Disposing of property, Disposing of GAA Property Grouping property in, Grouping Property Nonrecognition transaction, Nonrecognition transactions. Tax forms 1040x General Depreciation System (GDS), recovery periods, Recovery Periods Under GDS Gift (see Basis, other than cost) H Help (see Tax help) I Idle property, Idle Property Improvements, How Do You Treat Repairs and Improvements?, Additions and Improvements Income forecast method, Income Forecast Method Incorrect depreciation deductions, How Do You Correct Depreciation Deductions? Indian reservation Defined, Indian reservation. Tax forms 1040x Qualified infrastructure property, Qualified infrastructure property. Tax forms 1040x Qualified property, Qualified property. Tax forms 1040x Recovery periods for qualified property, Indian Reservation Property Related person, Related person. Tax forms 1040x Inheritance (see Basis, other than cost) Intangible property Depreciation method, Intangible Property, Income Forecast Method Income forecast method, Income Forecast Method Straight line method, Intangible Property Inventory, Inventory. Tax forms 1040x Investment use of property, partial, Partial business or investment use. Tax forms 1040x Involuntary conversion of MACRS property, Property Acquired in a Like-kind Exchange or Involuntary Conversion L Land Not depreciable, Land Preparation costs, Land Leased property, Leased property. Tax forms 1040x Leasehold improvement property, defined, Qualified leasehold improvement property. Tax forms 1040x , Qualified leasehold improvement property. Tax forms 1040x Life tenant, Life tenant. Tax forms 1040x (see also Term interests) Limit on deduction Automobile, Do the Passenger Automobile Limits Apply? Section 179, How Much Can You Deduct? Listed property 5% owner, 5% owner. Tax forms 1040x Computer, Computers and Related Peripheral Equipment Condition of employment, Condition of employment. Tax forms 1040x Defined, What Is Listed Property? Employee deduction, Can Employees Claim a Deduction? Employer convenience, Employer's convenience. Tax forms 1040x Improvements to, Improvements to listed property. Tax forms 1040x Leased, Lessee's Inclusion Amount Passenger automobile, Passenger Automobiles Qualified business use, Qualified Business Use Recordkeeping, Adequate Records Related person, Related persons. Tax forms 1040x Reporting on Form 4562, How Is Listed Property Information Reported? Lodging, Property used for lodging. Tax forms 1040x M Maximum deduction Electric vehicles, Electric Vehicles Passenger automobiles, Maximum Depreciation Deduction Trucks, Trucks and Vans Vans, Trucks and Vans Mobile home (see Residential rental property) Modified ACRS (MACRS) Addition or improvement, Additions and Improvements Alternative Depreciation System (ADS), Which Depreciation System (GDS or ADS) Applies? Conventions, Which Convention Applies? Declining balance method, Declining Balance Method Depreciation methods, Which Depreciation Method Applies? Farm property, Depreciation Methods for Farm Property Figuring, short tax year, Property Placed in Service in a Short Tax Year General Depreciation System (GDS), Which Depreciation System (GDS or ADS) Applies? Percentage tables, Using the MACRS Percentage Tables Property classes, Which Property Class Applies Under GDS? Recovery periods, Which Recovery Period Applies? Short tax year, Figuring the Deduction for a Short Tax Year Straight line method, Straight Line Method N Nonresidential real property, Which Property Class Applies Under GDS? Nontaxable transfer of MACRS property, Property Acquired in a Nontaxable Transfer O Office in the home, Office in the home. Tax forms 1040x , Office in the home. Tax forms 1040x Ownership, incidents of, Incidents of ownership. Tax forms 1040x P Partial business use, Partial business use. Tax forms 1040x Passenger automobile Defined, Passenger Automobiles Electric vehicles, Electric Vehicles Limit on, Do the Passenger Automobile Limits Apply? Maximum depreciation deduction, Maximum Depreciation Deduction Trucks, Trucks and Vans Vans, Trucks and Vans Patent, Patents and copyrights. Tax forms 1040x (see also Section 197 intangibles) Personal property, Personal property. Tax forms 1040x Phonographic equipment (see Listed property) Photographic equipment (see Listed property) Placed in service Before 1987, Property You Placed in Service Before 1987 Date, What Is the Placed in Service Date? Rule, Placed in Service Property Classes, Which Property Class Applies Under GDS? Depreciable, What Property Can Be Depreciated? Idle, Idle Property Improvements, How Do You Treat Repairs and Improvements? Leased, Leased property. Tax forms 1040x , Leased property. Tax forms 1040x Listed, What Is Listed Property? Personal, Personal property. Tax forms 1040x Real, Real property. Tax forms 1040x Retired from service, Retired From Service Tangible personal, Tangible personal property. Tax forms 1040x Term interest, Certain term interests in property. Tax forms 1040x Q Qualified leasehold improvement property, defined, Qualified leasehold improvement property. Tax forms 1040x , Qualified leasehold improvement property. Tax forms 1040x Qualified property, special depreciation allowance, What Is Qualified Property? R Real property, Real property. Tax forms 1040x Recapture Clean-fuel vehicle deduction or credit, Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. Tax forms 1040x General asset account, abusive transaction, Abusive transactions. Tax forms 1040x Listed property, Recapture of Excess Depreciation MACRS depreciation, Revoking an election. Tax forms 1040x Section 179 deduction, When Must You Recapture the Deduction? Special depreciation allowance, When Must You Recapture an Allowance? Recordkeeping Listed property, Adequate Records Section 179, How Do You Elect the Deduction? Recovery periods ADS, Recovery Periods Under ADS GDS, Recovery Periods Under GDS Related persons, Related persons. Tax forms 1040x , Related persons. Tax forms 1040x , Related persons. Tax forms 1040x , Related persons. Tax forms 1040x , Related person. Tax forms 1040x , Related persons. Tax forms 1040x Rent-to-own property, defined, Qualified rent-to-own property. Tax forms 1040x Rental home (see Residential rental property) Rented property, improvements, Improvements to rented property. Tax forms 1040x Repairs, How Do You Treat Repairs and Improvements? Residential rental property, Which Property Class Applies Under GDS? Retail motor fuels outlet, Retail motor fuels outlet. Tax forms 1040x Revoking ADS election, Electing ADS. Tax forms 1040x General asset account election, Revoking an election. Tax forms 1040x Section 179 election, Revoking an election. Tax forms 1040x S Sale of property, Sale or Other Disposition Before the Recovery Period Ends Section 179 deduction Business use required, Partial business use. Tax forms 1040x Carryover, Carryover of disallowed deduction. Tax forms 1040x Dispositions, When Must You Recapture the Deduction? Electing, How Do You Elect the Deduction? Limits Business (taxable) income, Business Income Limit Business-use, recapture, When Must You Recapture the Deduction? Dollar, Dollar Limits Enterprise zone business, Enterprise Zone Businesses Partial business use, Partial business use. Tax forms 1040x Married filing separate returns, Married Individuals Partnership rules, Partnerships and Partners Property Eligible, Eligible Property Excepted, Excepted Property Purchase required, Property Acquired by Purchase Recapture, When Must You Recapture the Deduction? Recordkeeping, How Do You Elect the Deduction? S corporation rules, S Corporations Settlement fees, Settlement costs. Tax forms 1040x Short tax year Figuring depreciation, Property Placed in Service in a Short Tax Year Figuring placed-in-service date, Using the Applicable Convention in a Short Tax Year Software, computer, Computer software. Tax forms 1040x , Off-the-shelf computer software. Tax forms 1040x Sound recording, Films, video tapes, and recordings. Tax forms 1040x Special depreciation allowance Election not to claim, How Can You Elect Not To Claim an Allowance? Qualified property, What Is Qualified Property? Recapture, When Must You Recapture an Allowance? Stock, constructive ownership of, Constructive ownership of stock or partnership interest. Tax forms 1040x Straight line method, Intangible Property, Straight Line Method Created intangibles, Certain created intangibles. Tax forms 1040x T Tangible personal property, Tangible personal property. Tax forms 1040x Term interest, Certain term interests in property. Tax forms 1040x Trade-in of property, Trade-in of other property. Tax forms 1040x Trucks, Trucks and Vans U Unadjusted basis, Figuring the Unadjusted Basis of Your Property Useful life, Property Having a Determinable Useful Life V Vans, Trucks and Vans Video tape, Films, video tapes, and recordings. Tax forms 1040x Video-recording equipment (see Listed property) W When to use ADS, Which Depreciation System (GDS or ADS) Applies? Worksheet Leased listed property, Inclusion amount worksheet. Tax forms 1040x MACRS, MACRS Worksheet Prev  Up     Home   More Online Publications
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Page Last Reviewed or Updated: 27-Mar-2014

The Tax Forms 1040x

Tax forms 1040x Internal Revenue Bulletin:  2012-14  April 2, 2012  Rev. Tax forms 1040x Proc. Tax forms 1040x 2012-23 Table of Contents SECTION 1. Tax forms 1040x PURPOSE SECTION 2. Tax forms 1040x BACKGROUND SECTION 3. Tax forms 1040x SCOPE SECTION 4. Tax forms 1040x APPLICATION. Tax forms 1040x 01 Limitations on Depreciation Deductions for Certain Automobiles. Tax forms 1040x . Tax forms 1040x 02 Inclusions in Income of Lessees of Passenger Automobiles. Tax forms 1040x SECTION 5. Tax forms 1040x EFFECTIVE DATE SECTION 6. Tax forms 1040x DRAFTING INFORMATION SECTION 1. Tax forms 1040x PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2012, including separate tables of limitations on depreciation deductions for trucks and vans; and (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2012, including a separate table of inclusion amounts for lessees of trucks and vans. Tax forms 1040x The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. Tax forms 1040x SECTION 2. Tax forms 1040x BACKGROUND . Tax forms 1040x 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. Tax forms 1040x For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. Tax forms 1040x The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. Tax forms 1040x This change reflects the higher rate of price inflation for trucks and vans since 1988. Tax forms 1040x . Tax forms 1040x 02 Section 401(a) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. Tax forms 1040x L. Tax forms 1040x No. Tax forms 1040x 111-312, 124 Stat. Tax forms 1040x 3296 (Dec. Tax forms 1040x 17, 2010) (the “Act”) extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2013, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2013. Tax forms 1040x Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. Tax forms 1040x . Tax forms 1040x 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). Tax forms 1040x Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. Tax forms 1040x Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2010, that is round 2 extension property (as defined in § 168(k)(4)(I)(iv)). Tax forms 1040x Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. Tax forms 1040x This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2012 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. Tax forms 1040x . Tax forms 1040x 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. Tax forms 1040x The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Tax forms 1040x Under § 1. Tax forms 1040x 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. Tax forms 1040x One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Tax forms 1040x Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Tax forms 1040x SECTION 3. Tax forms 1040x SCOPE . Tax forms 1040x 01 The limitations on depreciation deductions in section 4. Tax forms 1040x 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2012, and continue to apply for each taxable year that the passenger automobile remains in service. Tax forms 1040x . Tax forms 1040x 02 The tables in section 4. Tax forms 1040x 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2012. Tax forms 1040x Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. Tax forms 1040x See Rev. Tax forms 1040x Proc. Tax forms 1040x 2007-30, 2007-1 C. Tax forms 1040x B. Tax forms 1040x 1104, for passenger automobiles first leased during calendar year 2007; Rev. Tax forms 1040x Proc. Tax forms 1040x 2008-22, 2008-1 C. Tax forms 1040x B. Tax forms 1040x 658, for passenger automobiles first leased during calendar year 2008; Rev. Tax forms 1040x Proc. Tax forms 1040x 2009-24, 2009-17 I. Tax forms 1040x R. Tax forms 1040x B. Tax forms 1040x 885, for passenger automobiles first leased during calendar year 2009; Rev. Tax forms 1040x Proc. Tax forms 1040x 2010-18, 2010-9 I. Tax forms 1040x R. Tax forms 1040x B. Tax forms 1040x 427, as amplified and modified by section 4. Tax forms 1040x 03 of Rev. Tax forms 1040x Proc. Tax forms 1040x 2011-21, 2011-12 I. Tax forms 1040x R. Tax forms 1040x B. Tax forms 1040x 560, for passenger automobiles first leased during calendar year 2010; and Rev. Tax forms 1040x Proc. Tax forms 1040x 2011-21, for passenger automobiles first leased during calendar year 2011. Tax forms 1040x SECTION 4. Tax forms 1040x APPLICATION . Tax forms 1040x 01 Limitations on Depreciation Deductions for Certain Automobiles. Tax forms 1040x (1) Amount of the inflation adjustment. Tax forms 1040x (a) Passenger automobiles (other than trucks or vans). Tax forms 1040x Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. Tax forms 1040x Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. Tax forms 1040x The new car component of the CPI was 115. Tax forms 1040x 2 for October 1987 and 143. Tax forms 1040x 419 for October 2011. Tax forms 1040x The October 2011 index exceeded the October 1987 index by 28. Tax forms 1040x 219. Tax forms 1040x Therefore, the automobile price inflation adjustment for 2012 for passenger automobiles (other than trucks and vans) is 24. Tax forms 1040x 5 percent (28. Tax forms 1040x 219/115. Tax forms 1040x 2 x 100%). Tax forms 1040x The dollar limitations in § 280F(a) are multiplied by a factor of 0. Tax forms 1040x 245, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2012. Tax forms 1040x This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2012. Tax forms 1040x (b) Trucks and vans. Tax forms 1040x To determine the dollar limitations for trucks and vans first placed in service during calendar year 2012, the Service uses the new truck component of the CPI instead of the new car component. Tax forms 1040x The new truck component of the CPI was 112. Tax forms 1040x 4 for October 1987 and 146. Tax forms 1040x 607 for October 2011. Tax forms 1040x The October 2011 index exceeded the October 1987 index by 34. Tax forms 1040x 207. Tax forms 1040x Therefore, the automobile price inflation adjustment for 2012 for trucks and vans is 30. Tax forms 1040x 43 percent (34. Tax forms 1040x 207/112. Tax forms 1040x 4 x 100%). Tax forms 1040x The dollar limitations in § 280F(a) are multiplied by a factor of 0. Tax forms 1040x 3043, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. Tax forms 1040x This adjustment applies to all trucks and vans that are first placed in service in calendar year 2012. Tax forms 1040x (2) Amount of the limitation. Tax forms 1040x Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2012. Tax forms 1040x Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2012 for which the § 168(k) additional first year depreciation deduction applies. Tax forms 1040x Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2012 for which the § 168(k) additional first year depreciation deduction does not apply. Tax forms 1040x REV. Tax forms 1040x PROC. Tax forms 1040x 2012-23 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Tax forms 1040x PROC. Tax forms 1040x 2012-23 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,300 3rd Tax Year $3,150 Each Succeeding Year $1,875 REV. Tax forms 1040x PROC. Tax forms 1040x 2012-23 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Tax forms 1040x PROC. Tax forms 1040x 2012-23 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,360 2nd Tax Year $5,300 3rd Tax Year $3,150 Each Succeeding Year $1,875 . Tax forms 1040x 02 Inclusions in Income of Lessees of Passenger Automobiles. Tax forms 1040x A taxpayer must follow the procedures in § 1. Tax forms 1040x 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2012. Tax forms 1040x In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. Tax forms 1040x REV. Tax forms 1040x PROC. Tax forms 1040x 2012-23 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2012 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $18,500 $19,000 2 4 5 6 8 19,000 19,500 2 4 7 7 9 19,500 20,000 2 5 8 8 10 20,000 20,500 3 5 9 10 11 20,500 21,000 3 6 9 12 12 21,000 21,500 3 7 10 12 14 21,500 22,000 3 8 11 13 16 22,000 23,000 4 8 13 15 17 23,000 24,000 4 10 15 17 20 24,000 25,000 5 11 17 19 23 25,000 26,000 6 12 19 21 26 26,000 27,000 6 14 20 24 28 27,000 28,000 7 15 22 26 31 28,000 29,000 7 16 25 28 33 29,000 30,000 8 18 25 32 35 30,000 31,000 9 19 27 34 38 31,000 32,000 9 20 30 36 41 32,000 33,000 10 21 32 38 43 33,000 34,000 10 23 33 41 46 34,000 35,000 11 24 35 43 49 35,000 36,000 12 25 37 45 52 36,000 37,000 12 27 39 47 54 37,000 38,000 13 28 41 49 57 38,000 39,000 13 29 43 52 59 39,000 40,000 14 30 45 54 62 40,000 41,000 14 32 47 56 65 41,000 42,000 15 33 49 58 68 42,000 43,000 16 34 51 61 70 43,000 44,000 16 36 52 63 73 44,000 45,000 17 37 54 66 75 45,000 46,000 17 38 57 67 78 46,000 47,000 18 39 59 70 80 47,000 48,000 19 40 61 72 83 48,000 49,000 19 42 62 75 86 49,000 50,000 20 43 64 77 89 50,000 51,000 20 45 66 79 91 51,000 52,000 21 46 68 81 94 52,000 53,000 21 47 70 84 96 53,000 54,000 22 48 72 86 99 54,000 55,000 23 49 74 88 102 55,000 56,000 23 51 76 90 104 56,000 57,000 24 52 78 92 107 57,000 58,000 24 54 79 95 110 58,000 59,000 25 55 81 97 113 59,000 60,000 26 56 83 100 115 60,000 62,000 26 58 86 103 119 62,000 64,000 28 60 90 108 124 64,000 66,000 29 63 94 112 129 66,000 68,000 30 66 97 117 135 68,000 70,000 31 68 102 121 140 70,000 72,000 32 71 105 126 145 72,000 74,000 33 74 109 130 151 74,000 76,000 35 76 113 135 156 76,000 78,000 36 78 117 140 161 78,000 80,000 37 81 120 145 166 80,000 85,000 39 86 127 152 176 85,000 90,000 42 92 137 163 189 90,000 95,000 45 98 147 175 202 95,000 100,000 48 105 155 187 215 100,000 110,000 52 115 170 203 235 110,000 120,000 58 127 189 227 262 120,000 130,000 64 140 208 250 288 130,000 140,000 70 153 227 272 315 140,000 150,000 75 166 246 296 340 150,000 160,000 81 179 265 318 368 160,000 170,000 87 192 284 341 394 170,000 180,000 93 204 304 364 420 180,000 190,000 99 217 323 387 446 190,000 200,000 105 230 342 409 473 200,000 210,000 111 243 361 432 499 210,000 220,000 116 256 380 455 526 220,000 230,000 122 269 399 478 552 230,000 240,000 128 282 418 501 578 240,000 and up 134 294 437 524 605 REV. Tax forms 1040x PROC. Tax forms 1040x 2012-23 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2012 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $19,000 $19,500 1 4 5 6 7 19,500 20,000 2 4 6 7 9 20,000 20,500 2 5 7 8 10 20,500 21,000 2 5 8 10 11 21,000 21,500 3 6 9 10 13 21,500 22,000 3 6 10 12 14 22,000 23,000 3 8 11 14 15 23,000 24,000 4 9 13 16 18 24,000 25,000 4 10 15 19 21 25,000 26,000 5 11 17 21 24 26,000 27,000 6 12 19 23 26 27,000 28,000 6 14 21 25 29 28,000 29,000 7 15 23 27 32 29,000 30,000 7 17 24 30 34 30,000 31,000 8 18 26 32 37 31,000 32,000 9 19 28 34 40 32,000 33,000 9 20 31 36 42 33,000 34,000 10 21 33 39 44 34,000 35,000 10 23 34 41 48 35,000 36,000 11 24 36 44 50 36,000 37,000 12 25 38 46 53 37,000 38,000 12 27 40 48 55 38,000 39,000 13 28 42 50 58 39,000 40,000 13 29 44 53 60 40,000 41,000 14 31 45 55 63 41,000 42,000 14 32 48 57 66 42,000 43,000 15 33 50 59 69 43,000 44,000 16 34 52 61 72 44,000 45,000 16 36 53 64 74 45,000 46,000 17 37 55 66 77 46,000 47,000 17 38 58 68 79 47,000 48,000 18 40 59 70 82 48,000 49,000 19 41 61 73 84 49,000 50,000 19 42 63 75 87 50,000 51,000 20 43 65 78 89 51,000 52,000 20 45 66 80 93 52,000 53,000 21 46 68 83 95 53,000 54,000 21 48 70 84 98 54,000 55,000 22 49 72 87 100 55,000 56,000 23 50 74 89 103 56,000 57,000 23 51 76 92 105 57,000 58,000 24 52 78 94 108 58,000 59,000 24 54 80 96 111 59,000 60,000 25 55 82 98 114 60,000 62,000 26 57 85 101 118 62,000 64,000 27 60 88 106 123 64,000 66,000 28 62 93 110 128 66,000 68,000 29 65 96 115 134 68,000 70,000 30 67 100 120 139 70,000 72,000 32 70 103 125 144 72,000 74,000 33 72 108 129 149 74,000 76,000 34 75 111 134 155 76,000 78,000 35 78 115 138 160 78,000 80,000 36 80 119 143 165 80,000 85,000 38 85 125 151 175 85,000 90,000 41 91 135 163 187 90,000 95,000 44 98 144 174 201 95,000 100,000 47 104 154 185 214 100,000 110,000 52 113 169 202 234 110,000 120,000 57 127 187 225 261 120,000 130,000 63 139 207 248 287 130,000 140,000 69 152 226 271 313 140,000 150,000 75 165 245 294 339 150,000 160,000 81 178 264 316 366 160,000 170,000 87 190 283 340 392 170,000 180,000 92 204 302 362 419 180,000 190,000 98 216 322 385 445 190,000 200,000 104 229 340 409 471 200,000 210,000 110 242 359 431 498 210,000 220,000 116 255 378 454 524 220,000 230,000 122 267 398 477 551 230,000 240,000 127 281 416 500 577 240,000 and up 133 294 435 523 603 SECTION 5. Tax forms 1040x EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2012. Tax forms 1040x SECTION 6. Tax forms 1040x DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Tax forms 1040x Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Tax forms 1040x For further information regarding this revenue procedure, contact Mr. Tax forms 1040x Harvey at (202) 622-4930 (not a toll-free call). Tax forms 1040x Prev  Up  Next   Home   More Internal Revenue Bulletins