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2010 Amended Tax Form

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2010 Amended Tax Form

2010 amended tax form 8. 2010 amended tax form   Business Expenses Table of Contents Introduction Useful Items - You may want to see: Bad DebtsAccrual method. 2010 amended tax form Cash method. 2010 amended tax form Car and Truck ExpensesOffice in the home. 2010 amended tax form Methods for Deducting Car and Truck Expenses Reimbursing Your Employees for Expenses Depreciation Employees' PayFringe benefits. 2010 amended tax form InsuranceHow to figure the deduction. 2010 amended tax form Interest Legal and Professional FeesTax preparation fees. 2010 amended tax form Pension Plans Rent Expense Taxes Travel, Meals, and EntertainmentTransportation. 2010 amended tax form Taxi, commuter bus, and limousine. 2010 amended tax form Baggage and shipping. 2010 amended tax form Car or truck. 2010 amended tax form Meals and lodging. 2010 amended tax form Cleaning. 2010 amended tax form Telephone. 2010 amended tax form Tips. 2010 amended tax form More information. 2010 amended tax form Business Use of Your HomeExceptions to exclusive use. 2010 amended tax form Other Expenses You Can Deduct Expenses You Cannot Deduct Introduction You can deduct the costs of operating your business. 2010 amended tax form These costs are known as business expenses. 2010 amended tax form These are costs you do not have to capitalize or include in the cost of goods sold but can deduct in the current year. 2010 amended tax form To be deductible, a business expense must be both ordinary and necessary. 2010 amended tax form An ordinary expense is one that is common and accepted in your field of business. 2010 amended tax form A necessary expense is one that is helpful and appropriate for your business. 2010 amended tax form An expense does not have to be indispensable to be considered necessary. 2010 amended tax form For more information about the general rules for deducting business expenses, see chapter 1 in Publication 535, Business Expenses. 2010 amended tax form If you have an expense that is partly for business and partly personal, separate the personal part from the business part. 2010 amended tax form The personal part is not deductible. 2010 amended tax form Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 535 Business Expenses 946 How To Depreciate Property See chapter 12 for information about getting publications and forms. 2010 amended tax form Bad Debts If someone owes you money you cannot collect, you have a bad debt. 2010 amended tax form There are two kinds of bad debts, business bad debts and nonbusiness bad debts. 2010 amended tax form A business bad debt is generally one that comes from operating your trade or business. 2010 amended tax form You may be able to deduct business bad debts as an expense on your business tax return. 2010 amended tax form Business bad debt. 2010 amended tax form   A business bad debt is a loss from the worthlessness of a debt that was either of the following. 2010 amended tax form Created or acquired in your business. 2010 amended tax form Closely related to your business when it became partly or totally worthless. 2010 amended tax form A debt is closely related to your business if your primary motive for incurring the debt is a business reason. 2010 amended tax form   Business bad debts are mainly the result of credit sales to customers. 2010 amended tax form They can also be the result of loans to suppliers, clients, employees, or distributors. 2010 amended tax form Goods and services customers have not paid for are shown in your books as either accounts receivable or notes receivable. 2010 amended tax form If you are unable to collect any part of these accounts or notes receivable, the uncollectible part is a business bad debt. 2010 amended tax form    You can take a bad debt deduction for these accounts and notes receivable only if the amount you were owed was included in your gross income either for the year the deduction is claimed or for a prior year. 2010 amended tax form Accrual method. 2010 amended tax form   If you use an accrual method of accounting, you normally report income as you earn it. 2010 amended tax form You can take a bad debt deduction for an uncollectible receivable if you have included the uncollectible amount in income. 2010 amended tax form Cash method. 2010 amended tax form   If you use the cash method of accounting, you normally report income when you receive payment. 2010 amended tax form You cannot take a bad debt deduction for amounts owed to you that you have not received and cannot collect if you never included those amounts in income. 2010 amended tax form More information. 2010 amended tax form   For more information about business bad debts, see chapter 10 in Publication 535. 2010 amended tax form Nonbusiness bad debts. 2010 amended tax form   All other bad debts are nonbusiness bad debts and are deductible as short-term capital losses on Form 8949 and Schedule D (Form 1040). 2010 amended tax form For more information on nonbusiness bad debts, see Publication 550, Investment Income and Expenses. 2010 amended tax form Car and Truck Expenses If you use your car or truck in your business, you may be able to deduct the costs of operating and maintaining your vehicle. 2010 amended tax form You also may be able to deduct other costs of local transportation and traveling away from home overnight on business. 2010 amended tax form You may qualify for a tax credit for qualified plug-in electric vehicles, qualified plug-in electric drive motor vehicles, and alternative motor vehicles you place in service during the year. 2010 amended tax form See Form 8936 and Form 8910 for more information. 2010 amended tax form Local transportation expenses. 2010 amended tax form   Local transportation expenses include the ordinary and necessary costs of all the following. 2010 amended tax form Getting from one workplace to another in the course of your business or profession when you are traveling within the city or general area that is your tax home. 2010 amended tax form Tax home is defined later. 2010 amended tax form Visiting clients or customers. 2010 amended tax form Going to a business meeting away from your regular workplace. 2010 amended tax form Getting from your home to a temporary workplace when you have one or more regular places of work. 2010 amended tax form These temporary workplaces can be either within the area of your tax home or outside that area. 2010 amended tax form Local business transportation does not include expenses you have while traveling away from home overnight. 2010 amended tax form Those expenses are deductible as travel expenses and are discussed later under Travel, Meals, and Entertainment. 2010 amended tax form However, if you use your car while traveling away from home overnight, use the rules in this section to figure your car expense deduction. 2010 amended tax form   Generally, your tax home is your regular place of business, regardless of where you maintain your family home. 2010 amended tax form It includes the entire city or general area in which your business or work is located. 2010 amended tax form Example. 2010 amended tax form You operate a printing business out of rented office space. 2010 amended tax form You use your van to deliver completed jobs to your customers. 2010 amended tax form You can deduct the cost of round-trip transportation between your customers and your print shop. 2010 amended tax form    You cannot deduct the costs of driving your car or truck between your home and your main or regular workplace. 2010 amended tax form These costs are personal commuting expenses. 2010 amended tax form Office in the home. 2010 amended tax form   Your workplace can be your home if you have an office in your home that qualifies as your principal place of business. 2010 amended tax form For more information, see Business Use of Your Home, later. 2010 amended tax form Example. 2010 amended tax form You are a graphics designer. 2010 amended tax form You operate your business out of your home. 2010 amended tax form Your home qualifies as your principal place of business. 2010 amended tax form You occasionally have to drive to your clients to deliver your completed work. 2010 amended tax form You can deduct the cost of the round-trip transportation between your home and your clients. 2010 amended tax form Methods for Deducting Car and Truck Expenses For local transportation or overnight travel by car or truck, you generally can use one of the following methods to figure your expenses. 2010 amended tax form Standard mileage rate. 2010 amended tax form Actual expenses. 2010 amended tax form Standard mileage rate. 2010 amended tax form   You may be able to use the standard mileage rate to figure the deductible costs of operating your car, van, pickup, or panel truck for business purposes. 2010 amended tax form For 2013, the standard mileage rate is 56. 2010 amended tax form 5 cents per mile. 2010 amended tax form    If you choose to use the standard mileage rate for a year, you cannot deduct your actual expenses for that year except for business-related parking fees and tolls. 2010 amended tax form Choosing the standard mileage rate. 2010 amended tax form   If you want to use the standard mileage rate for a car or truck you own, you must choose to use it in the first year the car is available for use in your business. 2010 amended tax form In later years, you can choose to use either the standard mileage rate or actual expenses. 2010 amended tax form   If you use the standard mileage rate for a car you lease, you must choose to use it for the entire lease period (including renewals). 2010 amended tax form Standard mileage rate not allowed. 2010 amended tax form   You cannot use the standard mileage rate if you: Operate five or more cars at the same time, Claimed a depreciation deduction using any method other than straight line, for example, ACRS or MACRS, Claimed a section 179 deduction on the car, Claimed the special depreciation allowance on the car, Claimed actual car expenses for a car you leased, or Are a rural mail carrier who received a qualified reimbursement. 2010 amended tax form Parking fees and tolls. 2010 amended tax form   In addition to using the standard mileage rate, you can deduct any business-related parking fees and tolls. 2010 amended tax form (Parking fees you pay to park your car at your place of work are nondeductible commuting expenses. 2010 amended tax form ) Actual expenses. 2010 amended tax form   If you do not choose to use the standard mileage rate, you may be able to deduct your actual car or truck expenses. 2010 amended tax form    If you qualify to use both methods, figure your deduction both ways to see which gives you a larger deduction. 2010 amended tax form   Actual car expenses include the costs of the following items. 2010 amended tax form Depreciation Lease payments Registration Garage rent Licenses Repairs Gas Oil Tires Insurance Parking fees Tolls   If you use your vehicle for both business and personal purposes, you must divide your expenses between business and personal use. 2010 amended tax form You can divide your expenses based on the miles driven for each purpose. 2010 amended tax form Example. 2010 amended tax form You are the sole proprietor of a flower shop. 2010 amended tax form You drove your van 20,000 miles during the year. 2010 amended tax form 16,000 miles were for delivering flowers to customers and 4,000 miles were for personal use (including commuting miles). 2010 amended tax form You can claim only 80% (16,000 ÷ 20,000) of the cost of operating your van as a business expense. 2010 amended tax form More information. 2010 amended tax form   For more information about the rules for claiming car and truck expenses, see Publication 463. 2010 amended tax form Reimbursing Your Employees for Expenses You generally can deduct the amount you reimburse your employees for car and truck expenses. 2010 amended tax form The reimbursement you deduct and the manner in which you deduct it depend in part on whether you reimburse the expenses under an accountable plan or a nonaccountable plan. 2010 amended tax form For details, see chapter 11 in Publication 535. 2010 amended tax form That chapter explains accountable and nonaccountable plans and tells you whether to report the reimbursement on your employee's Form W-2, Wage and Tax Statement. 2010 amended tax form Depreciation If property you acquire to use in your business is expected to last more than 1 year, you generally cannot deduct the entire cost as a business expense in the year you acquire it. 2010 amended tax form You must spread the cost over more than 1 tax year and deduct part of it each year on Schedule C. 2010 amended tax form This method of deducting the cost of business property is called depreciation. 2010 amended tax form The discussion here is brief. 2010 amended tax form You will find more information about depreciation in Publication 946. 2010 amended tax form What property can be depreciated?   You can depreciate property if it meets all the following requirements. 2010 amended tax form It must be property you own. 2010 amended tax form It must be used in business or held to produce income. 2010 amended tax form You never can depreciate inventory (explained in chapter 2) because it is not held for use in your business. 2010 amended tax form It must have a useful life that extends substantially beyond the year it is placed in service. 2010 amended tax form It must have a determinable useful life, which means that it must be something that wears out, decays, gets used up, becomes obsolete, or loses its value from natural causes. 2010 amended tax form You never can depreciate the cost of land because land does not wear out, become obsolete, or get used up. 2010 amended tax form It must not be excepted property. 2010 amended tax form This includes property placed in service and disposed of in the same year. 2010 amended tax form Repairs. 2010 amended tax form    You cannot depreciate repairs and replacements that do not increase the value of your property, make it more useful, or lengthen its useful life. 2010 amended tax form You can deduct these amounts on line 21 of Schedule C or line 2 of Schedule C-EZ. 2010 amended tax form Depreciation method. 2010 amended tax form   The method for depreciating most business and investment property placed in service after 1986 is called the Modified Accelerated Cost Recovery System (MACRS). 2010 amended tax form MACRS is discussed in detail in Publication 946. 2010 amended tax form Section 179 deduction. 2010 amended tax form   You can elect to deduct a limited amount of the cost of certain depreciable property in the year you place the property in service. 2010 amended tax form This deduction is known as the “section 179 deduction. 2010 amended tax form ” The maximum amount you can elect to deduct during 2013 is generally $500,000 (higher limits apply to certain property). 2010 amended tax form See IRC 179(e). 2010 amended tax form   This limit is generally reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2 million. 2010 amended tax form The total amount of depreciation (including the section 179 deduction) you can take for a passenger automobile you use in your business and first place in service in 2013 is $3,160 ($11,160 if you take the special depreciation allowance for qualified passenger automobiles placed in service in 2013). 2010 amended tax form Special rules apply to trucks and vans. 2010 amended tax form For more information, see Publication 946. 2010 amended tax form It explains what property qualifies for the deduction, what limits apply to the deduction, and when and how to recapture the deduction. 2010 amended tax form    Your section 179 election for the cost of any sport utility vehicle (SUV) and certain other vehicles is limited to $25,000. 2010 amended tax form For more information, see the Instructions for Form 4562 or Publication 946. 2010 amended tax form Listed property. 2010 amended tax form   You must follow special rules and recordkeeping requirements when depreciating listed property. 2010 amended tax form Listed property is any of the following. 2010 amended tax form Most passenger automobiles. 2010 amended tax form Most other property used for transportation. 2010 amended tax form Any property of a type generally used for entertainment, recreation, or amusement. 2010 amended tax form Certain computers and related peripheral equipment. 2010 amended tax form   For more information about listed property, see Publication 946. 2010 amended tax form Form 4562. 2010 amended tax form   Use Form 4562, Depreciation and Amortization, if you are claiming any of the following. 2010 amended tax form Depreciation on property placed in service during the current tax year. 2010 amended tax form A section 179 deduction. 2010 amended tax form Depreciation on any listed property (regardless of when it was placed in service). 2010 amended tax form    If you have to use Form 4562, you must file Schedule C. 2010 amended tax form You cannot use Schedule C-EZ. 2010 amended tax form   Employees' Pay You can generally deduct on Schedule C the pay you give your employees for the services they perform for your business. 2010 amended tax form The pay may be in cash, property, or services. 2010 amended tax form To be deductible, your employees' pay must be an ordinary and necessary expense and you must pay or incur it in the tax year. 2010 amended tax form In addition, the pay must meet both the following tests. 2010 amended tax form The pay must be reasonable. 2010 amended tax form The pay must be for services performed. 2010 amended tax form Chapter 2 in Publication 535 explains and defines these requirements. 2010 amended tax form You cannot deduct your own salary or any personal withdrawals you make from your business. 2010 amended tax form As a sole proprietor, you are not an employee of the business. 2010 amended tax form If you had employees during the year, you must use Schedule C. 2010 amended tax form You cannot use Schedule C-EZ. 2010 amended tax form Kinds of pay. 2010 amended tax form   Some of the ways you may provide pay to your employees are listed below. 2010 amended tax form For an explanation of each of these items, see chapter 2 in Publication 535. 2010 amended tax form Awards. 2010 amended tax form Bonuses. 2010 amended tax form Education expenses. 2010 amended tax form Fringe benefits (discussed later). 2010 amended tax form Loans or advances you do not expect the employee to repay if they are for personal services actually performed. 2010 amended tax form Property you transfer to an employee as payment for services. 2010 amended tax form Reimbursements for employee business expenses. 2010 amended tax form Sick pay. 2010 amended tax form Vacation pay. 2010 amended tax form Fringe benefits. 2010 amended tax form   A fringe benefit is a form of pay for the performance of services. 2010 amended tax form The following are examples of fringe benefits. 2010 amended tax form Benefits under qualified employee benefit programs. 2010 amended tax form Meals and lodging. 2010 amended tax form The use of a car. 2010 amended tax form Flights on airplanes. 2010 amended tax form Discounts on property or services. 2010 amended tax form Memberships in country clubs or other social clubs. 2010 amended tax form Tickets to entertainment or sporting events. 2010 amended tax form   Employee benefit programs include the following. 2010 amended tax form Accident and health plans. 2010 amended tax form Adoption assistance. 2010 amended tax form Cafeteria plans. 2010 amended tax form Dependent care assistance. 2010 amended tax form Educational assistance. 2010 amended tax form Group-term life insurance coverage. 2010 amended tax form Welfare benefit funds. 2010 amended tax form   You can generally deduct the cost of fringe benefits you provide on your Schedule C in whatever category the cost falls. 2010 amended tax form For example, if you allow an employee to use a car or other property you lease, deduct the cost of the lease as a rent or lease expense. 2010 amended tax form If you own the property, include your deduction for its cost or other basis as a section 179 deduction or a depreciation deduction. 2010 amended tax form    You may be able to exclude all or part of the fringe benefits you provide from your employees' wages. 2010 amended tax form For more information about fringe benefits and the exclusion of benefits, see Publication 15-B, Employer's Tax Guide to Fringe Benefits. 2010 amended tax form Insurance You can generally deduct premiums you pay for the following kinds of insurance related to your business. 2010 amended tax form Fire, theft, flood, or similar insurance. 2010 amended tax form Credit insurance that covers losses from business bad debts. 2010 amended tax form Group hospitalization and medical insurance for employees, including long-term care insurance. 2010 amended tax form Liability insurance. 2010 amended tax form Malpractice insurance that covers your personal liability for professional negligence resulting in injury or damage to patients or clients. 2010 amended tax form Workers' compensation insurance set by state law that covers any claims for bodily injuries or job-related diseases suffered by employees in your business, regardless of fault. 2010 amended tax form Contributions to a state unemployment insurance fund are deductible as taxes if they are considered taxes under state law. 2010 amended tax form Overhead insurance that pays for business overhead expenses you have during long periods of disability caused by your injury or sickness. 2010 amended tax form Car and other vehicle insurance that covers vehicles used in your business for liability, damages, and other losses. 2010 amended tax form If you operate a vehicle partly for personal use, deduct only the part of the insurance premium that applies to the business use of the vehicle. 2010 amended tax form If you use the standard mileage rate to figure your car expenses, you cannot deduct any car insurance premiums. 2010 amended tax form Life insurance covering your employees if you are not directly or indirectly the beneficiary under the contract. 2010 amended tax form Business interruption insurance that pays for lost profits if your business is shut down due to a fire or other cause. 2010 amended tax form Nondeductible premiums. 2010 amended tax form   You cannot deduct premiums on the following kinds of insurance. 2010 amended tax form Self-insurance reserve funds. 2010 amended tax form You cannot deduct amounts credited to a reserve set up for self-insurance. 2010 amended tax form This applies even if you cannot get business insurance coverage for certain business risks. 2010 amended tax form However, your actual losses may be deductible. 2010 amended tax form For more information, see Publication 547, Casualties, Disasters, and Thefts. 2010 amended tax form Loss of earnings. 2010 amended tax form You cannot deduct premiums for a policy that pays for your lost earnings due to sickness or disability. 2010 amended tax form However, see item (8) in the previous list. 2010 amended tax form Certain life insurance and annuities. 2010 amended tax form For contracts issued before June 9, 1997, you cannot deduct the premiums on a life insurance policy covering you, an employee, or any person with a financial interest in your business if you are directly or indirectly a beneficiary of the policy. 2010 amended tax form You are included among possible beneficiaries of the policy if the policy owner is obligated to repay a loan from you using the proceeds of the policy. 2010 amended tax form A person has a financial interest in your business if the person is an owner or part owner of the business or has lent money to the business. 2010 amended tax form For contracts issued after June 8, 1997, you generally cannot deduct the premiums on any life insurance policy, endowment contract, or annuity contract if you are directly or indirectly a beneficiary. 2010 amended tax form The disallowance applies without regard to whom the policy covers. 2010 amended tax form Insurance to secure a loan. 2010 amended tax form If you take out a policy on your life or on the life of another person with a financial interest in your business to get or protect a business loan, you cannot deduct the premiums as a business expense. 2010 amended tax form Nor can you deduct the premiums as interest on business loans or as an expense of financing loans. 2010 amended tax form In the event of death, the proceeds of the policy are not taxed as income even if they are used to liquidate the debt. 2010 amended tax form Self-employed health insurance deduction. 2010 amended tax form   You may be able to deduct the amount you paid for medical and dental insurance and qualified long-term care insurance for you and your family. 2010 amended tax form How to figure the deduction. 2010 amended tax form   Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. 2010 amended tax form However, if any of the following apply, you must use the worksheet in chapter 6 of Publication 535. 2010 amended tax form You have more than one source of income subject to self-employment tax. 2010 amended tax form You file Form 2555 or Form 2555-EZ (relating to foreign earned income). 2010 amended tax form You are using amounts paid for qualified long-term care insurance to figure the deduction. 2010 amended tax form Prepayment. 2010 amended tax form   You cannot deduct expenses in advance, even if you pay them in advance. 2010 amended tax form This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. 2010 amended tax form Example. 2010 amended tax form In 2013, you signed a 3-year insurance contract. 2010 amended tax form Even though you paid the premiums for 2013, 2014, and 2015 when you signed the contract, you can only deduct the premium for 2013 on your 2013 tax return. 2010 amended tax form You can deduct in 2014 and 2015 the premium allocable to those years. 2010 amended tax form More information. 2010 amended tax form   For more information about deducting insurance, see chapter 6 in Publication 535. 2010 amended tax form Interest You can generally deduct as a business expense all interest you pay or accrue during the tax year on debts related to your business. 2010 amended tax form Interest relates to your business if you use the proceeds of the loan for a business expense. 2010 amended tax form It does not matter what type of property secures the loan. 2010 amended tax form You can deduct interest on a debt only if you meet all of the following requirements. 2010 amended tax form You are legally liable for that debt. 2010 amended tax form Both you and the lender intend that the debt be repaid. 2010 amended tax form You and the lender have a true debtor-creditor relationship. 2010 amended tax form You cannot deduct on Schedule C or C-EZ the interest you paid on personal loans. 2010 amended tax form If a loan is part business and part personal, you must divide the interest between the personal part and the business part. 2010 amended tax form Example. 2010 amended tax form In 2013, you paid $600 interest on a car loan. 2010 amended tax form During 2013, you used the car 60% for business and 40% for personal purposes. 2010 amended tax form You are claiming actual expenses on the car. 2010 amended tax form You can only deduct $360 (60% × $600) for 2013 on Schedule C or C-EZ. 2010 amended tax form The remaining interest of $240 is a nondeductible personal expense. 2010 amended tax form More information. 2010 amended tax form   For more information about deducting interest, see chapter 4 in Publication 535. 2010 amended tax form That chapter explains the following items. 2010 amended tax form Interest you can deduct. 2010 amended tax form Interest you cannot deduct. 2010 amended tax form How to allocate interest between personal and business use. 2010 amended tax form When to deduct interest. 2010 amended tax form The rules for a below-market interest rate loan. 2010 amended tax form (This is generally a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. 2010 amended tax form ) Legal and Professional Fees Legal and professional fees, such as fees charged by accountants, that are ordinary and necessary expenses directly related to operating your business are deductible on Schedule C or C-EZ. 2010 amended tax form However, you usually cannot deduct legal fees you pay to acquire business assets. 2010 amended tax form Add them to the basis of the property. 2010 amended tax form If the fees include payments for work of a personal nature (such as making a will), you can take a business deduction only for the part of the fee related to your business. 2010 amended tax form The personal part of legal fees for producing or collecting taxable income, doing or keeping your job, or for tax advice may be deductible on Schedule A (Form 1040) if you itemize deductions. 2010 amended tax form For more information, see Publication 529, Miscellaneous Deductions. 2010 amended tax form Tax preparation fees. 2010 amended tax form   You can deduct on Schedule C or C-EZ the cost of preparing that part of your tax return relating to your business as a sole proprietor or statutory employee. 2010 amended tax form You can deduct the remaining cost on Schedule A (Form 1040) if you itemize your deductions. 2010 amended tax form   You can also deduct on Schedule C or C-EZ the amount you pay or incur in resolving asserted tax deficiencies for your business as a sole proprietor or statutory employee. 2010 amended tax form Pension Plans You can set up and maintain the following small business retirement plans for yourself and your employees. 2010 amended tax form SEP (Simplified Employee Pension) plans. 2010 amended tax form SIMPLE (Savings Incentive Match Plan for Employees) plans. 2010 amended tax form Qualified plans (including Keogh or H. 2010 amended tax form R. 2010 amended tax form 10 plans). 2010 amended tax form SEP, SIMPLE, and qualified plans offer you and your employees a tax favored way to save for retirement. 2010 amended tax form You can deduct contributions you make to the plan for your employees on line 19 of Schedule C. 2010 amended tax form If you are a sole proprietor, you can deduct contributions you make to the plan for yourself on line 28 of Form 1040. 2010 amended tax form You can also deduct trustees' fees if contributions to the plan do not cover them. 2010 amended tax form Earnings on the contributions are generally tax free until you or your employees receive distributions from the plan. 2010 amended tax form You may also be able to claim a tax credit of 50% of the first $1,000 of qualified startup costs if you begin a new qualified defined benefit or defined contribution plan (including a 401(k) plan), SIMPLE plan, or simplified employee pension. 2010 amended tax form Under certain plans, employees can have you contribute limited amounts of their before-tax pay to a plan. 2010 amended tax form These amounts (and earnings on them) are generally tax free until your employees receive distributions from the plan. 2010 amended tax form For more information on retirement plans for small business, see Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans). 2010 amended tax form Publication 590, Individual Retirement Arrangements (IRAs), discusses other tax favored ways to save for retirement. 2010 amended tax form Rent Expense Rent is any amount you pay for the use of property you do not own. 2010 amended tax form In general, you can deduct rent as a business expense only if the rent is for property you use in your business. 2010 amended tax form If you have or will receive equity in or title to the property, you cannot deduct the rent. 2010 amended tax form Unreasonable rent. 2010 amended tax form   You cannot take a rental deduction for unreasonable rents. 2010 amended tax form Ordinarily, the issue of reasonableness arises only if you and the lessor are related. 2010 amended tax form Rent paid to a related person is reasonable if it is the same amount you would pay to a stranger for use of the same property. 2010 amended tax form Rent is not unreasonable just because it is figured as a percentage of gross receipts. 2010 amended tax form   Related persons include members of your immediate family, including only brothers and sisters (either whole or half), your spouse, ancestors, and lineal descendants. 2010 amended tax form For a list of the other related persons, see section 267 of the Internal Revenue Code. 2010 amended tax form Rent on your home. 2010 amended tax form   If you rent your home and use part of it as your place of business, you may be able to deduct the rent you pay for that part. 2010 amended tax form You must meet the requirements for business use of your home. 2010 amended tax form For more information, see Business Use of Your Home , later. 2010 amended tax form Rent paid in advance. 2010 amended tax form   Generally, rent paid in your business is deductible in the year paid or accrued. 2010 amended tax form If you pay rent in advance, you can deduct only the amount that applies to your use of the rented property during the tax year. 2010 amended tax form You can deduct the rest of your payment only over the period to which it applies. 2010 amended tax form More information. 2010 amended tax form   For more information about rent, see chapter 3 in Publication 535. 2010 amended tax form Taxes You can deduct on Schedule C or C-EZ various federal, state, local, and foreign taxes directly attributable to your business. 2010 amended tax form Income taxes. 2010 amended tax form   You can deduct on Schedule C or C-EZ a state tax on gross income (as distinguished from net income) directly attributable to your business. 2010 amended tax form You can deduct other state and local income taxes on Schedule A (Form 1040) if you itemize your deductions. 2010 amended tax form Do not deduct federal income tax. 2010 amended tax form Employment taxes. 2010 amended tax form   You can deduct the social security, Medicare, and federal unemployment (FUTA) taxes you paid out of your own funds as an employer. 2010 amended tax form Employment taxes are discussed briefly in chapter 1. 2010 amended tax form You can also deduct payments you made as an employer to a state unemployment compensation fund or to a state disability benefit fund. 2010 amended tax form Deduct these payments as taxes. 2010 amended tax form Self-employment tax. 2010 amended tax form   You can deduct one-half of your self-employment tax on line 27 of Form 1040. 2010 amended tax form Self-employment tax is discussed in chapters 1 and 10. 2010 amended tax form Personal property tax. 2010 amended tax form   You can deduct on Schedule C or C-EZ any tax imposed by a state or local government on personal property used in your business. 2010 amended tax form   You can also deduct registration fees for the right to use property within a state or local area. 2010 amended tax form Example. 2010 amended tax form May and Julius Winter drove their car 7,000 business miles out of a total of 10,000 miles. 2010 amended tax form They had to pay $25 for their annual state license tags and $20 for their city registration sticker. 2010 amended tax form They also paid $235 in city personal property tax on the car, for a total of $280. 2010 amended tax form They are claiming their actual car expenses. 2010 amended tax form Because they used the car 70% for business, they can deduct 70% of the $280, or $196, as a business expense. 2010 amended tax form Real estate taxes. 2010 amended tax form   You can deduct on Schedule C or C-EZ the real estate taxes you pay on your business property. 2010 amended tax form Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. 2010 amended tax form The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. 2010 amended tax form   For more information about real estate taxes, see chapter 5 in Publication 535. 2010 amended tax form That chapter explains special rules for deducting the following items. 2010 amended tax form Taxes for local benefits, such as those for sidewalks, streets, water mains, and sewer lines. 2010 amended tax form Real estate taxes when you buy or sell property during the year. 2010 amended tax form Real estate taxes if you use an accrual method of accounting and choose to accrue real estate tax related to a definite period ratably over that period. 2010 amended tax form Sales tax. 2010 amended tax form   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. 2010 amended tax form If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. 2010 amended tax form If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. 2010 amended tax form If the property is depreciable, add the sales tax to the basis for depreciation. 2010 amended tax form For information on the basis of property, see Publication 551, Basis of Assets. 2010 amended tax form    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. 2010 amended tax form Do not include these taxes in gross receipts or sales. 2010 amended tax form Excise taxes. 2010 amended tax form   You can deduct on Schedule C or C-EZ all excise taxes that are ordinary and necessary expenses of carrying on your business. 2010 amended tax form Excise taxes are discussed briefly in chapter 1. 2010 amended tax form Fuel taxes. 2010 amended tax form   Taxes on gasoline, diesel fuel, and other motor fuels you use in your business are usually included as part of the cost of the fuel. 2010 amended tax form Do not deduct these taxes as a separate item. 2010 amended tax form   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. 2010 amended tax form For more information, see Publication 510, Excise Taxes. 2010 amended tax form Travel, Meals, and Entertainment This section briefly explains the kinds of travel and entertainment expenses you can deduct on Schedule C or C-EZ. 2010 amended tax form Table 8-1. 2010 amended tax form When Are Entertainment Expenses Deductible? (Note. 2010 amended tax form The following is a summary of the rules for deducting entertainment expenses. 2010 amended tax form For more details about these rules, see Publication 463. 2010 amended tax form ) General rule You can deduct ordinary and necessary expenses to entertain a client, customer, or employee if the expenses meet the directly-related test or the associated test. 2010 amended tax form Definitions Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation, and includes meals provided to a customer or client. 2010 amended tax form An ordinary expense is one that is common and accepted in your field of business, trade, or profession. 2010 amended tax form A necessary expense is one that is helpful and appropriate, although not necessarily required, for your business. 2010 amended tax form Tests to be met Directly-related test Entertainment took place in a clear business setting, or Main purpose of entertainment was the active conduct of business, and You did engage in business with the person during the entertainment period, and You had more than a general expectation of getting income or some other specific business benefit. 2010 amended tax form   Associated test Entertainment is associated with your trade or business, and Entertainment directly precedes or follows a substantial business discussion. 2010 amended tax form Other rules You cannot deduct the cost of your meal as an entertainment expense if you are claiming the meal as a travel expense. 2010 amended tax form You cannot deduct expenses that are lavish or extravagant under the circumstances. 2010 amended tax form You generally can deduct only 50% of your unreimbursed entertainment expenses. 2010 amended tax form Travel expenses. 2010 amended tax form   These are the ordinary and necessary expenses of traveling away from home for your business. 2010 amended tax form You are traveling away from home if both the following conditions are met. 2010 amended tax form Your duties require you to be away from the general area of your tax home (defined later) substantially longer than an ordinary day's work. 2010 amended tax form You need to get sleep or rest to meet the demands of your work while away from home. 2010 amended tax form Generally, your tax home is your regular place of business, regardless of where you maintain your family home. 2010 amended tax form It includes the entire city or general area in which your business is located. 2010 amended tax form See Publication 463 for more information. 2010 amended tax form   The following is a brief discussion of the expenses you can deduct. 2010 amended tax form Transportation. 2010 amended tax form   You can deduct the cost of travel by airplane, train, bus, or car between your home and your business destination. 2010 amended tax form Taxi, commuter bus, and limousine. 2010 amended tax form   You can deduct fares for these and other types of transportation between the airport or station and your hotel, or between the hotel and your work location away from home. 2010 amended tax form Baggage and shipping. 2010 amended tax form   You can deduct the cost of sending baggage and sample or display material between your regular and temporary work locations. 2010 amended tax form Car or truck. 2010 amended tax form   You can deduct the costs of operating and maintaining your vehicle when traveling away from home on business. 2010 amended tax form You can deduct actual expenses or the standard mileage rate (discussed earlier under Car and Truck Expenses), as well as business-related tolls and parking. 2010 amended tax form If you rent a car while away from home on business, you can deduct only the business-use portion of the expenses. 2010 amended tax form Meals and lodging. 2010 amended tax form   You can deduct the cost of meals and lodging if your business trip is overnight or long enough that you need to stop for sleep or rest to properly perform your duties. 2010 amended tax form In most cases, you can deduct only 50% of your meal expenses. 2010 amended tax form Cleaning. 2010 amended tax form   You can deduct the costs of dry cleaning and laundry while on your business trip. 2010 amended tax form Telephone. 2010 amended tax form   You can deduct the cost of business calls while on your business trip, including business communication by fax machine or other communication devices. 2010 amended tax form Tips. 2010 amended tax form   You can deduct the tips you pay for any expense in this list. 2010 amended tax form More information. 2010 amended tax form   For more information about travel expenses, see Publication 463. 2010 amended tax form Entertainment expenses. 2010 amended tax form   You may be able to deduct business-related entertainment expenses for entertaining a client, customer, or employee. 2010 amended tax form In most cases, you can deduct only 50% of these expenses. 2010 amended tax form   The following are examples of entertainment expenses. 2010 amended tax form Entertaining guests at nightclubs, athletic clubs, theaters, or sporting events. 2010 amended tax form Providing meals, a hotel suite, or a car to business customers or their families. 2010 amended tax form To be deductible, the expenses must meet the rules listed in Table 8-1. 2010 amended tax form For details about these rules, see Publication 463. 2010 amended tax form Reimbursing your employees for expenses. 2010 amended tax form   You generally can deduct the amount you reimburse your employees for travel and entertainment expenses. 2010 amended tax form The reimbursement you deduct and the manner in which you deduct it depend in part on whether you reimburse the expenses under an accountable plan or a nonaccountable plan. 2010 amended tax form For details, see chapter 11 in Publication 535. 2010 amended tax form That chapter explains accountable and nonaccountable plans and tells you whether to report the reimbursement on your employee's Form W-2, Wage and Tax Statement. 2010 amended tax form Business Use of Your Home To deduct expenses related to the part of your home used for business, you must meet specific requirements. 2010 amended tax form Even then, your deduction may be limited. 2010 amended tax form To qualify to claim expenses for business use of your home, you must meet the following tests. 2010 amended tax form Your use of the business part of your home must be: Exclusive (however, see Exceptions to exclusive use , later), Regular, For your business, and The business part of your home must be one of the following: Your principal place of business (defined later), A place where you meet or deal with patients, clients, or customers in the normal course of your business, or A separate structure (not attached to your home) you use in connection with your business. 2010 amended tax form Exclusive use. 2010 amended tax form   To qualify under the exclusive use test, you must use a specific area of your home only for your trade or business. 2010 amended tax form The area used for business can be a room or other separately identifiable space. 2010 amended tax form The space does not need to be marked off by a permanent partition. 2010 amended tax form   You do not meet the requirements of the exclusive use test if you use the area in question both for business and for personal purposes. 2010 amended tax form Example. 2010 amended tax form You are an attorney and use a den in your home to write legal briefs and prepare clients' tax returns. 2010 amended tax form Your family also uses the den for recreation. 2010 amended tax form The den is not used exclusively in your profession, so you cannot claim a business deduction for its use. 2010 amended tax form Exceptions to exclusive use. 2010 amended tax form   You do not have to meet the exclusive use test if you use part of your home in either of the following ways. 2010 amended tax form For the storage of inventory or product samples. 2010 amended tax form As a daycare facility. 2010 amended tax form For an explanation of these exceptions, see Publication 587, Business Use of Your Home (Including Use by Daycare Providers). 2010 amended tax form Regular use. 2010 amended tax form   To qualify under the regular use test, you must use a specific area of your home for business on a continuing basis. 2010 amended tax form You do not meet the test if your business use of the area is only occasional or incidental, even if you do not use that area for any other purpose. 2010 amended tax form Principal place of business. 2010 amended tax form   You can have more than one business location, including your home, for a single trade or business. 2010 amended tax form To qualify to deduct the expenses for the business use of your home under the principal place of business test, your home must be your principal place of business for that business. 2010 amended tax form To determine your principal place of business, you must consider all the facts and circumstances. 2010 amended tax form   Your home office will qualify as your principal place of business for deducting expenses for its use if you meet the following requirements. 2010 amended tax form You use it exclusively and regularly for administrative or management activities of your business. 2010 amended tax form You have no other fixed location where you conduct substantial administrative or management activities of your business. 2010 amended tax form   Alternatively, if you use your home exclusively and regularly for your business, but your home office does not qualify as your principal place of business based on the previous rules, you determine your principal place of business based on the following factors. 2010 amended tax form The relative importance of the activities performed at each location. 2010 amended tax form If the relative importance factor does not determine your principal place of business, you can also consider the time spent at each location. 2010 amended tax form   If, after considering your business locations, your home cannot be identified as your principal place of business, you cannot deduct home office expenses. 2010 amended tax form However, for other ways to qualify to deduct home office expenses, see Publication 587. 2010 amended tax form Deduction limit. 2010 amended tax form   If your gross income from the business use of your home equals or exceeds your total business expenses (including depreciation), you can deduct all your business expenses related to the use of your home. 2010 amended tax form If your gross income from the business use is less than your total business expenses, your deduction for certain expenses for the business use of your home is limited. 2010 amended tax form   Your deduction of otherwise nondeductible expenses, such as insurance, utilities, and depreciation (with depreciation taken last), allocable to the business is limited to the gross income from the business use of your home minus the sum of the following. 2010 amended tax form The business part of expenses you could deduct even if you did not use your home for business (such as mortgage interest, real estate taxes, and casualty and theft losses that are allowable as itemized deductions on Schedule A (Form 1040)). 2010 amended tax form The business expenses that relate to the business activity in the home (for example, business phone, supplies, and depreciation on equipment), but not to the use of the home itself. 2010 amended tax form Do not include in (2) above your deduction for one-half of your self-employment tax. 2010 amended tax form   Use Form 8829, Expenses for Business Use of Your Home, to figure your deduction. 2010 amended tax form New simplified method. 2010 amended tax form    The IRS now provides a simplified method to determine your expenses for business use of your home. 2010 amended tax form The simplified method is an alternative to calculating and substantiating actual expenses. 2010 amended tax form In most cases, you will figure your deduction by multiplying $5 by the area of your home used for a qualified business use. 2010 amended tax form The area you use to figure your deduction is limited to 300 square feet. 2010 amended tax form For more information, see the Instructions for Schedule C. 2010 amended tax form More information. 2010 amended tax form   For more information on deducting expenses for the business use of your home, see Publication 587. 2010 amended tax form Other Expenses You Can Deduct You may also be able to deduct the following expenses. 2010 amended tax form See Publication 535 to find out whether you can deduct them. 2010 amended tax form Advertising. 2010 amended tax form Bank fees. 2010 amended tax form Donations to business organizations. 2010 amended tax form Education expenses. 2010 amended tax form Energy efficient commercial buildings deduction expenses. 2010 amended tax form Impairment-related expenses. 2010 amended tax form Interview expense allowances. 2010 amended tax form Licenses and regulatory fees. 2010 amended tax form Moving machinery. 2010 amended tax form Outplacement services. 2010 amended tax form Penalties and fines you pay for late performance or nonperformance of a contract. 2010 amended tax form Repairs that keep your property in a normal efficient operating condition. 2010 amended tax form Repayments of income. 2010 amended tax form Subscriptions to trade or professional publications. 2010 amended tax form Supplies and materials. 2010 amended tax form Utilities. 2010 amended tax form Expenses You Cannot Deduct You usually cannot deduct the following as business expenses. 2010 amended tax form For more information, see Publication 535. 2010 amended tax form Bribes and kickbacks. 2010 amended tax form Charitable contributions. 2010 amended tax form Demolition expenses or losses. 2010 amended tax form Dues to business, social, athletic, luncheon, sporting, airline, and hotel clubs. 2010 amended tax form Lobbying expenses. 2010 amended tax form Penalties and fines you pay to a governmental agency or instrumentality because you broke the law. 2010 amended tax form Personal, living, and family expenses. 2010 amended tax form Political contributions. 2010 amended tax form Repairs that add to the value of your property or significantly increase its life. 2010 amended tax form Prev  Up  Next   Home   More Online Publications
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Understanding your CP259F Notice

We're sending you this notice because our records indicate you did not file a required Form 5227, Split-Interest Trust information Return.

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How to get help

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You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).
 


What you need to do

  • Disregard this notice if you have filed the return within the last four weeks using the same name and EIN listed on the notice.
  • Otherwise, file your required Form 5227 immediately according to the instructions on the notice.
    • If you don't think you need to file, complete the Response form enclosed with your notice and mail it to us using the envelope provided.
    • If you filed more than four weeks ago or used a different name or EIN, complete the Response form enclosed with your notice and mail it to us in the envelope provided along with a signed and dated copy of the return.

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Answers to Common Questions

Which organizations must file a Form 5227?
Form 5227 must be filed by all charitable remainder trusts described in section 664; all pooled income funds described in section 642(c)(5); and all other trusts such as charitable lead trusts that meet the definition of a split-interest trust under section 4947(a)(2), unless certain exceptions apply (see General Instructions of the Form 5227 Instructions).

When is Form 5227 due?
Form 5227 is due by April 15 of each year. If the due date falls on a Saturday, Sunday, or legal holiday, the organization can file the return on the next business day. More information can be found at the Form 5227 Instructions.

Can I get help over the phone?
If you have questions and/or need help completing the form, please call 1-877-829-5500. Personal assistance is available Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.

Where can I go for more information about tax-exempt organizations?
For more information on tax-exempt organizations see Tax Information for Charities & Other Non-Profits.


Tips for next year

Review the tax-exempt organization resources at Form 990 Resources and Tools for Exempt Organizations.


Understanding your notice

Reading your notice
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Notice CP259F, Page 4

Page Last Reviewed or Updated: 29-Mar-2014

The 2010 Amended Tax Form

2010 amended tax form 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. 2010 amended tax form Amended return, Filing an Amended Return Apartment Cooperative, Cooperative apartments. 2010 amended tax form Rental, Which Property Class Applies Under GDS? Automobile (see Passenger automobile) B Basis Adjustments, Basis adjustment for depreciation allowed or allowable. 2010 amended tax form , Adjustment of partner's basis in partnership. 2010 amended tax form , Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. 2010 amended tax form , Basis adjustment due to casualty loss. 2010 amended tax form Basis for depreciation, What Is the Basis for Depreciation? Casualty loss, Basis adjustment due to casualty loss. 2010 amended tax form Change in use, Property changed from personal use. 2010 amended tax form Cost, Cost as Basis Depreciable basis, Depreciable basis. 2010 amended tax form 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. 2010 amended tax form Term interest, Basis adjustments. 2010 amended tax form Unadjusted, Figuring the Unadjusted Basis of Your Property Business use of property, partial, Partial business or investment use. 2010 amended tax form 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. 2010 amended tax form Casualty loss, effect of, Basis adjustment due to casualty loss. 2010 amended tax form Changing accounting method, Changing Your Accounting Method Communication equipment (see Listed property) Commuting, Commuting use. 2010 amended tax form Computer (see Listed property) Computer software, Computer software. 2010 amended tax form , Off-the-shelf computer software. 2010 amended tax form Containers, Containers. 2010 amended tax form Conventions, Which Convention Applies? Cooperative apartment, Cooperative apartments. 2010 amended tax form Copyright, Patents and copyrights. 2010 amended tax form (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. 2010 amended tax form 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. 2010 amended tax form , Recapture of Excess Depreciation Depreciation allowable, Basis adjustment for depreciation allowed or allowable. 2010 amended tax form Depreciation allowed, Basis adjustment for depreciation allowed or allowable. 2010 amended tax form 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. 2010 amended tax form , Election of ADS. 2010 amended tax form Declining balance (150% DB) method, 150% election. 2010 amended tax form 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. 2010 amended tax form Electric vehicle, Electric Vehicles Employee Depreciation deduction, Can Employees Claim a Deduction? How to claim depreciation, Employee. 2010 amended tax form Employee deduction, listed property, Can Employees Claim a Deduction? Energy property, Energy property. 2010 amended tax form 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. 2010 amended tax form Free tax services, Free help with your tax return. 2010 amended tax form G General asset account Abusive transaction, Abusive transactions. 2010 amended tax form Disposing of property, Disposing of GAA Property Grouping property in, Grouping Property Nonrecognition transaction, Nonrecognition transactions. 2010 amended tax form 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. 2010 amended tax form Qualified infrastructure property, Qualified infrastructure property. 2010 amended tax form Qualified property, Qualified property. 2010 amended tax form Recovery periods for qualified property, Indian Reservation Property Related person, Related person. 2010 amended tax form 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. 2010 amended tax form Investment use of property, partial, Partial business or investment use. 2010 amended tax form 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. 2010 amended tax form Leasehold improvement property, defined, Qualified leasehold improvement property. 2010 amended tax form , Qualified leasehold improvement property. 2010 amended tax form Life tenant, Life tenant. 2010 amended tax form (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. 2010 amended tax form Computer, Computers and Related Peripheral Equipment Condition of employment, Condition of employment. 2010 amended tax form Defined, What Is Listed Property? Employee deduction, Can Employees Claim a Deduction? Employer convenience, Employer's convenience. 2010 amended tax form Improvements to, Improvements to listed property. 2010 amended tax form Leased, Lessee's Inclusion Amount Passenger automobile, Passenger Automobiles Qualified business use, Qualified Business Use Recordkeeping, Adequate Records Related person, Related persons. 2010 amended tax form Reporting on Form 4562, How Is Listed Property Information Reported? Lodging, Property used for lodging. 2010 amended tax form 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. 2010 amended tax form , Office in the home. 2010 amended tax form Ownership, incidents of, Incidents of ownership. 2010 amended tax form P Partial business use, Partial business use. 2010 amended tax form 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. 2010 amended tax form (see also Section 197 intangibles) Personal property, Personal property. 2010 amended tax form 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. 2010 amended tax form , Leased property. 2010 amended tax form Listed, What Is Listed Property? Personal, Personal property. 2010 amended tax form Real, Real property. 2010 amended tax form Retired from service, Retired From Service Tangible personal, Tangible personal property. 2010 amended tax form Term interest, Certain term interests in property. 2010 amended tax form Q Qualified leasehold improvement property, defined, Qualified leasehold improvement property. 2010 amended tax form , Qualified leasehold improvement property. 2010 amended tax form Qualified property, special depreciation allowance, What Is Qualified Property? R Real property, Real property. 2010 amended tax form Recapture Clean-fuel vehicle deduction or credit, Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. 2010 amended tax form General asset account, abusive transaction, Abusive transactions. 2010 amended tax form Listed property, Recapture of Excess Depreciation MACRS depreciation, Revoking an election. 2010 amended tax form 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. 2010 amended tax form , Related persons. 2010 amended tax form , Related persons. 2010 amended tax form , Related persons. 2010 amended tax form , Related person. 2010 amended tax form , Related persons. 2010 amended tax form Rent-to-own property, defined, Qualified rent-to-own property. 2010 amended tax form Rental home (see Residential rental property) Rented property, improvements, Improvements to rented property. 2010 amended tax form 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. 2010 amended tax form Revoking ADS election, Electing ADS. 2010 amended tax form General asset account election, Revoking an election. 2010 amended tax form Section 179 election, Revoking an election. 2010 amended tax form S Sale of property, Sale or Other Disposition Before the Recovery Period Ends Section 179 deduction Business use required, Partial business use. 2010 amended tax form Carryover, Carryover of disallowed deduction. 2010 amended tax form 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. 2010 amended tax form 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. 2010 amended tax form 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. 2010 amended tax form , Off-the-shelf computer software. 2010 amended tax form Sound recording, Films, video tapes, and recordings. 2010 amended tax form 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. 2010 amended tax form Straight line method, Intangible Property, Straight Line Method Created intangibles, Certain created intangibles. 2010 amended tax form T Tangible personal property, Tangible personal property. 2010 amended tax form Term interest, Certain term interests in property. 2010 amended tax form Trade-in of property, Trade-in of other property. 2010 amended tax form 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. 2010 amended tax form 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. 2010 amended tax form MACRS, MACRS Worksheet Prev  Up     Home   More Online Publications