File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

Www Taxcut Com

How To Ammend Tax ReturnFree State Tax OnlineE-file State Taxes FreeFiling An Amended ReturnUnemployment TaxesState Tax Form2011 Form 1040Tax Forms Online 20122010 1040 EzFiling And Amended Tax ReturnHow Do You Amend Your TaxesFile State Return1040nr EzAmendment For Tax Returns1040 X FormTax Tips For 2012State Tax Return AddressHttps Efile State Tax Free1040ez CalculatorTurbotax Premier 2012Irs 1040x FormFree File Taxes 2011Irs 1040xWhere To E- File 2012 Federal Tax Return For Free1040ez 2012 E File1040ez 2011 Form1040ez2012Amend 2012 Tax Return FreeAmend Tax Return OnlineWww Irs Gov FreefileFile State Tax Only2007 Tax FormsFree Tax Filing 2012Do Military Pay Taxes1040 2010Amended Tax Return 2011I Need To Amend My TaxesDownload A 1040ez Federal Tax Form1040ez 2009File 2011 Taxes Online H&r Block

Www Taxcut Com

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

2014 and Prior Year Filing Season Statistics

2014 Filing Season Statistics

Find filing season statistics showing cumulative and comparative totals from the 2014 and 2013 tax return filing seasons, starting February 7, 2014.

3/21/14
3/14/14
3/07/14
2/28/14
2/21/14
2/14/14
2/07/14

 

 


 

 

2013 Filing Season Statistics

Find filing season statistics showing cumulative and comparative totals from the 2013 and 2012 tax return filing seasons, starting March 1, 2013.

12/27/13
11/22/13
05/10/13
05/03/13
04/26/13
04/19/13
04/12/13
04/05/13
03/29/13
03/22/13
03/15/13
03/08/13
03/01/13
 


2012 Filing Season Statistics

Find filing season statistics showing cumulative and comparative totals from the 2012 and 2011 tax return filing seasons, starting March 16, 2012.

01/18/13 End-of-year filing season statistics for 2012
03/16/12
03/23/12
03/30/12
04/06/12
04/13/12
04/20/12
04/27/12
05/08/12
 



2011 Filing Season Statistics
Find weekly filing season statistics showing cumulative and comparative totals from the 2011 and 2010 tax return filing seasons, starting Feb. 25, 2011.

02/25/11 04/08/11
03/04/11 04/29/11
03/11/11 05/06/11
03/18/11 05/13/11
03/25/11 06/03/11
04/01/11 12/31/11

2010 Filing Season Statistics

Find weekly filing season statistics showing cumulative and comparative totals from the 2010 and 2009 tax return filing seasons, starting March 26, 2010.


For More Information

For other tax statistics, visit Tax Statistics - Produced by the Statistics of Income Division and Other Areas of the Internal Revenue Service.

Page Last Reviewed or Updated: 28-Mar-2014

The Www Taxcut Com

Www taxcut com Publication 504 - Additional Material Prev  Up  Next   Home   More Online Publications