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2012 Federal Tax Forms 1040

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2012 Federal Tax Forms 1040

2012 federal tax forms 1040 Index A Additional Medicare Tax, What's New for 2013, What's New, Employment Taxes, Additional Medicare Tax. 2012 federal tax forms 1040 Advertising, Advertising expenses. 2012 federal tax forms 1040 Amortization Anti-abuse rule, Anti-abuse rule. 2012 federal tax forms 1040 Anti-churning rules, Anti-Churning Rules Atmospheric pollution control facilities, Pollution Control Facilities Corporate organization costs, Costs of Organizing a Corporation Dispositions of section 197 intangibles, Disposition of Section 197 Intangibles Experimental costs, Research and Experimental Costs Geological and geophysical costs, Geological and Geophysical Costs How to deduct, How To Deduct Amortization Incorrect amount deducted, Incorrect Amount of Amortization Deducted Partnership organization costs, Costs of Organizing a Partnership Pollution control facilities, Pollution Control Facilities Reforestation costs, Reforestation Costs Reforestation expenses, Reforestation Costs Related person, Related person. 2012 federal tax forms 1040 Research costs, Research and Experimental Costs Section 197 intangibles defined, Section 197 Intangibles Defined Start-up costs, Business Start-Up Costs Starting a businesscosts, Starting a Business Anticipated liabilities, Anticipated liabilities. 2012 federal tax forms 1040 Assessments, local, Taxes for local benefits. 2012 federal tax forms 1040 Assistance (see Tax help) At-risk limits, At-risk limits. 2012 federal tax forms 1040 Attorney fees, Legal and professional fees. 2012 federal tax forms 1040 Awards, Achievement awards. 2012 federal tax forms 1040 , Length-of-service award. 2012 federal tax forms 1040 , Safety achievement award. 2012 federal tax forms 1040 B Bad debts Defined, Definition of Business Bad Debt How to treat, How To Claim a Business Bad Debt Recovery, Recovery of a Bad Debt Types of, Types of Business Bad Debts When worthless, When a Debt Becomes Worthless Bonuses Employee, Bonuses Royalties, Bonuses and advanced royalties. 2012 federal tax forms 1040 Bribes, Bribes and kickbacks. 2012 federal tax forms 1040 Business Assets, Business Assets Books and records, Business books and records, etc. 2012 federal tax forms 1040 Meal expenses, Meals and Entertainment Use of car, Business use of your car. 2012 federal tax forms 1040 , Car and truck expenses. 2012 federal tax forms 1040 Use of home, Business use of your home. 2012 federal tax forms 1040 C Campaign contribution, Political contributions. 2012 federal tax forms 1040 Capital expenses, Capital Expenses, Capital versus Deductible Expenses Capitalization of interest, Capitalization of Interest Car allowance, Car allowance. 2012 federal tax forms 1040 Car and truck expenses, Car and truck expenses. 2012 federal tax forms 1040 Carrying charges, Carrying Charges Charitable contributions, Charitable contributions. 2012 federal tax forms 1040 Circulation costs, newspapers and periodicals, Circulation Costs Club dues, Club dues and membership fees. 2012 federal tax forms 1040 Comments on publication, Comments and suggestions. 2012 federal tax forms 1040 Commitment fees, Commitment fees or standby charges. 2012 federal tax forms 1040 Computer software, Computer software. 2012 federal tax forms 1040 Constant-yield method, OID, Constant-yield method. 2012 federal tax forms 1040 Contested liability, Contested liability. 2012 federal tax forms 1040 Contributions Charitable, Charitable contributions. 2012 federal tax forms 1040 Political, Political contributions. 2012 federal tax forms 1040 Copyrights, Patents, copyrights, etc. 2012 federal tax forms 1040 Cost depletion, Cost Depletion Cost of getting lease, Cost of Getting a Lease, Getting a Lease Cost of goods sold, Cost of Goods Sold Cost recovery, Cost recovery. 2012 federal tax forms 1040 Covenant not to compete, Covenant not to compete. 2012 federal tax forms 1040 Credit card convenience fees, Credit card convenience fees. 2012 federal tax forms 1040 D De minimis OID, De minimis OID. 2012 federal tax forms 1040 Debt-financed distributions, Debt-financed distribution. 2012 federal tax forms 1040 Definitions Business bad debt, Definition of Business Bad Debt Necessary expense, What Can I Deduct? Ordinary expense, What Can I Deduct? Section 197 intangibles, Section 197 Intangibles Defined Demolition expenses, Demolition expenses or losses. 2012 federal tax forms 1040 Depletion Mineral property, Mineral Property Oil and gas wells, Oil and Gas Wells Percentage table, Mines and other natural deposits. 2012 federal tax forms 1040 Timber, Timber Who can claim, Who Can Claim Depletion? Depreciation (see Cost recovery) Development costs, miners, Development Costs Disabled, improvements for, Barrier Removal Costs Drilling and development costs, Intangible Drilling Costs Dues, membership, Club dues and membership fees. 2012 federal tax forms 1040 E Economic interest, Who Can Claim Depletion? Economic performance, Economic performance. 2012 federal tax forms 1040 Education expenses, Education Expenses, Education expenses. 2012 federal tax forms 1040 Elderly, improvements for, Barrier Removal Costs Employee benefit programs, Employee benefit programs. 2012 federal tax forms 1040 Employment taxes, Employment Taxes Entertainment, Reimbursement of Travel, Meals, and Entertainment Excise taxes, Excise taxes. 2012 federal tax forms 1040 Experimentation costs, Research and Experimental Costs, Research and Experimental Costs Exploration costs, Exploration Costs F Fees Commitment, Commitment fees or standby charges. 2012 federal tax forms 1040 Legal and professional, Legal and professional fees. 2012 federal tax forms 1040 Regulatory, Licenses and regulatory fees. 2012 federal tax forms 1040 Tax return preparation, Tax preparation fees. 2012 federal tax forms 1040 Fines, Penalties and fines. 2012 federal tax forms 1040 Forgone, Forgone interest. 2012 federal tax forms 1040 Forgone interest, Forgone interest. 2012 federal tax forms 1040 Form 3115, Form 3115. 2012 federal tax forms 1040 , Changing Your Accounting Method 4562, How To Deduct Amortization 5213, Using the presumption later. 2012 federal tax forms 1040 8826, Disabled access credit. 2012 federal tax forms 1040 8885, Health coverage tax credit. 2012 federal tax forms 1040 T, Form T. 2012 federal tax forms 1040 Franchise, Franchise, trademark, or trade name. 2012 federal tax forms 1040 , Franchise, trademark, trade name. 2012 federal tax forms 1040 Franchise taxes, Franchise taxes. 2012 federal tax forms 1040 Free tax services, Free help with your tax return. 2012 federal tax forms 1040 Fringe benefits, Fringe Benefits Fuel taxes, Fuel taxes. 2012 federal tax forms 1040 G Gas wells, Natural Gas Wells Geological and geophysical costs Development, oil and gas, Geological and Geophysical Costs Exploration, oil and gas, Geological and Geophysical Costs Geothermal wells, Intangible Drilling Costs, Mines and Geothermal Deposits Gifts, nominal value, Gifts of nominal value. 2012 federal tax forms 1040 Going into business, Going Into Business, Starting a Business Goodwill, Goodwill. 2012 federal tax forms 1040 Gross income, not-for-profit activity, Gross Income H Health insurance, deduction for self-employed, Self-Employed Health Insurance Deduction Heating equipment, Heating equipment. 2012 federal tax forms 1040 Help (see Tax help) Home, business use of, Business use of your home. 2012 federal tax forms 1040 I Impairment-related expenses, Impairment-related expenses. 2012 federal tax forms 1040 Improvements, Improvements By lessee, Improvements by Lessee For disabled and elderly, Barrier Removal Costs Income taxes, Income Taxes Incorrect amount of amortization deducted, Incorrect Amount of Amortization Deducted Insurance Capitalized premiums, Capitalized Premiums Deductible premiums, Deductible Premiums Nondeductible premiums, Nondeductible Premiums Self-employed individuals, Self-Employed Health Insurance Deduction Intangible drilling costs, Intangible Drilling Costs Intangibles, amortization, Section 197 Intangibles Interest, Forgone interest. 2012 federal tax forms 1040 Allocation of, Allocation of Interest Below-market, Below-Market Loans Business expense for, Interest Capitalized, Capitalized interest. 2012 federal tax forms 1040 , Capitalization of Interest Carrying charge, Carrying Charges Deductible, Interest You Can Deduct Life insurance policies, Interest on loans with respect to life insurance policies. 2012 federal tax forms 1040 Not deductible, Interest You Cannot Deduct Refunds of, Refunds of interest. 2012 federal tax forms 1040 When to deduct, When To Deduct Interest Internet-related expenses, Internet-related expenses. 2012 federal tax forms 1040 Interview expenses, Interview expense allowances. 2012 federal tax forms 1040 K Key person, Who is a key person? Kickbacks, Bribes and kickbacks. 2012 federal tax forms 1040 L Leases Canceling, Canceling a lease. 2012 federal tax forms 1040 Cost of getting, Cost of Getting a Lease, Getting a Lease Improvements by lessee, Improvements by Lessee Leveraged, Leveraged leases. 2012 federal tax forms 1040 Mineral, Bonuses and advanced royalties. 2012 federal tax forms 1040 Oil and gas, Bonuses and advanced royalties. 2012 federal tax forms 1040 Sales distinguished, Lease or purchase. 2012 federal tax forms 1040 Taxes on, Taxes on Leased Property Legal and professional fees, Legal and professional fees. 2012 federal tax forms 1040 Licenses, Government-granted license, permit, etc. 2012 federal tax forms 1040 , Licenses and regulatory fees. 2012 federal tax forms 1040 Life insurance coverage, Life insurance coverage. 2012 federal tax forms 1040 Limit on deductions, Not-for-Profit Activities Line of credit, Line of credit (continuous borrowings). 2012 federal tax forms 1040 Loans Below-market interestrate, Below-Market Loans Discounted, Discounted loan. 2012 federal tax forms 1040 Loans or Advances, Loans or Advances Lobbying expenses, Lobbying expenses. 2012 federal tax forms 1040 Long-term care insurance, Qualified long-term care insurance. 2012 federal tax forms 1040 Losses, Limits on losses. 2012 federal tax forms 1040 , Not-for-Profit Activities At-risk limits, At-risk limits. 2012 federal tax forms 1040 Net operating, Net operating loss. 2012 federal tax forms 1040 Passive activities, Passive activities. 2012 federal tax forms 1040 M Machinery parts, Machinery parts. 2012 federal tax forms 1040 Meals, Reimbursement of Travel, Meals, and Entertainment Meals and entertainment, Meals and Entertainment Meals and lodging, Meals and lodging. 2012 federal tax forms 1040 Methods of accounting, When Can I Deduct an Expense? Mining Depletion, Mines and Geothermal Deposits Development costs, Development Costs Exploration costs, Exploration Costs Mortgage, Mortgage. 2012 federal tax forms 1040 , Expenses paid to obtain a mortgage. 2012 federal tax forms 1040 Moving expenses, machinery, Moving machinery. 2012 federal tax forms 1040 N Natural gas, Natural Gas Wells Nonqualifying intangibles, Assets That Are Not Section 197 Intangibles Not-for-profit activities, Not-for-Profit Activities Not-for-profit activity, gross income, Gross Income O Office in home, Business use of your home. 2012 federal tax forms 1040 Oil and gas wells Depletion, Oil and Gas Wells Drilling costs, Intangible Drilling Costs Partnerships, Partnerships and S Corporations S corporations, Partnerships and S Corporations Optional safe harbor method, Optional safe harbor method. 2012 federal tax forms 1040 Optional write-off method Circulation costs, Optional Write-off of Certain Tax Preferences Experimental costs, Optional Write-off of Certain Tax Preferences Intangible drilling and development costs, Optional Write-off of Certain Tax Preferences Mining exploration and development costs, Optional Write-off of Certain Tax Preferences Research costs, Optional Write-off of Certain Tax Preferences Organization costs Corporate, Costs of Organizing a Corporation Partnership, Costs of Organizing a Partnership Organizational costs, Business Start-Up and Organizational Costs Original issue discount, Original issue discount (OID). 2012 federal tax forms 1040 Outplacement services, Outplacement services. 2012 federal tax forms 1040 P Passive activities, Passive activities. 2012 federal tax forms 1040 Payments in kind, Payments in kind. 2012 federal tax forms 1040 Penalties, Prepayment penalty. 2012 federal tax forms 1040 Deductible, Penalties and fines. 2012 federal tax forms 1040 Nondeductible, Penalties and fines. 2012 federal tax forms 1040 Prepayment, Prepayment penalty. 2012 federal tax forms 1040 Per diem and car allowances, Per Diem and Car Allowances Percentage depletion, Percentage Depletion Personal property tax, Personal property tax. 2012 federal tax forms 1040 Political contributions, Political contributions. 2012 federal tax forms 1040 Pollution control facilities, Pollution Control Facilities Prepaid expense, Prepayment. 2012 federal tax forms 1040 Extends useful life, Prepayment. 2012 federal tax forms 1040 Interest, Prepaid interest. 2012 federal tax forms 1040 , Prepaid interest. 2012 federal tax forms 1040 Rent, Rent paid in advance. 2012 federal tax forms 1040 Prepayment penalty, Prepayment penalty. 2012 federal tax forms 1040 Presumption of profit, Not-for-Profit Activities Publications (see Tax help) R Real estate taxes, Real Estate Taxes Recapture Exploration expenses, Recapture of exploration expenses. 2012 federal tax forms 1040 Timber property, Recapture. 2012 federal tax forms 1040 Recordkeeping, Partnerships and S Corporations Recovery of amount deducted, Recovery of amount deducted (tax benefit rule). 2012 federal tax forms 1040 Refiners who cannot claim percentage depletion, Refiners who cannot claim percentage depletion. 2012 federal tax forms 1040 Reforestation costs, Reforestation Costs, Reforestation Costs Regulatory fees, Licenses and regulatory fees. 2012 federal tax forms 1040 Reimbursements, Reimbursements Business expenses, Reimbursements for Business Expenses Mileage, Per Diem and Car Allowances Nonaccountable plan, Nonaccountable Plans Per diem , Per Diem and Car Allowances Related persons Anti-churning rules, Related person. 2012 federal tax forms 1040 Coal or iron ore, Disposal to related person. 2012 federal tax forms 1040 Payments to, Related person. 2012 federal tax forms 1040 , Related person. 2012 federal tax forms 1040 Refiners, Related person. 2012 federal tax forms 1040 Unreasonable rent, Unreasonable rent. 2012 federal tax forms 1040 Removal, Retired Asset Removal Costs, Barrier Removal Costs Rent expense, capitalizing, Capitalizing Rent Expenses Repairs, Repairs. 2012 federal tax forms 1040 Repayments (claim of right), Repayments. 2012 federal tax forms 1040 Research costs, Research and Experimental Costs, Research and Experimental Costs Retiree drug subsidy, What's New for 2013, What's New S Sales taxes, Sales tax. 2012 federal tax forms 1040 Section 179 expense deduction (see Cost recovery) Self-employed health insurance deduction, Self-Employed Health Insurance Deduction Self-employment tax, Self-employment tax. 2012 federal tax forms 1040 Self-insurance, reserve for, Nondeductible Premiums Sick pay, Sick and Vacation Pay Standard meal allowance, Standard meal allowance. 2012 federal tax forms 1040 Standard mileage rate, Car allowance. 2012 federal tax forms 1040 (see Business use of your car) Standby charges, Commitment fees or standby charges. 2012 federal tax forms 1040 Start-up costs, Business Start-Up and Organizational Costs, Business Start-Up Costs Subscriptions, Subscriptions. 2012 federal tax forms 1040 Suggestions for publication, Comments and suggestions. 2012 federal tax forms 1040 Supplies and materials, Supplies and materials. 2012 federal tax forms 1040 T Tax help, How To Get Tax Help Tax preparation fees, Tax preparation fees. 2012 federal tax forms 1040 Taxes, Taxes on Leased Property Carrying charge, Carrying Charges Employment, Employment Taxes Excise, Excise taxes. 2012 federal tax forms 1040 Franchise, Franchise taxes. 2012 federal tax forms 1040 Fuel, Fuel taxes. 2012 federal tax forms 1040 Income, Income Taxes Leased property, Taxes on Leased Property Personal property, Personal property tax. 2012 federal tax forms 1040 Real estate, Real Estate Taxes Sales, Sales tax. 2012 federal tax forms 1040 Unemployment fund, Unemployment fund taxes. 2012 federal tax forms 1040 Telephone, Telephone. 2012 federal tax forms 1040 Timber, Reforestation Costs, Timber Tools, Tools. 2012 federal tax forms 1040 Trademark, trade name, Franchise, trademark, or trade name. 2012 federal tax forms 1040 , Franchise, trademark, trade name. 2012 federal tax forms 1040 Travel, Reimbursement of Travel, Meals, and Entertainment TTY/TDD information, How To Get Tax Help U Unemployment fund taxes, Unemployment fund taxes. 2012 federal tax forms 1040 Unpaid expenses, related person, Related person. 2012 federal tax forms 1040 Utilities, Utilities. 2012 federal tax forms 1040 V Vacation pay, Sick and Vacation Pay W Wages Property, Property Tests for deducting pay, Tests for Deducting Pay Welfare benefit funds, Welfare benefit funds. 2012 federal tax forms 1040 Prev  Up     Home   More Online Publications
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IRS Criminal Investigation Issues Annual Report

IR-2014-18, Feb. 24, 2014
 

WASHINGTON — The Internal Revenue Service today announced the release of its IRS Criminal Investigation (CI) Annual Report for fiscal year 2013, reflecting significant increases in enforcement actions against tax criminals and a robust rise in convictions, including identity theft. 

CI investigates potential criminal violations of the Internal Revenue Code and related financial crimes in a manner to foster confidence in the tax system and compliance with the law.

High points of fiscal year 2013 include a 12.5 percent increase in investigations initiated compared to the prior year and a nearly 18 percent gain in prosecution recommendations. Specifically, CI initiated 5,314 cases and recommended 4,364 cases for prosecution. These increases were accomplished at a time when agent resources decreased more than 5 percent.

Meanwhile, convictions rose more than 25 percent compared to the prior year. The conviction rate for fiscal 2013 was 93 percent.

“The conviction rate is especially important because it reflects the quality of our case work, our teamwork with law enforcement partners and the U.S. Attorneys’ Offices, and it represents an increase over 2011 and 2012,” said Richard Weber, Chief of Criminal Investigation.

CI continues to play a vital role in the fight against identity theft. CI initiated over 1,400 investigations and recommended prosecution of over 1,250 individuals who were involved in identity theft crimes during fiscal 2013.

As an active partner in over 35 Identity Theft Task Forces, CI works side-by-side with federal, state and local law-enforcement agencies to combat the threat of this insidious crime. One of those task forces, the Tampa Bay Identity Theft Alliance, was recently recognized as the "2013 Task Force of the Year," a national award given by the International Association of Financial Crimes Investigators for investigative excellence and outstanding public service. The Tampa Bay Identity Theft Alliance was formed last year and comprises of 20 Tampa Bay federal, state and local law enforcement agencies and prosecutors.

“The Alliance represents true teamwork by all levels of law enforcement,” Weber said. “Individuals who commit identity theft demonstrate a blatant disregard of the integrity of the United States tax system and cause immeasurable hardship to innocent victims.”

In addition, the 36-page report summarizes a wide variety of IRS CI activity on a range of tax crimes, money laundering, public corruption, terrorist financing and narcotics trafficking financial crimes during the fiscal year ending Sept. 30, 2013.

“Our cases involved individuals and corporations from all segments of society. They led us into corporate board rooms, offices of public officials, tax preparation businesses, identity theft gangs and narcotics trafficking organizations,” Weber said.

"This report highlights some of the many noteworthy cases that were completed by CI, which is just the tip of the iceberg of the complex cases we completed this past year,” Weber added. “The dedication and enthusiasm of our employees was a driving force behind these achievements. IRS-CI continues to make our mark in history as the best financial investigators in the world."

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The 2012 Federal Tax Forms 1040

2012 federal tax forms 1040 Internal Revenue Bulletin:  2013-12  March 18, 2013  Rev. 2012 federal tax forms 1040 Proc. 2012 federal tax forms 1040 2013-21 Table of Contents SECTION 1. 2012 federal tax forms 1040 PURPOSE SECTION 2. 2012 federal tax forms 1040 BACKGROUND SECTION 3. 2012 federal tax forms 1040 SCOPE SECTION 4. 2012 federal tax forms 1040 APPLICATION. 2012 federal tax forms 1040 01 Limitations on Depreciation Deductions for Certain Automobiles. 2012 federal tax forms 1040 . 2012 federal tax forms 1040 02 Inclusions in Income of Lessees of Passenger Automobiles. 2012 federal tax forms 1040 SECTION 5. 2012 federal tax forms 1040 EFFECTIVE DATE SECTION 6. 2012 federal tax forms 1040 DRAFTING INFORMATION SECTION 1. 2012 federal tax forms 1040 PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2013, including separate tables of limitations on depreciation deductions for trucks and vans; and (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2013, including a separate table of inclusion amounts for lessees of trucks and vans. 2012 federal tax forms 1040 The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. 2012 federal tax forms 1040 SECTION 2. 2012 federal tax forms 1040 BACKGROUND . 2012 federal tax forms 1040 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. 2012 federal tax forms 1040 For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. 2012 federal tax forms 1040 The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. 2012 federal tax forms 1040 This change reflects the higher rate of price inflation for trucks and vans since 1988. 2012 federal tax forms 1040 . 2012 federal tax forms 1040 02 Section 331(a) of the American Taxpayer Relief Act of 2012, Pub. 2012 federal tax forms 1040 L. 2012 federal tax forms 1040 No. 2012 federal tax forms 1040 112-240, 126 Stat. 2012 federal tax forms 1040 2313 (Jan. 2012 federal tax forms 1040 2, 2013) (the “Act”) extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2014, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2014. 2012 federal tax forms 1040 Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. 2012 federal tax forms 1040 . 2012 federal tax forms 1040 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). 2012 federal tax forms 1040 Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. 2012 federal tax forms 1040 Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2012, that is round 3 extension property (as defined in § 168(k)(4)(J)(iv)). 2012 federal tax forms 1040 Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. 2012 federal tax forms 1040 This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer: (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2013 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. 2012 federal tax forms 1040 . 2012 federal tax forms 1040 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. 2012 federal tax forms 1040 The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. 2012 federal tax forms 1040 Under § 1. 2012 federal tax forms 1040 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. 2012 federal tax forms 1040 One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. 2012 federal tax forms 1040 Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. 2012 federal tax forms 1040 SECTION 3. 2012 federal tax forms 1040 SCOPE . 2012 federal tax forms 1040 01 The limitations on depreciation deductions in section 4. 2012 federal tax forms 1040 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2013, and continue to apply for each taxable year that the passenger automobile remains in service. 2012 federal tax forms 1040 . 2012 federal tax forms 1040 02 The tables in section 4. 2012 federal tax forms 1040 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2013. 2012 federal tax forms 1040 Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. 2012 federal tax forms 1040 See Rev. 2012 federal tax forms 1040 Proc. 2012 federal tax forms 1040 2008-22, 2008-1 C. 2012 federal tax forms 1040 B. 2012 federal tax forms 1040 658, for passenger automobiles first leased during calendar year 2008; Rev. 2012 federal tax forms 1040 Proc. 2012 federal tax forms 1040 2009-24, 2009-17 I. 2012 federal tax forms 1040 R. 2012 federal tax forms 1040 B. 2012 federal tax forms 1040 885, for passenger automobiles first leased during calendar year 2009; Rev. 2012 federal tax forms 1040 Proc. 2012 federal tax forms 1040 2010-18, 2010-09 I. 2012 federal tax forms 1040 R. 2012 federal tax forms 1040 B. 2012 federal tax forms 1040 427, as amplified and modified by section 4. 2012 federal tax forms 1040 03 of Rev. 2012 federal tax forms 1040 Proc. 2012 federal tax forms 1040 2011-21, 2011-12 I. 2012 federal tax forms 1040 R. 2012 federal tax forms 1040 B. 2012 federal tax forms 1040 560, for passenger automobiles first leased during calendar year 2010; Rev. 2012 federal tax forms 1040 Proc. 2012 federal tax forms 1040 2011-21, for passenger automobiles first leased during calendar year 2011; and Rev. 2012 federal tax forms 1040 Proc. 2012 federal tax forms 1040 2012-23, 2012-14 I. 2012 federal tax forms 1040 R. 2012 federal tax forms 1040 B. 2012 federal tax forms 1040 712, for passenger automobiles first leased during calendar year 2012. 2012 federal tax forms 1040 SECTION 4. 2012 federal tax forms 1040 APPLICATION . 2012 federal tax forms 1040 01 Limitations on Depreciation Deductions for Certain Automobiles. 2012 federal tax forms 1040 (1) Amount of the inflation adjustment. 2012 federal tax forms 1040 (a) Passenger automobiles (other than trucks or vans). 2012 federal tax forms 1040 Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. 2012 federal tax forms 1040 Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. 2012 federal tax forms 1040 The new car component of the CPI was 115. 2012 federal tax forms 1040 2 for October 1987 and 143. 2012 federal tax forms 1040 787 for October 2012. 2012 federal tax forms 1040 The October 2012 index exceeded the October 1987 index by 28. 2012 federal tax forms 1040 587. 2012 federal tax forms 1040 Therefore, the automobile price inflation adjustment for 2013 for passenger automobiles (other than trucks and vans) is 24. 2012 federal tax forms 1040 8 percent (28. 2012 federal tax forms 1040 587/115. 2012 federal tax forms 1040 2 x 100%). 2012 federal tax forms 1040 The dollar limitations in § 280F(a) are multiplied by a factor of 0. 2012 federal tax forms 1040 248, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2013. 2012 federal tax forms 1040 This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2013. 2012 federal tax forms 1040 (b) Trucks and vans. 2012 federal tax forms 1040 To determine the dollar limitations for trucks and vans first placed in service during calendar year 2013, the Service uses the new truck component of the CPI instead of the new car component. 2012 federal tax forms 1040 The new truck component of the CPI was 112. 2012 federal tax forms 1040 4 for October 1987 and 149. 2012 federal tax forms 1040 386 for October 2012. 2012 federal tax forms 1040 The October 2012 index exceeded the October 1987 index by 36. 2012 federal tax forms 1040 986. 2012 federal tax forms 1040 Therefore, the automobile price inflation adjustment for 2013 for trucks and vans is 32. 2012 federal tax forms 1040 9 percent (36. 2012 federal tax forms 1040 986/112. 2012 federal tax forms 1040 4 x 100%). 2012 federal tax forms 1040 The dollar limitations in § 280F(a) are multiplied by a factor of 0. 2012 federal tax forms 1040 329, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. 2012 federal tax forms 1040 This adjustment applies to all trucks and vans that are first placed in service in calendar year 2013. 2012 federal tax forms 1040 (2) Amount of the limitation. 2012 federal tax forms 1040 Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2013. 2012 federal tax forms 1040 Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction applies. 2012 federal tax forms 1040 Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction does not apply. 2012 federal tax forms 1040 REV. 2012 federal tax forms 1040 PROC. 2012 federal tax forms 1040 2013-21 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. 2012 federal tax forms 1040 PROC. 2012 federal tax forms 1040 2013-21 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 REV. 2012 federal tax forms 1040 PROC. 2012 federal tax forms 1040 2013-21 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. 2012 federal tax forms 1040 PROC. 2012 federal tax forms 1040 2013-21 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 . 2012 federal tax forms 1040 02 Inclusions in Income of Lessees of Passenger Automobiles. 2012 federal tax forms 1040 A taxpayer must follow the procedures in § 1. 2012 federal tax forms 1040 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2013. 2012 federal tax forms 1040 In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. 2012 federal tax forms 1040 REV. 2012 federal tax forms 1040 PROC. 2012 federal tax forms 1040 2013-21 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 2 4 6 7 8 19,500 20,000 2 5 6 9 9 20,000 20,500 2 5 8 9 11 20,500 21,000 3 6 8 10 12 21,000 21,500 3 6 10 11 13 21,500 22,000 3 7 10 13 14 22,000 23,000 4 8 11 14 16 23,000 24,000 4 9 14 16 18 24,000 25,000 5 10 15 18 21 25,000 26,000 5 12 16 21 23 26,000 27,000 6 12 19 23 25 27,000 28,000 6 14 20 25 28 28,000 29,000 7 15 22 27 30 29,000 30,000 7 16 24 29 33 30,000 31,000 8 17 26 31 35 31,000 32,000 8 19 27 33 38 32,000 33,000 9 20 29 35 40 33,000 34,000 10 21 31 37 43 34,000 35,000 10 22 33 39 45 35,000 36,000 11 23 35 41 48 36,000 37,000 11 25 36 43 50 37,000 38,000 12 26 38 45 53 38,000 39,000 12 27 40 47 55 39,000 40,000 13 28 42 49 58 40,000 41,000 13 29 44 52 59 41,000 42,000 14 30 45 54 63 42,000 43,000 14 32 47 56 64 43,000 44,000 15 33 48 59 67 44,000 45,000 15 34 51 60 69 45,000 46,000 16 35 52 63 72 46,000 47,000 17 36 54 65 74 47,000 48,000 17 38 55 67 77 48,000 49,000 18 39 57 69 79 49,000 50,000 18 40 59 71 82 50,000 51,000 19 41 61 73 84 51,000 52,000 19 42 63 75 87 52,000 53,000 20 43 65 77 89 53,000 54,000 20 45 66 79 92 54,000 55,000 21 46 68 81 94 55,000 56,000 21 47 70 84 96 56,000 57,000 22 48 72 85 99 57,000 58,000 22 50 73 88 101 58,000 59,000 23 51 75 90 103 59,000 60,000 24 52 76 92 106 60,000 62,000 24 54 79 95 110 62,000 64,000 25 56 83 99 115 64,000 66,000 27 58 87 103 120 66,000 68,000 28 60 90 108 125 68,000 70,000 29 63 93 112 130 70,000 72,000 30 65 97 117 134 72,000 74,000 31 68 100 121 139 74,000 76,000 32 70 104 125 144 76,000 78,000 33 73 107 129 149 78,000 80,000 34 75 111 133 154 80,000 85,000 36 79 117 141 162 85,000 90,000 39 85 126 151 174 90,000 95,000 41 91 135 162 186 95,000 100,000 44 97 144 172 199 100,000 110,000 48 106 157 188 217 110,000 120,000 53 118 174 210 241 120,000 130,000 59 129 193 230 266 130,000 140,000 64 141 210 252 290 140,000 150,000 70 153 227 273 315 150,000 160,000 75 165 245 294 339 160,000 170,000 80 177 263 315 363 170,000 180,000 86 189 280 336 388 180,000 190,000 91 201 298 357 412 190,000 200,000 97 212 316 378 436 200,000 210,000 102 224 333 400 461 210,000 220,000 107 236 351 420 486 220,000 230,000 113 248 368 442 509 230,000 240,000 118 260 386 463 534 240,000 And up 124 272 403 484 558 REV. 2012 federal tax forms 1040 PROC. 2012 federal tax forms 1040 2013-21 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 1 3 4 5 6 19,500 20,000 2 3 5 6 7 20,000 20,500 2 4 6 7 8 20,500 21,000 2 5 7 8 9 21,000 21,500 2 5 8 9 11 21,500 22,000 3 6 8 10 12 22,000 23,000 3 7 10 11 14 23,000 24,000 4 8 11 14 16 24,000 25,000 4 9 14 16 18 25,000 26,000 5 10 15 18 21 26,000 27,000 5 12 17 20 23 27,000 28,000 6 13 18 23 25 28,000 29,000 6 14 20 25 28 29,000 30,000 7 15 22 27 30 30,000 31,000 7 16 24 29 33 31,000 32,000 8 17 26 31 35 32,000 33,000 8 19 27 33 38 33,000 34,000 9 20 29 35 41 34,000 35,000 10 21 31 37 43 35,000 36,000 10 22 33 39 46 36,000 37,000 11 23 35 41 48 37,000 38,000 11 25 36 43 51 38,000 39,000 12 26 38 45 53 39,000 40,000 12 27 40 48 55 40,000 41,000 13 28 42 49 58 41,000 42,000 13 29 44 52 60 42,000 43,000 14 30 46 54 62 43,000 44,000 14 32 47 56 65 44,000 45,000 15 33 48 59 67 45,000 46,000 15 34 51 60 70 46,000 47,000 16 35 52 63 72 47,000 48,000 17 36 54 65 74 48,000 49,000 17 38 55 67 77 49,000 50,000 18 39 57 69 79 50,000 51,000 18 40 59 71 82 51,000 52,000 19 41 61 73 84 52,000 53,000 19 42 63 75 87 53,000 54,000 20 43 65 77 89 54,000 55,000 20 45 66 80 91 55,000 56,000 21 46 68 81 94 56,000 57,000 21 47 70 84 96 57,000 58,000 22 48 72 86 98 58,000 59,000 22 50 73 88 101 59,000 60,000 23 51 75 90 103 60,000 62,000 24 52 78 93 108 62,000 64,000 25 55 81 97 113 64,000 66,000 26 57 85 101 118 66,000 68,000 27 60 88 106 122 68,000 70,000 28 62 92 110 127 70,000 72,000 29 64 96 114 132 72,000 74,000 30 67 99 118 137 74,000 76,000 31 69 103 122 142 76,000 78,000 32 72 105 127 147 78,000 80,000 34 73 110 131 151 80,000 85,000 35 78 116 138 160 85,000 90,000 38 84 124 149 172 90,000 95,000 41 90 133 160 184 95,000 100,000 44 95 142 171 196 100,000 110,000 48 104 156 186 214 110,000 120,000 53 116 173 207 240 120,000 130,000 58 128 191 228 264 130,000 140,000 64 140 208 249 288 140,000 150,000 69 152 226 270 313 150,000 160,000 75 164 243 292 336 160,000 170,000 80 176 261 312 361 170,000 180,000 85 188 278 334 386 180,000 190,000 91 199 296 355 410 190,000 200,000 96 211 314 376 434 200,000 210,000 101 223 332 397 459 210,000 220,000 107 235 349 418 483 220,000 230,000 112 247 367 439 507 230,000 240,000 118 259 384 460 532 240,000 And up 123 271 401 482 556 SECTION 5. 2012 federal tax forms 1040 EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2013. 2012 federal tax forms 1040 SECTION 6. 2012 federal tax forms 1040 DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. 2012 federal tax forms 1040 Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). 2012 federal tax forms 1040 For further information regarding this revenue procedure, contact Mr. 2012 federal tax forms 1040 Harvey at (202) 622-4930 (not a toll-free call). 2012 federal tax forms 1040 Prev  Up  Next   Home   More Internal Revenue Bulletins