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Where To Get 1040ez Form
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Where to get 1040ez form Accelerated Cost Recovery System (ACRS) Table of Contents Topics  This chapter discusses: Useful Items  You may want to see: ACRS Defined What Can and Cannot Be Depreciated Under ACRSRecovery Property Nonrecovery Property How To Figure the DeductionUnadjusted Basis Classes of Recovery Property Recovery Periods Alternate ACRS Method (Modified Straight Line Method) ACRS Deduction in Short Tax Year DispositionsEarly dispositions of ACRS property other than 15, 18, or 19year real property. Where to get 1040ez form Dispositions — mass asset accounts. Where to get 1040ez form Early dispositions — 15year real property. Where to get 1040ez form Early dispositions — 18 and 19year real property. Where to get 1040ez form Depreciation Recapture Topics  This chapter discusses: The definition of ACRS What can and cannot be depreciated under ACRS How to figure the deduction Dispositions Useful Items  You may want to see: Publication 544 Sales and Other Dispositions of Assets 551 Basis of Assets 583 Starting a Business and Keeping Records Form (and Instructions) 3115 Application for Change in Accounting Method 4562 Depreciation and Amortization The Accelerated Cost Recovery System (ACRS) applies to property first used before 1987. Where to get 1040ez form It is the name given to tax rules for getting back (recovering) through depreciation deductions the cost of property used in a trade or business or to produce income. Where to get 1040ez form These rules are mandatory and generally apply to tangible property placed in service after 1980 and before 1987. Where to get 1040ez form If you placed property in service during this period, you must continue to figure your depreciation under ACRS. Where to get 1040ez form If you used listed property placed in service after June 18, 1984, less than 50% for business in 1995, see Predominant Use Test in chapter 3. Where to get 1040ez form Listed property includes cars, other means of transportation, and certain computers. Where to get 1040ez form Any additions or improvements placed in service after 1986, including any components of a building (such as plumbing, wiring, storm windows, etc. Where to get 1040ez form ), are depreciated using MACRS, discussed in chapter 3 of Publication 946. Where to get 1040ez form It does not matter that the underlying property is depreciated under ACRS or one of the other methods. Where to get 1040ez form ACRS Defined ACRS consists of accelerated depreciation methods and an alternate ACRS method that could have been elected. Where to get 1040ez form The alternate ACRS method used a recovery percentage based on a modified straight line method. Where to get 1040ez form The law prescribes fixed percentages to be uses for each class of property. Where to get 1040ez form Property depreciable under ACRS is called recovery property. Where to get 1040ez form The recovery class of property determines the recovery period. Where to get 1040ez form Generally, the class life of property places it in a 3year, 5year, 10year, 15year, 18year, or 19year recovery class. Where to get 1040ez form Under ACRS, the prescribed percentages are used to recover the unadjusted basis of recovery property. Where to get 1040ez form To figure a depreciation deduction, you multiply the prescribed percentage for the recovery class by the unadjusted basis of the recovery property. Where to get 1040ez form You must continue to figure your depreciation under ACRS for property placed in service after 1980 and before 1987. Where to get 1040ez form For property you placed in service after 1986, you must use MACRS, discussed in chapter 3 of Publication 946. Where to get 1040ez form What Can and Cannot Be Depreciated Under ACRS ACRS applies to most depreciable tangible property placed in service after 1980 and before 1987. Where to get 1040ez form It includes new or used and real or personal property. Where to get 1040ez form The property must be for use in a trade or business or for the production of income. Where to get 1040ez form Property you acquired before 1981 or after 1986 is not ACRS recovery property. Where to get 1040ez form For information on depreciating property acquired before 1981, see chapter 2. Where to get 1040ez form For information on depreciating property acquired after 1986, see chapter 3 of Publication 946. Where to get 1040ez form Recovery Property Recovery property under ACRS is tangible depreciable property placed in service after 1980 and before 1987. Where to get 1040ez form It generally includes new or used property that you acquired after 1980 and before 1987 for use in your trade or business or for the production of income. Where to get 1040ez form Nonrecovery Property You cannot use ACRS for property you placed in service before 1981 or after 1986. Where to get 1040ez form Nonrecovery property also includes: Intangible property, Property you elected to exclude from ACRS that is properly depreciated under a method of depreciation that is not based on a term of years, Certain public utility property, and Certain property acquired and excluded from ACRS because of the antichurning rules. Where to get 1040ez form Intangible property. Where to get 1040ez form Intangible property is not depreciated under ACRS. Where to get 1040ez form Property depreciated under methods not expressed in a term of years. Where to get 1040ez form Certain property depreciated under a method not expressed in a term of years is not depreciated under ACRS. Where to get 1040ez form This included any property: If you made an irrevocable election to exclude such property, and In the first year that you could have claimed depreciation, you properly used the unitofproduction method or any method of depreciation not expressed in a term of years (not including the retirementreplacementbetterment method). Where to get 1040ez form Public utility property. Where to get 1040ez form Public utility property for which the taxpayer does not use a normalization method of accounting is excluded from ACRS and is subject to depreciation under a special rule. Where to get 1040ez form Additions or improvements to ACRS property after 1986. Where to get 1040ez form Any additions or improvements placed in service after 1986, including any components of a building (plumbing, wiring, storm windows, etc. Where to get 1040ez form ) are depreciated using MACRS, discussed in chapter 3 of Publication 946. Where to get 1040ez form It does not matter that the underlying property is depreciated under ACRS or one of the other methods. Where to get 1040ez form How To Figure the Deduction After you determine that your property can be depreciated under ACRS, you are ready to figure your deduction. Where to get 1040ez form Because the conventions are built into the percentage table rates, you only need to know the following: The unadjusted basis of your recovery property, The classes of recovery property, The recovery periods, and Whether to use the prescribed percentages based on accelerated methods or percentages based on using the alternate ACRS method. Where to get 1040ez form Unadjusted Basis To figure your ACRS deduction, you multiply the unadjusted basis in your recovery property by its applicable percentage for the year. Where to get 1040ez form Unadjusted basis is the same amount you would use to figure gain on a sale, but it is figured without taking into account any depreciation taken in earlier years. Where to get 1040ez form However, reduce your original basis by the amount of amortization taken on the property and by any section 179 deduction claimed as discussed in chapter 2 of Publication 946. Where to get 1040ez form If you buy property, your unadjusted basis is usually its cost minus any amortized amount and minus any section 179 deduction elected. Where to get 1040ez form If you acquire property in some other way, such as by inheriting it, getting it as a gift, or building it yourself, you figure your unadjusted basis under other rules. Where to get 1040ez form See Publication 551. Where to get 1040ez form Classes of Recovery Property All recovery property under ACRS is in one of the following classes. Where to get 1040ez form The class for your property was determined when you began to depreciate it. Where to get 1040ez form 3Year Property 3year property includes automobiles, lightduty trucks (actual unloaded weight less than 13,000 pounds), and tractor units for use overtheroad. Where to get 1040ez form Race horses over 2 years old when placed in service are 3year property. Where to get 1040ez form Any other horses over 12 years old when you placed them in service are also included in the 3year property class. Where to get 1040ez form The ACRS percentages for 3year recovery property are: Recovery Period Percentage 1st year 25% 2nd year 38% 3rd year 37% If you used the percentages above to depreciate your 3year recovery property, your property, except for certain passenger automobiles, is fully depreciated. Where to get 1040ez form You cannot claim depreciation for this property after 1988. Where to get 1040ez form 5Year Property 5year property includes computers, copiers, and equipment, such as office furniture and fixtures. Where to get 1040ez form It also includes single purpose agricultural or horticultural structures and petroleum storage facilities (other than buildings and their structural components). Where to get 1040ez form The ACRS percentages for 5year recovery property are: Recovery period Percentage 1st year 15% 2nd year 22% 3rd through 5th year 21% If you used the percentages above to depreciate your 5year recovery property, it is fully depreciated. Where to get 1040ez form You cannot claim depreciation for this property after 1990. Where to get 1040ez form 10Year Property 10year property includes certain real property such as themepark structures and certain public utility property. Where to get 1040ez form Manufactured homes (including mobile homes) and railroad tank cars are also 10year property. Where to get 1040ez form You do not treat a building, and its structural components, as 10year property by reason of a change in use after you placed the property in service. Where to get 1040ez form For example, a building (15year real property) that was placed in service in 1981 and was converted to a themepark structure in 1986 remains 15year real property. Where to get 1040ez form The ACRS percentages for 10year recovery property are: Recovery Period Percentage 1st year 8% 2nd year 14% 3rd year 12% 4th through 6th year 10% 7th through 10th year 9% If you used the percentages above, you cannot claim depreciation for this property after 1995. Where to get 1040ez form Example. Where to get 1040ez form On April 21, 1986, you bought and placed in service a new mobile home for $26,000 to be used as rental property. Where to get 1040ez form You paid $10,000 cash and signed a note for $16,000 giving you an unadjusted basis of $26,000. Where to get 1040ez form On June 8, 1986, you bought and placed in service a used mobile home for use as rental property at a total cost of $11,500. Where to get 1040ez form The total unadjusted basis of your 10year recovery property placed in service in 1986 was $37,500 ($26,000 + $11,500). Where to get 1040ez form Your ACRS deduction was $3,000 (8% × $37,500). Where to get 1040ez form In 1987, your ACRS deduction was $5,250 (14% × $37,500). Where to get 1040ez form In 1988, your ACRS deduction was $4,500 (12% × $37,500). Where to get 1040ez form In 1989, 1990, and 1991, your ACRS deduction was $3,750 (10% × $37,500). Where to get 1040ez form In 1992, 1993, 1994, and 1995 your deduction for each year is $3,375 (9% × $37,500). Where to get 1040ez form 15Year Real Property 15year real property is real property that is recovery property placed in service before March 16, 1984. Where to get 1040ez form It includes all real property, such as buildings, other than that designated as 5year or 10year property. Where to get 1040ez form Unlike the 3, 5, or 10year classes of property, the percentages for 15year real property depend on when you placed the property in service during your tax year. Where to get 1040ez form You could group 15year real property by month and year placed in service. Where to get 1040ez form In Table 1, at the end of this publication in the Appendix, find the month in your tax year that you placed the property in service in your trade or business or for the production of income. Where to get 1040ez form You use the percentages listed under that month for each year of the recovery period to determine your depreciation deduction each year. Where to get 1040ez form Example. Where to get 1040ez form On March 5, 1984, you placed an apartment building in service in your business. Where to get 1040ez form It is 15year real property. Where to get 1040ez form After subtracting the value of the land, your unadjusted basis in the building is $250,000. Where to get 1040ez form You use the calendar year as your tax year. Where to get 1040ez form March is the third month of your tax year. Where to get 1040ez form Your ACRS deduction for 1984 was $25,000 (10% × $250,000). Where to get 1040ez form For 1985, the percentage for the third month of the second year of the recovery period is 11%. Where to get 1040ez form Your deduction was $27,500 (11% × $250,000). Where to get 1040ez form For the third, fourth, and fifth years of the recovery period (1986, 1987, and 1988), the percentages are 9%, 8%, and 7%. Where to get 1040ez form For 1989 through 1992, the percentage for the third month is 6%. Where to get 1040ez form Your deduction each year is $15,000 (6% × $250,000). Where to get 1040ez form For 1993, 1994, and 1995, the percentage for the third month is 5%. Where to get 1040ez form Your depreciation deduction is $12,500 (5% × $250,000) for 1993, 1994, and 1995. Where to get 1040ez form LowIncome Housing Lowincome housing that was assigned a 15year recovery period under ACRS includes the following types of property: Federally assisted housing projects where the mortgage is insured under section 221(d)(3) or 236 of the National Housing Act, or housing financed or assisted by direct loan or tax abatement under similar provisions of state or local laws. Where to get 1040ez form Lowincome rental housing for which a depreciation deduction for rehabilitation expenditures is allowed. Where to get 1040ez form Lowincome rental housing held for occupancy by families or individuals eligible to receive subsidies under section 8 of the United States Housing Act of 1937, as amended, or under the provisions of state or local laws that authorize similar subsidies for lowincome families. Where to get 1040ez form Housing financed or assisted by direct loan or insured under Title V of the Housing Act of 1949. Where to get 1040ez form The ACRS percentages for lowincome housing real property, like the regular 15year real property percentages, depend on when you placed the property in service. Where to get 1040ez form Find the month in your tax year in Table 2 or 3 at the end of this publication in the Appendix that you first placed the property in service as rental housing. Where to get 1040ez form Use the percentages listed under that month for each year of the recovery period. Where to get 1040ez form Table 2 shows percentages for lowincome housing placed in service before May 9, 1985. Where to get 1040ez form Table 3 shows percentages for lowincome housing placed in service after May 8, 1985, and before 1987. Where to get 1040ez form Example. Where to get 1040ez form In May 1986, you acquired and placed in service a house that qualified as lowincome rental housing under item 3) of the above listing. Where to get 1040ez form You use the calendar year as your tax year. Where to get 1040ez form You use Table C–3 because the property was placed in service after May 8, 1985. Where to get 1040ez form Your unadjusted basis for the property, not including the land, was $59,000. Where to get 1040ez form Your deduction for 1986 through 2001 is shown in the following table. Where to get 1040ez form Year Rate Deduction 1986 8. Where to get 1040ez form 9% $5,251 1987 12. Where to get 1040ez form 1% 7,139 1988 10. Where to get 1040ez form 5% 6,195 1989 9. Where to get 1040ez form 1% 5,369 1990 7. Where to get 1040ez form 9% 4,661 1991 6. Where to get 1040ez form 9% 4,071 1992 5. Where to get 1040ez form 9% 3,481 1993 5. Where to get 1040ez form 2% 3,068 1994 4. Where to get 1040ez form 6% 2,714 1995 4. Where to get 1040ez form 6% 2,714 1996 4. Where to get 1040ez form 6% 2,714 1997 4. Where to get 1040ez form 6% 2,714 1998 4. Where to get 1040ez form 6% 2,714 1999 4. Where to get 1040ez form 5% 2,655 2000 4. Where to get 1040ez form 5% 2,655 2001 1. Where to get 1040ez form 5% 885 18Year Real Property 18year real property is real property that is recovery property placed in service after March 15, 1984, and before May 9, 1985. Where to get 1040ez form It includes real property, such as buildings, other than that designated as 5year, 10year, 15year real property, or lowincome housing. Where to get 1040ez form The ACRS percentages for 18year real property depend on when you placed the property in service in your trade or business or for the production of income during your tax year. Where to get 1040ez form There are also tables for 18year real property in the Appendix. Where to get 1040ez form Table 4 shows the percentages for 18year real property you placed in service after June 22, 1984, and before May 9, 1985. Where to get 1040ez form Table 5 is for 18year real property placed in service after March 15, 1984, and before June 23, 1984. Where to get 1040ez form Find the month in your tax year that you placed the property in service in a trade or business or for the production of income. Where to get 1040ez form Use the percentages listed under that month for each year of the recovery period. Where to get 1040ez form Example. Where to get 1040ez form On April 28, 1985, you bought and placed in service a rental house. Where to get 1040ez form The house, not including the land, cost $95,000. Where to get 1040ez form This is your unadjusted basis for the house. Where to get 1040ez form You use the calendar year as your tax year. Where to get 1040ez form Because the house was placed in service after June 22, 1984, and before May 9, 1985, it is 18year real property. Where to get 1040ez form You use Table 4 to figure your deduction for the house. Where to get 1040ez form April is the fourth month of your tax year. Where to get 1040ez form Your deduction for 1985 through 2003 is shown in the following table. Where to get 1040ez form Year Rate Deduction 1985 7. Where to get 1040ez form 0% $6,650 1986 9. Where to get 1040ez form 0% 8,550 1987 8. Where to get 1040ez form 0% 7,600 1988 7. Where to get 1040ez form 0% 6,650 1989 7. Where to get 1040ez form 0% 6,650 1990 6. Where to get 1040ez form 0% 5,700 1991 5. Where to get 1040ez form 0% 4,750 1992 5. Where to get 1040ez form 0% 4,750 1993 5. Where to get 1040ez form 0% 4,750 1994 5. Where to get 1040ez form 0% 4,750 1995 5. Where to get 1040ez form 0% 4,750 1996 5. Where to get 1040ez form 0% 4,750 1997 5. Where to get 1040ez form 0% 4,750 1998 4. Where to get 1040ez form 0% 3,800 1999 4. Where to get 1040ez form 0% 3,800 2000 4. Where to get 1040ez form 0% 3,800 2001 4. Where to get 1040ez form 0% 3,800 2002 4. Where to get 1040ez form 0% 3,800 2003 1. Where to get 1040ez form 0% 950 19Year Real Property 19year real property is real property that is recovery property placed in service after May 8, 1985, and before 1987. Where to get 1040ez form It includes all real property, other than that designated as 5year, 10year, 15year, or 18year real property, or lowincome housing. Where to get 1040ez form The ACRS percentages for 19year real property depend on when you placed the property in service in a trade or business or for the production of income during your tax year. Where to get 1040ez form Table 6 shows the percentages for 19year real property. Where to get 1040ez form You find the month in your tax year that you placed the property in service. Where to get 1040ez form You use the percentages listed under that month for each year of the recovery period. Where to get 1040ez form Recovery Periods Each item of recovery property is assigned to a class of property. Where to get 1040ez form The classes of recovery property establish the recovery periods over which the unadjusted basis of items in a class is recovered. Where to get 1040ez form The classes of property are: 3Year property 5Year property 10Year property 15Year real property Lowincome housing 18Year real property 19Year real property Alternate ACRS Method (Modified Straight Line Method) ACRS provides an alternate ACRS method that could be elected. Where to get 1040ez form This alternate ACRS method uses a recovery percentage based on a modified straight line method. Where to get 1040ez form This alternate ACRS method generally uses percentages other than those from the tables. Where to get 1040ez form If you elected the alternate ACRS method, you determine the recovery period by using the following schedule. Where to get 1040ez form This schedule is for other than 18 and 19year real property and lowincome housing: In the case of: You could have elected a recovery period of: 3year property 3, 5, or 12 years 5year property 5, 12, or 25 years 15year real property 15, 35, or 45 years Percentages. Where to get 1040ez form The straightline percentages for the alternate ACRS method are: Recovery Period Percentage 5 years 20. Where to get 1040ez form 00% 10 years 10. Where to get 1040ez form 00% 12 years 8. Where to get 1040ez form 333% 15 years 6. Where to get 1040ez form 667% 25 years 4. Where to get 1040ez form 00% 35 years 2. Where to get 1040ez form 857% You apply the percentage to the unadjusted basis(defined earlier) of the property to figure your ACRS deduction. Where to get 1040ez form There are tables for 18 and 19year real property later in this publication in the Appendix. Where to get 1040ez form For 15year real property, see 15year real property, later. Where to get 1040ez form 3, 5, and 10year property. Where to get 1040ez form If you elected to use an alternate recovery percentage, you have to use the same recovery percentage for all property in that class that you placed in service in that tax year. Where to get 1040ez form This applies throughout the recovery period you selected. Where to get 1040ez form Halfyear convention. Where to get 1040ez form If you elected the alternate method, only a halfyear of depreciation was deducted for the year you placed the property in service. Where to get 1040ez form This applied regardless of when in the tax year you placed the property in service. Where to get 1040ez form For each of the remaining years in the recovery period, you take a full year's deduction. Where to get 1040ez form If you hold the property for the entire recovery period, a halfyear of depreciation is allowable for the year following the end of the recovery period. Where to get 1040ez form Example. Where to get 1040ez form You operate a small upholstery business. Where to get 1040ez form On March 19, 1986, you bought and placed in service a $13,000 lightduty panel truck to be used in your business and a $500 electric saw. Where to get 1040ez form You elected to use the alternate ACRS method. Where to get 1040ez form You did not elect to take a section 179 deduction. Where to get 1040ez form You decided to recover the cost of the truck, which is 3year recovery property, over 5 years. Where to get 1040ez form The saw is 5year property, but you decided to recover its cost over 12 years. Where to get 1040ez form For 1986, your ACRS deduction reflected the halfyear convention. Where to get 1040ez form In the first year, you deducted half of the amount determined for a full year. Where to get 1040ez form Your ACRS deduction for 1986 is as follows: Lightduty truck 5 years straight line = 20% 20% ÷ $13,000 = $2,600 Halfyear convention ½ of $2,600= $1,300. Where to get 1040ez form 00 Electric saw 12 years straight line = 8. Where to get 1040ez form 333% 8. Where to get 1040ez form 333% ÷ $500 = $41. Where to get 1040ez form 67 Halfyear convention ½ of $41. Where to get 1040ez form 67= 20. Where to get 1040ez form 84 Total ACRS deduction for 1986 $1,320. Where to get 1040ez form 84 You take a full year of depreciation for both the truck and the saw for the years 1987 through 1990. Where to get 1040ez form Your ACRS deduction for each of those years is as follows: Lightduty truck 5 years straight line = 20% 20% ÷ $13,000 = $2,600 Electric saw 12 years straight line = 8. Where to get 1040ez form 333% 8. Where to get 1040ez form 333% ÷ $500 = $41. Where to get 1040ez form 67 Total annual ACRS deduction for 1987 through 1990 $2,641. Where to get 1040ez form 67 In 1991, you take a halfyear of depreciation for the truck and a full year of depreciation for the saw. Where to get 1040ez form Your ACRS deduction for 1991 is as follows: Lightduty truck 5 years straight line = 20% 20% ÷ $13,000 = $2,600 Halfyear convention ½ of $2,600= $1,300. Where to get 1040ez form 00 Electric saw 12 years straight line = 8. Where to get 1040ez form 333% 8. Where to get 1040ez form 333% ÷ $500 = $41. Where to get 1040ez form 67 Total ACRS deduction for 1991 $1,341. Where to get 1040ez form 67 The truck is fully depreciated after 1991. Where to get 1040ez form You take a full year of depreciation for the saw for the years 1992 through 1997. Where to get 1040ez form Your ACRS deduction for each of those years is as follows: Electric saw 12 years straight line = 8. Where to get 1040ez form 333% 8. Where to get 1040ez form 333% ÷ $500 = $41. Where to get 1040ez form 67 Total annual ACRS deduction for 1992 through 1997 $41. Where to get 1040ez form 67 You take a halfyear of depreciation for the saw for 1998. Where to get 1040ez form Your ACRS deduction for 1998 is as follows: Electric saw 12 years straight line = 8. Where to get 1040ez form 333% 8. Where to get 1040ez form 333% ÷ $500 = $41. Where to get 1040ez form 67 Halfyear convention ½ of $41. Where to get 1040ez form 67= 20. Where to get 1040ez form 84 Total ACRS deduction for 1998 $20. Where to get 1040ez form 84 The saw is fully depreciated after 1998. Where to get 1040ez form 15year real property. Where to get 1040ez form Under ACRS, you could also elect to use the alternate ACRS method for 15year real property. Where to get 1040ez form The alternate ACRS method allows you to depreciate your 15year real property using the straight line ACRS method over the alternate recovery periods of 15, 35, or 45 years. Where to get 1040ez form If you selected a 15year recovery period, you use the percentage (6. Where to get 1040ez form 667%) from the schedule above. Where to get 1040ez form You prorate this percentage for the number of months the property was in service in the first year. Where to get 1040ez form If you selected a 35 or 45year recovery period, you use either Table 11 or 15. Where to get 1040ez form Alternate periods for 18year real property. Where to get 1040ez form For 18year real property, the alternate recovery periods are 18, 35, or 45 years. Where to get 1040ez form The percentages for 18year real property under the alternate method are in Tables 7, 8, 10, 11, 14, and 15 in the Appendix. Where to get 1040ez form There are two tables for each alternate recovery period. Where to get 1040ez form One table shows the percentage for property placed in service after June 22, 1984. Where to get 1040ez form The other table has the percentages for property placed in service after March 15, 1984, and before June 23, 1984. Where to get 1040ez form Alternate periods for 19year real property. Where to get 1040ez form For 19year real property, the alternate recovery periods are 19, 35, or 45 years. Where to get 1040ez form If you selected a 19year recovery period, use Table 9 to determine your deduction. Where to get 1040ez form If you select a 35 or 45year recovery period, use either Table 13 or 14. Where to get 1040ez form Example. Where to get 1040ez form You placed in service an apartment building on August 3, 1986. Where to get 1040ez form The building is 19year real property. Where to get 1040ez form The sales contract allocated $300,000 to the building and $100,000 to the land. Where to get 1040ez form You use the calendar year as your tax year. Where to get 1040ez form You chose the alternate ACRS method over a recovery period of 35 years. Where to get 1040ez form For 1986, you figure your ACRS deduction usingTable 13. Where to get 1040ez form August is the eighth month of your tax year. Where to get 1040ez form The percentage from Table 13 for the eighth month is 1. Where to get 1040ez form 1%. Where to get 1040ez form Your deduction was $3,300 ($300,000 ÷ 1. Where to get 1040ez form 1%). Where to get 1040ez form The deduction rate from ACRS Table 13 for years 2 through 20 is 2. Where to get 1040ez form 9% so that your deduction in 1987 through 2005 is $8,700 ($300,000 ÷ 2. Where to get 1040ez form 9%). Where to get 1040ez form Alternate periods for lowincome housing. Where to get 1040ez form For lowincome housing, the alternate recovery periods are 15, 35, or 45 years. Where to get 1040ez form If you selected a 15year period for this property, use 6. Where to get 1040ez form 667% as the percentage. Where to get 1040ez form If you selected a 35 or 45year period, use either Table 11, 12, or 15. Where to get 1040ez form Election. Where to get 1040ez form You had to make the election to use the alternate ACRS method by the return due date (including extensions) for the tax year you placed the property in service. Where to get 1040ez form Revocation of election. Where to get 1040ez form Your election to use an alternate ACRS method, once made, can be changed only with the consent of the Commissioner. Where to get 1040ez form The Commissioner grants consent only in extraordinary circumstances. Where to get 1040ez form Any request for a revocation will be considered a request for a ruling. Where to get 1040ez form ACRS Deduction in Short Tax Year For a tax year that is less than 12 months, the ACRS deduction is prorated on a 12month basis. Where to get 1040ez form Figure the amount of the ACRS deduction for a short tax year as follows: First, you figure the ACRS deduction for a full year. Where to get 1040ez form You figure this by multiplying the unadjusted basis by the recovery percentage. Where to get 1040ez form You then multiply the ACRS deduction determined for a full tax year by a fraction. Where to get 1040ez form The numerator (top number) of the fraction is the number of months in the short tax year and the denominator (bottom number) is 12. Where to get 1040ez form For example, a corporation placed in service in June 1986 an item of 3year property with an unadjusted basis of $10,000. Where to get 1040ez form The corporation files a tax return, because of a change in its accounting period, for the 6month short tax year ending June 30, 1986. Where to get 1040ez form The full year's ACRS deduction for this item is $2,500 ($10,000 ÷ 25%), the first year percentage from the 3year table. Where to get 1040ez form The ACRS deduction for the short tax year is $1,250 ($2,500 ÷ 6/12). Where to get 1040ez form You use the full ACRS percentages during the remaining years of the recovery period. Where to get 1040ez form For the first tax year after the recovery period, the unrecovered basis will be deductible. Where to get 1040ez form Exception. Where to get 1040ez form For the tax year in which you placed 15, 18, or 19year real property in service or in the tax year you dispose of it, you compute the ACRS deduction for the number of months that the property is in service during that tax year. Where to get 1040ez form You compute the number of months using either a full month or midmonth convention. Where to get 1040ez form This is true regardless of the number of months in the tax year and the recovery period and method used. Where to get 1040ez form Dispositions A disposition is the permanent withdrawal of property from use in your trade or business or in the production of income. Where to get 1040ez form You can make a withdrawal by sale, exchange, retirement, abandonment, or destruction. Where to get 1040ez form You generally recognize gain or loss on the disposition of an asset by sale. Where to get 1040ez form However, nonrecognition rules can allow you to postpone some gain. Where to get 1040ez form See Publication 544. Where to get 1040ez form If you physically abandon property, you can deduct as a loss the adjusted basis of the asset at the time of its abandonment. Where to get 1040ez form Your intent must be to discard the asset so that you will not use it again or retrieve it for sale, exchange, or other disposition. Where to get 1040ez form Early dispositions. Where to get 1040ez form The disposal of an asset before the end of its specified recovery period, is referred to as an early disposition. Where to get 1040ez form When an early disposition occurs, the depreciation deduction in the year of disposition depends on the class of property involved. Where to get 1040ez form Early dispositions of ACRS property other than 15, 18, or 19year real property. Where to get 1040ez form Generally, you get no ACRS deduction for the tax year in which you dispose of or retire recovery property, except for 15, 18, and 19year real property. Where to get 1040ez form This means there is no depreciation deduction under ACRS in the year you dispose of or retire any of your 3, 5, or 10year recovery property. Where to get 1040ez form Dispositions — mass asset accounts. Where to get 1040ez form The law provides a special rule to avoid the calculation of gain on the disposition of assets from mass asset accounts. Where to get 1040ez form A mass asset account includes items usually minor in value in relation to the group, numerous in quantity, impractical to separately identify, and not usually accounted for on a separate basis, but on a total dollar value. Where to get 1040ez form Examples of mass assets include minor items of office, plant, and store furniture and fixtures. Where to get 1040ez form Under the special rule, if you elected to use a mass asset account, you recognize gain to the extent of the proceeds from the disposition of the asset. Where to get 1040ez form You leave the unadjusted basis of the property in the account until recovered in future years. Where to get 1040ez form If you did this, include the total proceeds realized from the disposition in income on the tax return for the year of disposition. Where to get 1040ez form Early dispositions — 15year real property. Where to get 1040ez form If you dispose of 15year real property, you base your ACRS deduction for the year of disposition on the number of months in use. Where to get 1040ez form You use a fullmonth convention. Where to get 1040ez form For a disposition at any time during a particular month before the end of the recovery period, no deduction is allowed for the month of disposition. Where to get 1040ez form This applies whether you use the regular ACRS method or elected the alternate ACRS method. Where to get 1040ez form Example. Where to get 1040ez form You purchased and placed in service a rental house on March 2, 1984, for $98,000 (not including the cost of land). Where to get 1040ez form You file your return based on a calendar year. Where to get 1040ez form Your rate from Table 1 for the third month is 10%. Where to get 1040ez form Your ACRS deduction for 1984 was $9,800 ($98. Where to get 1040ez form 000 ÷ 10%). Where to get 1040ez form For 1985 through 1988, you figured your ACRS deductions using 11%, 9%, 8%, and 7% ÷ $98,000. Where to get 1040ez form For 1989 through 1992, you figured your ACRS deductions using 6% for each year. Where to get 1040ez form The deduction each year was $98,000 ÷ 6%. Where to get 1040ez form For 1993 and 1994, the ACRS deduction is ($98,000 ÷ 5%) $4,900 for each year. Where to get 1040ez form You sell the house on June 1, 1995. Where to get 1040ez form You figure your ACRS deduction for 1995 for the full year and then prorate that amount for the months of use. Where to get 1040ez form The full ACRS deduction for 1995 is $4,900 ($98,000 ÷ 5%). Where to get 1040ez form You then prorate this amount to the 5 months in 1995 during which it was rented. Where to get 1040ez form Your ACRS deduction for 1995 is $2,042 ($4,900 ÷ 5/12). Where to get 1040ez form Early dispositions — 18 and 19year real property. Where to get 1040ez form If you dispose of 18 or 19year real property, you base your ACRS deduction for the year of disposition on the number of months in use. Where to get 1040ez form For 18year property placed in service before June 23, 1984, use a fullmonth convention on a disposition. Where to get 1040ez form For 18year property placed in service after June 22, 1984, and for 19year property, determine the number of months in use by using the midmonth convention. Where to get 1040ez form Under the midmonth convention,treat real property disposed of any time during a month as disposed of in the middle of that month. Where to get 1040ez form Count the month of disposition as half a month of use. Where to get 1040ez form Example. Where to get 1040ez form You purchased and placed in service a rental house on July 2, 1984, for $100,000 (not including the cost of land). Where to get 1040ez form You file your return based on a calendar year. Where to get 1040ez form Your rate from Table 4 for the seventh month is 4%. Where to get 1040ez form You figured your ACRS deduction for 1984 was $4,000 ($100,000 ÷ 4%). Where to get 1040ez form In 1985 through 1994, your ACRS deductions were 9%, 8%, 8%, 7%, 6%, 6%, 5%, 5%, and 5% ÷ $100,000. Where to get 1040ez form You sell the house on September 24, 1995. Where to get 1040ez form Figure your ACRS deduction for 1995 for the months of use. Where to get 1040ez form The full ACRS deduction for 1995 is $5,000 ($100,000 ÷ 5%). Where to get 1040ez form Prorate this amount for the 8. Where to get 1040ez form 5 months in 1995 that you held the property. Where to get 1040ez form Under the midmonth convention, you count September as half a month. Where to get 1040ez form Your ACRS deduction for 1995 is $3,542 ($5,000 ÷ 8. Where to get 1040ez form 5/12). Where to get 1040ez form Depreciation Recapture If you dispose of property depreciated under ACRS that is section 1245 recovery property, you will generally recognize gain or loss. Where to get 1040ez form Gain recognized on a disposition is ordinary income to the extent of prior depreciation deductions taken. Where to get 1040ez form This recapture rule applies to all personal property in the 3year, 5year, and 10year classes. Where to get 1040ez form You recapture gain on manufactured homes and theme park structures in the 10year class as section 1245 property. Where to get 1040ez form Section 1245 property generally includes all personal property. Where to get 1040ez form See Section 1245 property in chapter 4 of Publication 544 for more information. Where to get 1040ez form You treat dispositions of section 1250 real property on which you have a gain as section 1245 recovery property. Where to get 1040ez form You recognize gain on this property as ordinary income to the extent of prior depreciation deductions taken. Where to get 1040ez form Section 1250 property includes most real property. Where to get 1040ez form See Section 1250 property in chapter 4 of Publication 544 for more information. Where to get 1040ez form This rule applies to all section 1250 real property except the following property: Any 15, 18, or 19year real property that is residential rental property. Where to get 1040ez form Any 15, 18, or 19year real property that you elected to depreciate using the alternate ACRS method. Where to get 1040ez form Any 15, 18, or 19year real property that is subsidized lowincome housing. Where to get 1040ez form For these recapture rules, you treat the section 179 deduction and 50% of the investment credit that reduced your basis as depreciation. Where to get 1040ez form See Publication 544 for further discussion of dispositions of section 1245 and 1250 property. Where to get 1040ez form Prev Up Next Home More Online PublicationsHealth and Nutrition
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