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H&r block coupons 2012 printable Publication 514 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. H&r block coupons 2012 printable Tax questions. H&r block coupons 2012 printable Useful Items - You may want to see: Reminders Future developments. H&r block coupons 2012 printable  For the latest information about developments related to Pub. H&r block coupons 2012 printable 514, such as legislation enacted after it was published, go to www. H&r block coupons 2012 printable irs. H&r block coupons 2012 printable gov/pub514. H&r block coupons 2012 printable Alternative minimum tax. H&r block coupons 2012 printable  In addition to your regular income tax, you may be liable for the alternative minimum tax. H&r block coupons 2012 printable A foreign tax credit may be allowed in figuring this tax. H&r block coupons 2012 printable See the instructions for Form 6251, Alternative Minimum Tax—Individuals, for a discussion of the alternative minimum tax foreign tax credit. H&r block coupons 2012 printable Change of address. H&r block coupons 2012 printable  If your address changes from the address shown on your last return, use Form 8822, Change of Address, to notify the Internal Revenue Service. H&r block coupons 2012 printable Photographs of missing children. H&r block coupons 2012 printable  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. H&r block coupons 2012 printable Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. H&r block coupons 2012 printable You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. H&r block coupons 2012 printable Introduction If you paid or accrued foreign taxes to a foreign country on foreign source income and are subject to U. H&r block coupons 2012 printable S. H&r block coupons 2012 printable tax on the same income, you may be able to take either a credit or an itemized deduction for those taxes. H&r block coupons 2012 printable Taken as a deduction, foreign income taxes reduce your U. H&r block coupons 2012 printable S. H&r block coupons 2012 printable taxable income. H&r block coupons 2012 printable Taken as a credit, foreign income taxes reduce your U. H&r block coupons 2012 printable S. H&r block coupons 2012 printable tax liability. H&r block coupons 2012 printable In most cases, it is to your advantage to take foreign income taxes as a tax credit. H&r block coupons 2012 printable The major scope of this publication is the foreign tax credit. H&r block coupons 2012 printable The publication discusses: How to choose to take the credit or the deduction, Who can take the credit, What foreign taxes qualify for the credit, How to figure the credit, and How to carry over unused foreign taxes to other tax years. H&r block coupons 2012 printable Unless you qualify for exemption from the foreign tax credit limit, you claim the credit by filing Form 1116 with your U. H&r block coupons 2012 printable S. H&r block coupons 2012 printable income tax return. H&r block coupons 2012 printable Two examples with filled-in Forms 1116 are provided at the end of this publication. H&r block coupons 2012 printable Comments and suggestions. H&r block coupons 2012 printable   We welcome your comments about this publication and your suggestions for future editions. H&r block coupons 2012 printable   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. H&r block coupons 2012 printable NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. H&r block coupons 2012 printable Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. H&r block coupons 2012 printable   You can send your comments from www. H&r block coupons 2012 printable irs. H&r block coupons 2012 printable gov/formspubs/. H&r block coupons 2012 printable Click on “More Information” and then on “Comment on Tax Forms and Publications”. H&r block coupons 2012 printable   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. H&r block coupons 2012 printable Ordering forms and publications. H&r block coupons 2012 printable   Visit www. H&r block coupons 2012 printable irs. H&r block coupons 2012 printable gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. H&r block coupons 2012 printable Internal Revenue Service 1201 N. H&r block coupons 2012 printable Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. H&r block coupons 2012 printable   If you have a tax question, check the information available on IRS. H&r block coupons 2012 printable gov or call 1-800-829-1040. H&r block coupons 2012 printable We cannot answer tax questions sent to either of the above addresses. H&r block coupons 2012 printable Useful Items - You may want to see: Publication 54 Tax Guide for U. H&r block coupons 2012 printable S. H&r block coupons 2012 printable Citizens and Resident Aliens Abroad 519 U. H&r block coupons 2012 printable S. H&r block coupons 2012 printable Tax Guide for Aliens 570 Tax Guide for Individuals With Income From U. H&r block coupons 2012 printable S. H&r block coupons 2012 printable Possessions Form (and Instructions) 1116 Foreign Tax Credit See How To Get Tax Help near the end of this publication for information about getting these publications and this form. H&r block coupons 2012 printable Prev  Up  Next   Home   More Online Publications
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H&r block coupons 2012 printable 2. H&r block coupons 2012 printable   Electing the Section 179 Deduction Table of Contents Introduction Useful Items - You may want to see: What Property Qualifies?Eligible Property Property Acquired for Business Use Property Acquired by Purchase What Property Does Not Qualify?Land and Improvements Excepted Property How Much Can You Deduct?Dollar Limits Business Income Limit Partnerships and Partners S Corporations Other Corporations How Do You Elect the Deduction? When Must You Recapture the Deduction? Introduction You can elect to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. H&r block coupons 2012 printable This is the section 179 deduction. H&r block coupons 2012 printable You can elect the section 179 deduction instead of recovering the cost by taking depreciation deductions. H&r block coupons 2012 printable Estates and trusts cannot elect the section 179 deduction. H&r block coupons 2012 printable This chapter explains what property does and does not qualify for the section 179 deduction, what limits apply to the deduction (including special rules for partnerships and corporations), and how to elect it. H&r block coupons 2012 printable It also explains when and how to recapture the deduction. H&r block coupons 2012 printable Useful Items - You may want to see: Publication 537 Installment Sales 544 Sales and Other Dispositions of Assets 954 Tax Incentives for Distressed Communities Form (and Instructions) 4562 Depreciation and Amortization 4797 Sales of Business Property See chapter 6 for information about getting publications and forms. H&r block coupons 2012 printable What Property Qualifies? To qualify for the section 179 deduction, your property must meet all the following requirements. H&r block coupons 2012 printable It must be eligible property. H&r block coupons 2012 printable It must be acquired for business use. H&r block coupons 2012 printable It must have been acquired by purchase. H&r block coupons 2012 printable It must not be property described later under What Property Does Not Qualify . H&r block coupons 2012 printable The following discussions provide information about these requirements and exceptions. H&r block coupons 2012 printable Eligible Property To qualify for the section 179 deduction, your property must be one of the following types of depreciable property. H&r block coupons 2012 printable Tangible personal property. H&r block coupons 2012 printable Other tangible property (except buildings and their structural components) used as: An integral part of manufacturing, production, or extraction or of furnishing transportation, communications, electricity, gas, water, or sewage disposal services, A research facility used in connection with any of the activities in (a) above, or A facility used in connection with any of the activities in (a) for the bulk storage of fungible commodities. H&r block coupons 2012 printable Single purpose agricultural (livestock) or horticultural structures. H&r block coupons 2012 printable See chapter 7 of Publication 225 for definitions and information regarding the use requirements that apply to these structures. H&r block coupons 2012 printable Storage facilities (except buildings and their structural components) used in connection with distributing petroleum or any primary product of petroleum. H&r block coupons 2012 printable Off-the-shelf computer software. H&r block coupons 2012 printable Qualified real property (described below). H&r block coupons 2012 printable Tangible personal property. H&r block coupons 2012 printable   Tangible personal property is any tangible property that is not real property. H&r block coupons 2012 printable It includes the following property. H&r block coupons 2012 printable Machinery and equipment. H&r block coupons 2012 printable Property contained in or attached to a building (other than structural components), such as refrigerators, grocery store counters, office equipment, printing presses, testing equipment, and signs. H&r block coupons 2012 printable Gasoline storage tanks and pumps at retail service stations. H&r block coupons 2012 printable Livestock, including horses, cattle, hogs, sheep, goats, and mink and other furbearing animals. H&r block coupons 2012 printable   The treatment of property as tangible personal property for the section 179 deduction is not controlled by its treatment under local law. H&r block coupons 2012 printable For example, property may not be tangible personal property for the deduction even if treated so under local law, and some property (such as fixtures) may be tangible personal property for the deduction even if treated as real property under local law. H&r block coupons 2012 printable Off-the-shelf computer software. H&r block coupons 2012 printable   Off-the-shelf computer software placed in service during the tax year is qualifying property for purposes of the section 179 deduction. H&r block coupons 2012 printable This is computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. H&r block coupons 2012 printable It includes any program designed to cause a computer to perform a desired function. H&r block coupons 2012 printable However, a database or similar item is not considered computer software unless it is in the public domain and is incidental to the operation of otherwise qualifying software. H&r block coupons 2012 printable Qualified real property. H&r block coupons 2012 printable   You can elect to treat certain qualified real property you placed in service as section 179 property for tax years beginning in 2013. H&r block coupons 2012 printable If this election is made, the term “section 179 property” will include any qualified real property that is: Qualified leasehold improvement property, Qualified restaurant property, or Qualified retail improvement property. H&r block coupons 2012 printable The maximum section 179 expense deduction that can be elected for qualified section 179 real property is $250,000 of the maximum section 179 deduction of $500,000 in 2013. H&r block coupons 2012 printable For more information, see Special rules for qualified section 179 real property, later. H&r block coupons 2012 printable Also, see Election for certain qualified section 179 real property, later, for information on how to make this election. H&r block coupons 2012 printable Qualified leasehold improvement property. H&r block coupons 2012 printable   Generally, this is any improvement to an interior part of a building (placed in service before January 1, 2014) that is nonresidential real property, provided all of the requirements discussed in chapter 3 under Qualified leasehold improvement property are met. H&r block coupons 2012 printable   In addition, an improvement made by the lessor does not qualify as qualified leasehold improvement property to any subsequent owner unless it is acquired from the original lessor by reason of the lessor’s death or in any of the following types of transactions. H&r block coupons 2012 printable A transaction to which section 381(a) applies, A mere change in the form of conducting the trade or business so long as the property is retained in the trade or business as qualified leasehold improvement property and the taxpayer retains a substantial interest in the trade or business, A like-kind exchange, involuntary conversion, or re-acquisition of real property to the extent that the basis in the property represents the carryover basis, or Certain nonrecognition transactions to the extent that your basis in the property is determined by reference to the transferor’s or distributor’s basis in the property. H&r block coupons 2012 printable Examples include the following. H&r block coupons 2012 printable A complete liquidation of a subsidiary. H&r block coupons 2012 printable A transfer to a corporation controlled by the transferor. H&r block coupons 2012 printable An exchange of property by a corporation solely for stock or securities in another corporation in a reorganization. H&r block coupons 2012 printable Qualified restaurant property. H&r block coupons 2012 printable   Qualified restaurant property is any section 1250 property that is a building or an improvement to a building placed in service after December 31, 2008, and before January 1, 2014. H&r block coupons 2012 printable Also, more than 50% of the building’s square footage must be devoted to preparation of meals and seating for on-premise consumption of prepared meals. H&r block coupons 2012 printable Qualified retail improvement property. H&r block coupons 2012 printable   Generally, this is any improvement (placed in service after December 31, 2008, and before January 1, 2014) to an interior portion of nonresidential real property if it meets the following requirements. H&r block coupons 2012 printable The portion is open to the general public and is used in the retail trade or business of selling tangible property to the general public. H&r block coupons 2012 printable The improvement is placed in service more than 3 years after the date the building was first placed in service. H&r block coupons 2012 printable The expenses are not for the enlargement of the building, any elevator or escalator, any structural components benefiting a common area, or the internal structural framework of the building. H&r block coupons 2012 printable In addition, an improvement made by the lessor does not qualify as qualified retail improvement property to any subsequent owner unless it is acquired from the original lessor by reason of the lessor’s death or in any of the following types of transactions. H&r block coupons 2012 printable A transaction to which section 381(a) applies, A mere change in the form of conducting the trade or business so long as the property is retained in the trade or business as qualified leasehold improvement property and the taxpayer retains a substantial interest in the trade or business, A like-kind exchange, involuntary conversion, or re-acquisition of real property to the extent that the basis in the property represents the carryover basis, or Certain nonrecognition transactions to the extent that your basis in the property is determined by reference to the transferor’s or distributor’s basis in the property. H&r block coupons 2012 printable Examples include the following. H&r block coupons 2012 printable A complete liquidation of a subsidiary. H&r block coupons 2012 printable A transfer to a corporation controlled by the transferor. H&r block coupons 2012 printable An exchange of property by a corporation solely for stock or securities in another corporation in a reorganization. H&r block coupons 2012 printable Property Acquired for Business Use To qualify for the section 179 deduction, your property must have been acquired for use in your trade or business. H&r block coupons 2012 printable Property you acquire only for the production of income, such as investment property, rental property (if renting property is not your trade or business), and property that produces royalties, does not qualify. H&r block coupons 2012 printable Partial business use. H&r block coupons 2012 printable   When you use property for both business and nonbusiness purposes, you can elect the section 179 deduction only if you use the property more than 50% for business in the year you place it in service. H&r block coupons 2012 printable If you use the property more than 50% for business, multiply the cost of the property by the percentage of business use. H&r block coupons 2012 printable Use the resulting business cost to figure your section 179 deduction. H&r block coupons 2012 printable Example. H&r block coupons 2012 printable May Oak bought and placed in service an item of section 179 property costing $11,000. H&r block coupons 2012 printable She used the property 80% for her business and 20% for personal purposes. H&r block coupons 2012 printable The business part of the cost of the property is $8,800 (80% × $11,000). H&r block coupons 2012 printable Property Acquired by Purchase To qualify for the section 179 deduction, your property must have been acquired by purchase. H&r block coupons 2012 printable For example, property acquired by gift or inheritance does not qualify. H&r block coupons 2012 printable Property is not considered acquired by purchase in the following situations. H&r block coupons 2012 printable It is acquired by one component member of a controlled group from another component member of the same group. H&r block coupons 2012 printable Its basis is determined either— In whole or in part by its adjusted basis in the hands of the person from whom it was acquired, or Under the stepped-up basis rules for property acquired from a decedent. H&r block coupons 2012 printable It is acquired from a related person. H&r block coupons 2012 printable Related persons. H&r block coupons 2012 printable   Related persons are described under Related persons earlier. H&r block coupons 2012 printable However, to determine whether property qualifies for the section 179 deduction, treat as an individual's family only his or her spouse, ancestors, and lineal descendants and substitute "50%" for "10%" each place it appears. H&r block coupons 2012 printable Example. H&r block coupons 2012 printable Ken Larch is a tailor. H&r block coupons 2012 printable He bought two industrial sewing machines from his father. H&r block coupons 2012 printable He placed both machines in service in the same year he bought them. H&r block coupons 2012 printable They do not qualify as section 179 property because Ken and his father are related persons. H&r block coupons 2012 printable He cannot claim a section 179 deduction for the cost of these machines. H&r block coupons 2012 printable What Property Does Not Qualify? Certain property does not qualify for the section 179 deduction. H&r block coupons 2012 printable This includes the following. H&r block coupons 2012 printable Land and Improvements Land and land improvements do not qualify as section 179 property. H&r block coupons 2012 printable Land improvements include swimming pools, paved parking areas, wharves, docks, bridges, and fences. H&r block coupons 2012 printable Excepted Property Even if the requirements explained earlier under What Property Qualifies are met, you cannot elect the section 179 deduction for the following property. H&r block coupons 2012 printable Certain property you lease to others (if you are a noncorporate lessor). H&r block coupons 2012 printable Certain property used predominantly to furnish lodging or in connection with the furnishing of lodging. H&r block coupons 2012 printable Air conditioning or heating units. H&r block coupons 2012 printable Property used predominantly outside the United States, except property described in section 168(g)(4) of the Internal Revenue Code. H&r block coupons 2012 printable Property used by certain tax-exempt organizations, except property used in connection with the production of income subject to the tax on unrelated trade or business income. H&r block coupons 2012 printable Property used by governmental units or foreign persons or entities, except property used under a lease with a term of less than 6 months. H&r block coupons 2012 printable Leased property. H&r block coupons 2012 printable   Generally, you cannot claim a section 179 deduction based on the cost of property you lease to someone else. H&r block coupons 2012 printable This rule does not apply to corporations. H&r block coupons 2012 printable However, you can claim a section 179 deduction for the cost of the following property. H&r block coupons 2012 printable Property you manufacture or produce and lease to others. H&r block coupons 2012 printable Property you purchase and lease to others if both the following tests are met. H&r block coupons 2012 printable The term of the lease (including options to renew) is less than 50% of the property's class life. H&r block coupons 2012 printable For the first 12 months after the property is transferred to the lessee, the total business deductions you are allowed on the property (other than rents and reimbursed amounts) are more than 15% of the rental income from the property. H&r block coupons 2012 printable Property used for lodging. H&r block coupons 2012 printable   Generally, you cannot claim a section 179 deduction for property used predominantly to furnish lodging or in connection with the furnishing of lodging. H&r block coupons 2012 printable However, this does not apply to the following types of property. H&r block coupons 2012 printable Nonlodging commercial facilities that are available to those not using the lodging facilities on the same basis as they are available to those using the lodging facilities. H&r block coupons 2012 printable Property used by a hotel or motel in connection with the trade or business of furnishing lodging where the predominant portion of the accommodations is used by transients. H&r block coupons 2012 printable Any certified historic structure to the extent its basis is due to qualified rehabilitation expenditures. H&r block coupons 2012 printable Any energy property. H&r block coupons 2012 printable Energy property. H&r block coupons 2012 printable   Energy property is property that meets the following requirements. H&r block coupons 2012 printable It is one of the following types of property. H&r block coupons 2012 printable Equipment that uses solar energy to generate electricity, to heat or cool a structure, to provide hot water for use in a structure, or to provide solar process heat, except for equipment used to generate energy to heat a swimming pool. H&r block coupons 2012 printable Equipment placed in service after December 31, 2005, and before January 1, 2017, that uses solar energy to illuminate the inside of a structure using fiber-optic distributed sunlight. H&r block coupons 2012 printable Equipment used to produce, distribute, or use energy derived from a geothermal deposit. H&r block coupons 2012 printable For electricity generated by geothermal power, this includes equipment up to (but not including) the electrical transmission stage. H&r block coupons 2012 printable Qualified fuel cell property or qualified microturbine property placed in service after December 31, 2005, and before January 1, 2017. H&r block coupons 2012 printable The construction, reconstruction, or erection of the property must be completed by you. H&r block coupons 2012 printable For property you acquire, the original use of the property must begin with you. H&r block coupons 2012 printable The property must meet the performance and quality standards, if any, prescribed by Income Tax Regulations in effect at the time you get the property. H&r block coupons 2012 printable   For periods before February 14, 2008, energy property does not include any property that is public utility property as defined by section 46(f)(5) of the Internal Revenue Code (as in effect on November 4, 1990). H&r block coupons 2012 printable How Much Can You Deduct? Your section 179 deduction is generally the cost of the qualifying property. H&r block coupons 2012 printable However, the total amount you can elect to deduct under section 179 is subject to a dollar limit and a business income limit. H&r block coupons 2012 printable These limits apply to each taxpayer, not to each business. H&r block coupons 2012 printable However, see Married Individuals under Dollar Limits , later. H&r block coupons 2012 printable For a passenger automobile, the total section 179 deduction and depreciation deduction are limited. H&r block coupons 2012 printable See Do the Passenger Automobile Limits Apply in chapter 5 . H&r block coupons 2012 printable If you deduct only part of the cost of qualifying property as a section 179 deduction, you can generally depreciate the cost you do not deduct. H&r block coupons 2012 printable Trade-in of other property. H&r block coupons 2012 printable   If you buy qualifying property with cash and a trade-in, its cost for purposes of the section 179 deduction includes only the cash you paid. H&r block coupons 2012 printable Example. H&r block coupons 2012 printable Silver Leaf, a retail bakery, traded two ovens having a total adjusted basis of $680 for a new oven costing $1,320. H&r block coupons 2012 printable They received an $800 trade-in allowance for the old ovens and paid $520 in cash for the new oven. H&r block coupons 2012 printable The bakery also traded a used van with an adjusted basis of $4,500 for a new van costing $9,000. H&r block coupons 2012 printable They received a $4,800 trade-in allowance on the used van and paid $4,200 in cash for the new van. H&r block coupons 2012 printable Only the portion of the new property's basis paid by cash qualifies for the section 179 deduction. H&r block coupons 2012 printable Therefore, Silver Leaf's qualifying costs for the section 179 deduction are $4,720 ($520 + $4,200). H&r block coupons 2012 printable Dollar Limits The total amount you can elect to deduct under section 179 for most property placed in service in 2013 generally cannot be more than $500,000. H&r block coupons 2012 printable If you acquire and place in service more than one item of qualifying property during the year, you can allocate the section 179 deduction among the items in any way, as long as the total deduction is not more than $500,000. H&r block coupons 2012 printable You do not have to claim the full $500,000. H&r block coupons 2012 printable Qualified real property (described earlier) that you elected to treat as section 179 real property is limited to $250,000 of the maximum deduction of $500,000 for 2013. H&r block coupons 2012 printable The amount you can elect to deduct is not affected if you place qualifying property in service in a short tax year or if you place qualifying property in service for only a part of a 12-month tax year. H&r block coupons 2012 printable After you apply the dollar limit to determine a tentative deduction, you must apply the business income limit (described later) to determine your actual section 179 deduction. H&r block coupons 2012 printable Example. H&r block coupons 2012 printable In 2013, you bought and placed in service $500,000 in machinery and a $25,000 circular saw for your business. H&r block coupons 2012 printable You elect to deduct $475,000 for the machinery and the entire $25,000 for the saw, a total of $500,000. H&r block coupons 2012 printable This is the maximum amount you can deduct. H&r block coupons 2012 printable Your $25,000 deduction for the saw completely recovered its cost. H&r block coupons 2012 printable Your basis for depreciation is zero. H&r block coupons 2012 printable The basis for depreciation of your machinery is $25,000. H&r block coupons 2012 printable You figure this by subtracting your $475,000 section 179 deduction for the machinery from the $500,000 cost of the machinery. H&r block coupons 2012 printable Situations affecting dollar limit. H&r block coupons 2012 printable   Under certain circumstances, the general dollar limits on the section 179 deduction may be reduced or increased or there may be additional dollar limits. H&r block coupons 2012 printable The general dollar limit is affected by any of the following situations. H&r block coupons 2012 printable The cost of your section 179 property placed in service exceeds $2,000,000. H&r block coupons 2012 printable Your business is an enterprise zone business. H&r block coupons 2012 printable You placed in service a sport utility or certain other vehicles. H&r block coupons 2012 printable You are married filing a joint or separate return. H&r block coupons 2012 printable Costs exceeding $2,000,000 If the cost of your qualifying section 179 property placed in service in a year is more than $2,000,000, you generally must reduce the dollar limit (but not below zero) by the amount of cost over $2,000,000. H&r block coupons 2012 printable If the cost of your section 179 property placed in service during 2013 is $2,500,000 or more, you cannot take a section 179 deduction. H&r block coupons 2012 printable Example. H&r block coupons 2012 printable In 2013, Jane Ash placed in service machinery costing $2,100,000. H&r block coupons 2012 printable This cost is $100,000 more than $2,000,000, so she must reduce her dollar limit to $400,000 ($500,000 − $100,000). H&r block coupons 2012 printable Enterprise Zone Businesses An increased section 179 deduction is available to enterprise zone businesses for qualified zone property placed in service during the tax year, in an empowerment zone. H&r block coupons 2012 printable For more information including the definitions of “enterprise zone business” and “qualified zone property,” see sections 1397A, 1397C, and 1397D of the Internal Revenue Code. H&r block coupons 2012 printable The dollar limit on the section 179 deduction is increased by the smaller of: $35,000, or The cost of section 179 property that is also qualified zone property placed in service before January 1, 2014 (including such property placed in service by your spouse, even if you are filing a separate return). H&r block coupons 2012 printable Note. H&r block coupons 2012 printable   You take into account only 50% (instead of 100%) of the cost of qualified zone property placed in service in a year when figuring the reduced dollar limit for costs exceeding $2,000,000 (explained earlier). H&r block coupons 2012 printable Sport Utility and Certain Other Vehicles You cannot elect to expense more than $25,000 of the cost of any heavy sport utility vehicle (SUV) and certain other vehicles placed in service during the tax year. H&r block coupons 2012 printable This rule applies to any 4-wheeled vehicle primarily designed or used to carry passengers over public streets, roads, or highways, that is rated at more than 6,000 pounds gross vehicle weight and not more than 14,000 pounds gross vehicle weight. H&r block coupons 2012 printable However, the $25,000 limit does not apply to any vehicle: Designed to seat more than nine passengers behind the driver's seat, Equipped with a cargo area (either open or enclosed by a cap) of at least six feet in interior length that is not readily accessible from the passenger compartment, or That has an integral enclosure fully enclosing the driver compartment and load carrying device, does not have seating rearward of the driver's seat, and has no body section protruding more than 30 inches ahead of the leading edge of the windshield. H&r block coupons 2012 printable Married Individuals If you are married, how you figure your section 179 deduction depends on whether you file jointly or separately. H&r block coupons 2012 printable If you file a joint return, you and your spouse are treated as one taxpayer in determining any reduction to the dollar limit, regardless of which of you purchased the property or placed it in service. H&r block coupons 2012 printable If you and your spouse file separate returns, you are treated as one taxpayer for the dollar limit, including the reduction for costs over $2,000,000. H&r block coupons 2012 printable You must allocate the dollar limit (after any reduction) between you equally, unless you both elect a different allocation. H&r block coupons 2012 printable If the percentages elected by each of you do not total 100%, 50% will be allocated to each of you. H&r block coupons 2012 printable Example. H&r block coupons 2012 printable Jack Elm is married. H&r block coupons 2012 printable He and his wife file separate returns. H&r block coupons 2012 printable Jack bought and placed in service $2,000,000 of qualified farm machinery in 2013. H&r block coupons 2012 printable His wife has her own business, and she bought and placed in service $30,000 of qualified business equipment. H&r block coupons 2012 printable Their combined dollar limit is $470,000. H&r block coupons 2012 printable This is because they must figure the limit as if they were one taxpayer. H&r block coupons 2012 printable They reduce the $500,000 dollar limit by the $30,000 excess of their costs over $2,000,000. H&r block coupons 2012 printable They elect to allocate the $470,000 dollar limit as follows. H&r block coupons 2012 printable $446,500 ($470,000 x 95%) to Mr. H&r block coupons 2012 printable Elm's machinery. H&r block coupons 2012 printable $23,500 ($470,000 x 5%) to Mrs. H&r block coupons 2012 printable Elm's equipment. H&r block coupons 2012 printable If they did not make an election to allocate their costs in this way, they would have to allocate $235,000 ($470,000 × 50%) to each of them. H&r block coupons 2012 printable Joint return after filing separate returns. H&r block coupons 2012 printable   If you and your spouse elect to amend your separate returns by filing a joint return after the due date for filing your return, the dollar limit on the joint return is the lesser of the following amounts. H&r block coupons 2012 printable The dollar limit (after reduction for any cost of section 179 property over $2,000,000). H&r block coupons 2012 printable The total cost of section 179 property you and your spouse elected to expense on your separate returns. H&r block coupons 2012 printable Example. H&r block coupons 2012 printable The facts are the same as in the previous example except that Jack elected to deduct $30,000 of the cost of section 179 property on his separate return and his wife elected to deduct $2,000. H&r block coupons 2012 printable After the due date of their returns, they file a joint return. H&r block coupons 2012 printable Their dollar limit for the section 179 deduction is $32,000. H&r block coupons 2012 printable This is the lesser of the following amounts. H&r block coupons 2012 printable $470,000—The dollar limit less the cost of section 179 property over $2,000,000. H&r block coupons 2012 printable $32,000—The total they elected to expense on their separate returns. H&r block coupons 2012 printable Business Income Limit The total cost you can deduct each year after you apply the dollar limit is limited to the taxable income from the active conduct of any trade or business during the year. H&r block coupons 2012 printable Generally, you are considered to actively conduct a trade or business if you meaningfully participate in the management or operations of the trade or business. H&r block coupons 2012 printable Any cost not deductible in one year under section 179 because of this limit can be carried to the next year. H&r block coupons 2012 printable Special rules apply to a 2013 deduction of qualified section 179 real property that is disallowed because of the business income limit. H&r block coupons 2012 printable See Special rules for qualified section 179 property under Carryover of disallowed deduction, later. H&r block coupons 2012 printable Taxable income. H&r block coupons 2012 printable   In general, figure taxable income for this purpose by totaling the net income and losses from all trades and businesses you actively conducted during the year. H&r block coupons 2012 printable Net income or loss from a trade or business includes the following items. H&r block coupons 2012 printable Section 1231 gains (or losses). H&r block coupons 2012 printable Interest from working capital of your trade or business. H&r block coupons 2012 printable Wages, salaries, tips, or other pay earned as an employee. H&r block coupons 2012 printable For information about section 1231 gains and losses, see chapter 3 in Publication 544. H&r block coupons 2012 printable   In addition, figure taxable income without regard to any of the following. H&r block coupons 2012 printable The section 179 deduction. H&r block coupons 2012 printable The self-employment tax deduction. H&r block coupons 2012 printable Any net operating loss carryback or carryforward. H&r block coupons 2012 printable Any unreimbursed employee business expenses. H&r block coupons 2012 printable Two different taxable income limits. H&r block coupons 2012 printable   In addition to the business income limit for your section 179 deduction, you may have a taxable income limit for some other deduction. H&r block coupons 2012 printable You may have to figure the limit for this other deduction taking into account the section 179 deduction. H&r block coupons 2012 printable If so, complete the following steps. H&r block coupons 2012 printable Step Action 1 Figure taxable income without the section 179 deduction or the other deduction. H&r block coupons 2012 printable 2 Figure a hypothetical section 179 deduction using the taxable income figured in Step 1. H&r block coupons 2012 printable 3 Subtract the hypothetical section 179 deduction figured in Step 2 from the taxable income figured in Step 1. H&r block coupons 2012 printable 4 Figure a hypothetical amount for the other deduction using the amount figured in Step 3 as taxable income. H&r block coupons 2012 printable 5 Subtract the hypothetical other deduction figured in Step 4 from the taxable income figured in Step 1. H&r block coupons 2012 printable 6 Figure your actual section 179 deduction using the taxable income figured in Step 5. H&r block coupons 2012 printable 7 Subtract your actual section 179 deduction figured in Step 6 from the taxable income figured in Step 1. H&r block coupons 2012 printable 8 Figure your actual other deduction using the taxable income figured in Step 7. H&r block coupons 2012 printable Example. H&r block coupons 2012 printable On February 1, 2013, the XYZ corporation purchased and placed in service qualifying section 179 property that cost $500,000. H&r block coupons 2012 printable It elects to expense the entire $500,000 cost under section 179. H&r block coupons 2012 printable In June, the corporation gave a charitable contribution of $10,000. H&r block coupons 2012 printable A corporation's limit on charitable contributions is figured after subtracting any section 179 deduction. H&r block coupons 2012 printable The business income limit for the section 179 deduction is figured after subtracting any allowable charitable contributions. H&r block coupons 2012 printable XYZ's taxable income figured without the section 179 deduction or the deduction for charitable contributions is $520,000. H&r block coupons 2012 printable XYZ figures its section 179 deduction and its deduction for charitable contributions as follows. H&r block coupons 2012 printable Step 1– Taxable income figured without either deduction is $520,000. H&r block coupons 2012 printable Step 2– Using $520,000 as taxable income, XYZ's hypothetical section 179 deduction is $500,000. H&r block coupons 2012 printable Step 3– $20,000 ($520,000 − $500,000). H&r block coupons 2012 printable Step 4– Using $20,000 (from Step 3) as taxable income, XYZ's hypothetical charitable contribution (limited to 10% of taxable income) is $2,000. H&r block coupons 2012 printable Step 5– $518,000 ($520,000 − $2,000). H&r block coupons 2012 printable Step 6– Using $518,000 (from Step 5) as taxable income, XYZ figures the actual section 179 deduction. H&r block coupons 2012 printable Because the taxable income is at least $500,000, XYZ can take a $500,000 section 179 deduction. H&r block coupons 2012 printable Step 7– $20,000 ($520,000 − $500,000). H&r block coupons 2012 printable Step 8– Using $20,000 (from Step 7) as taxable income, XYZ's actual charitable contribution (limited to 10% of taxable income) is $2,000. H&r block coupons 2012 printable Carryover of disallowed deduction. H&r block coupons 2012 printable   You can carry over for an unlimited number of years the cost of any section 179 property you elected to expense but were unable to because of the business income limit. H&r block coupons 2012 printable This disallowed deduction amount is shown on line 13 of Form 4562. H&r block coupons 2012 printable You use the amount you carry over to determine your section 179 deduction in the next year. H&r block coupons 2012 printable Enter that amount on line 10 of your Form 4562 for the next year. H&r block coupons 2012 printable   If you place more than one property in service in a year, you can select the properties for which all or a part of the costs will be carried forward. H&r block coupons 2012 printable Your selections must be shown in your books and records. H&r block coupons 2012 printable For this purpose, treat section 179 costs allocated from a partnership or an S corporation as one item of section 179 property. H&r block coupons 2012 printable If you do not make a selection, the total carryover will be allocated equally among the properties you elected to expense for the year. H&r block coupons 2012 printable   If costs from more than one year are carried forward to a subsequent year in which only part of the total carryover can be deducted, you must deduct the costs being carried forward from the earliest year first. H&r block coupons 2012 printable Special rules for qualified section 179 real property. H&r block coupons 2012 printable   You can carry over to 2013 a 2012 deduction attributable to qualified section 179 real property that you elected to expense but were unable to take because of the business income limitation. H&r block coupons 2012 printable Any such 2012 carryover amounts that are not deducted in 2013, plus any 2013 disallowed section 179 expense deductions attributable to qualified real property, are not carried over to 2014. H&r block coupons 2012 printable Instead these amounts are treated as property placed in service on the first day of 2013 for purposes of computing depreciation (including the special depreciation allowance, if applicable). H&r block coupons 2012 printable See section 179(f) of the Internal Revenue Code and Notice 2013-59 for more information. H&r block coupons 2012 printable If there is a sale or other disposition of your property (including a transfer at death) before you can use the full amount of any outstanding carryover of your disallowed section 179 deduction, neither you nor the new owner can deduct any of the unused amount. H&r block coupons 2012 printable Instead, you must add it back to the property's basis. H&r block coupons 2012 printable Partnerships and Partners The section 179 deduction limits apply both to the partnership and to each partner. H&r block coupons 2012 printable The partnership determines its section 179 deduction subject to the limits. H&r block coupons 2012 printable It then allocates the deduction among its partners. H&r block coupons 2012 printable Each partner adds the amount allocated from partnerships (shown on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. H&r block coupons 2012 printable ) to his or her nonpartnership section 179 costs and then applies the dollar limit to this total. H&r block coupons 2012 printable To determine any reduction in the dollar limit for costs over $2,000,000, the partner does not include any of the cost of section 179 property placed in service by the partnership. H&r block coupons 2012 printable After the dollar limit (reduced for any nonpartnership section 179 costs over $2,000,000) is applied, any remaining cost of the partnership and nonpartnership section 179 property is subject to the business income limit. H&r block coupons 2012 printable Partnership's taxable income. H&r block coupons 2012 printable   For purposes of the business income limit, figure the partnership's taxable income by adding together the net income and losses from all trades or businesses actively conducted by the partnership during the year. H&r block coupons 2012 printable See the Instructions for Form 1065 for information on how to figure partnership net income (or loss). H&r block coupons 2012 printable However, figure taxable income without regard to credits, tax-exempt income, the section 179 deduction, and guaranteed payments under section 707(c) of the Internal Revenue Code. H&r block coupons 2012 printable Partner's share of partnership's taxable income. H&r block coupons 2012 printable   For purposes of the business income limit, the taxable income of a partner engaged in the active conduct of one or more of a partnership's trades or businesses includes his or her allocable share of taxable income derived from the partnership's active conduct of any trade or business. H&r block coupons 2012 printable Example. H&r block coupons 2012 printable In 2013, Beech Partnership placed in service section 179 property with a total cost of $2,025,000. H&r block coupons 2012 printable The partnership must reduce its dollar limit by $25,000 ($2,025,000 − $2,000,000). H&r block coupons 2012 printable Its maximum section 179 deduction is $475,000 ($500,000 − $25,000), and it elects to expense that amount. H&r block coupons 2012 printable The partnership's taxable income from the active conduct of all its trades or businesses for the year was $600,000, so it can deduct the full $475,000. H&r block coupons 2012 printable It allocates $40,000 of its section 179 deduction and $50,000 of its taxable income to Dean, one of its partners. H&r block coupons 2012 printable In addition to being a partner in Beech Partnership, Dean is also a partner in the Cedar Partnership, which allocated to him a $30,000 section 179 deduction and $35,000 of its taxable income from the active conduct of its business. H&r block coupons 2012 printable He also conducts a business as a sole proprietor and, in 2013, placed in service in that business qualifying section 179 property costing $55,000. H&r block coupons 2012 printable He had a net loss of $5,000 from that business for the year. H&r block coupons 2012 printable Dean does not have to include section 179 partnership costs to figure any reduction in his dollar limit, so his total section 179 costs for the year are not more than $2,000,000 and his dollar limit is not reduced. H&r block coupons 2012 printable His maximum section 179 deduction is $500,000. H&r block coupons 2012 printable He elects to expense all of the $70,000 in section 179 deductions allocated from the partnerships ($40,000 from Beech Partnership plus $30,000 from Cedar Partnership), plus $55,000 of his sole proprietorship's section 179 costs, and notes that information in his books and records. H&r block coupons 2012 printable However, his deduction is limited to his business taxable income of $80,000 ($50,000 from Beech Partnership, plus $35,000 from Cedar Partnership minus $5,000 loss from his sole proprietorship). H&r block coupons 2012 printable He carries over $45,000 ($125,000 − $80,000) of the elected section 179 costs to 2014. H&r block coupons 2012 printable He allocates the carryover amount to the cost of section 179 property placed in service in his sole proprietorship, and notes that allocation in his books and records. H&r block coupons 2012 printable Different tax years. H&r block coupons 2012 printable   For purposes of the business income limit, if the partner's tax year and that of the partnership differ, the partner's share of the partnership's taxable income for a tax year is generally the partner's distributive share for the partnership tax year that ends with or within the partner's tax year. H&r block coupons 2012 printable Example. H&r block coupons 2012 printable John and James Oak are equal partners in Oak Partnership. H&r block coupons 2012 printable Oak Partnership uses a tax year ending January 31. H&r block coupons 2012 printable John and James both use a tax year ending December 31. H&r block coupons 2012 printable For its tax year ending January 31, 2013, Oak Partnership's taxable income from the active conduct of its business is $80,000, of which $70,000 was earned during 2012. H&r block coupons 2012 printable John and James each include $40,000 (each partner's entire share) of partnership taxable income in computing their business income limit for the 2013 tax year. H&r block coupons 2012 printable Adjustment of partner's basis in partnership. H&r block coupons 2012 printable   A partner must reduce the basis of his or her partnership interest by the total amount of section 179 expenses allocated from the partnership even if the partner cannot currently deduct the total amount. H&r block coupons 2012 printable If the partner disposes of his or her partnership interest, the partner's basis for determining gain or loss is increased by any outstanding carryover of disallowed section 179 expenses allocated from the partnership. H&r block coupons 2012 printable Adjustment of partnership's basis in section 179 property. H&r block coupons 2012 printable   The basis of a partnership's section 179 property must be reduced by the section 179 deduction elected by the partnership. H&r block coupons 2012 printable This reduction of basis must be made even if a partner cannot deduct all or part of the section 179 deduction allocated to that partner by the partnership because of the limits. H&r block coupons 2012 printable S Corporations Generally, the rules that apply to a partnership and its partners also apply to an S corporation and its shareholders. H&r block coupons 2012 printable The deduction limits apply to an S corporation and to each shareholder. H&r block coupons 2012 printable The S corporation allocates its deduction to the shareholders who then take their section 179 deduction subject to the limits. H&r block coupons 2012 printable Figuring taxable income for an S corporation. H&r block coupons 2012 printable   To figure taxable income (or loss) from the active conduct by an S corporation of any trade or business, you total the net income and losses from all trades or businesses actively conducted by the S corporation during the year. H&r block coupons 2012 printable   To figure the net income (or loss) from a trade or business actively conducted by an S corporation, you take into account the items from that trade or business that are passed through to the shareholders and used in determining each shareholder's tax liability. H&r block coupons 2012 printable However, you do not take into account any credits, tax-exempt income, the section 179 deduction, and deductions for compensation paid to shareholder-employees. H&r block coupons 2012 printable For purposes of determining the total amount of S corporation items, treat deductions and losses as negative income. H&r block coupons 2012 printable In figuring the taxable income of an S corporation, disregard any limits on the amount of an S corporation item that must be taken into account when figuring a shareholder's taxable income. H&r block coupons 2012 printable Other Corporations A corporation's taxable income from its active conduct of any trade or business is its taxable income figured with the following changes. H&r block coupons 2012 printable It is figured before deducting the section 179 deduction, any net operating loss deduction, and special deductions (as reported on the corporation's income tax return). H&r block coupons 2012 printable It is adjusted for items of income or deduction included in the amount figured in 1, above, not derived from a trade or business actively conducted by the corporation during the tax year. H&r block coupons 2012 printable How Do You Elect the Deduction? You elect to take the section 179 deduction by completing Part I of Form 4562. H&r block coupons 2012 printable If you elect the deduction for listed property (described in chapter 5), complete Part V of Form 4562 before completing Part I. H&r block coupons 2012 printable For property placed in service in 2013, file Form 4562 with either of the following. H&r block coupons 2012 printable Your original 2013 tax return, whether or not you file it timely. H&r block coupons 2012 printable An amended return for 2013 filed within the time prescribed by law. H&r block coupons 2012 printable An election made on an amended return must specify the item of section 179 property to which the election applies and the part of the cost of each such item to be taken into account. H&r block coupons 2012 printable The amended return must also include any resulting adjustments to taxable income. H&r block coupons 2012 printable You must keep records that show the specific identification of each piece of qualifying section 179 property. H&r block coupons 2012 printable These records must show how you acquired the property, the person you acquired it from, and when you placed it in service. H&r block coupons 2012 printable Election for certain qualified section 179 real property. H&r block coupons 2012 printable   You can elect to expense certain qualified real property that you placed in service as section 179 property for tax years beginning in 2013. H&r block coupons 2012 printable If you elect to treat this property as section 179 property, you must elect the application of the special rules for qualified real property described in section 179(f) of the Internal Revenue Code. H&r block coupons 2012 printable   To make the election, attach a statement indicating you are “electing the application of section 179(f) of the Internal Revenue Code” with either of the following. H&r block coupons 2012 printable Your original 2013 tax return, whether or not you file it timely. H&r block coupons 2012 printable An amended return for 2013 filed within the time prescribed by law. H&r block coupons 2012 printable The amended return must also include any adjustments to taxable income. H&r block coupons 2012 printable   The statement should indicate your election to expense certain qualified real property under section 179(f) on your return. H&r block coupons 2012 printable It must specify one or more of the three types of qualified property (described under Qualified real property ) to which the election applies, the cost of each such type, and the portion of the cost of each such property to be taken into account. H&r block coupons 2012 printable Also, report this on line 6 of Form 4562. H&r block coupons 2012 printable    The maximum section 179 expense deduction that can be taken for qualified section 179 real property is limited to $250,000. H&r block coupons 2012 printable Revoking an election. H&r block coupons 2012 printable   An election (or any specification made in the election) to take a section 179 deduction for 2013 can be revoked without IRS approval by filing an amended return. H&r block coupons 2012 printable The amended return must be filed within the time prescribed by law. H&r block coupons 2012 printable The amended return must also include any resulting adjustments to taxable income. H&r block coupons 2012 printable Once made, the revocation is irrevocable. H&r block coupons 2012 printable When Must You Recapture the Deduction? You may have to recapture the section 179 deduction if, in any year during the property's recovery period, the percentage of business use drops to 50% or less. H&r block coupons 2012 printable In the year the business use drops to 50% or less, you include the recapture amount as ordinary income in Part IV of Form 4797. H&r block coupons 2012 printable You also increase the basis of the property by the recapture amount. H&r block coupons 2012 printable Recovery periods for property are discussed under Which Recovery Period Applies in chapter 4 . H&r block coupons 2012 printable If you sell, exchange, or otherwise dispose of the property, do not figure the recapture amount under the rules explained in this discussion. H&r block coupons 2012 printable Instead, use the rules for recapturing depreciation explained in chapter 3 of Publication 544 under Section 1245 Property. H&r block coupons 2012 printable For qualified real property (described earlier), see Notice 2013-59 for determining the portion of the gain that is attributable to section 1245 property upon the sale or other disposition of qualified real property. H&r block coupons 2012 printable If the property is listed property (described in chapter 5 ), do not figure the recapture amount under the rules explained in this discussion when the percentage of business use drops to 50% or less. H&r block coupons 2012 printable Instead, use the rules for recapturing excess depreciation in chapter 5 under What Is the Business-Use Requirement. H&r block coupons 2012 printable Figuring the recapture amount. H&r block coupons 2012 printable   To figure the amount to recapture, take the following steps. H&r block coupons 2012 printable Figure the depreciation that would have been allowable on the section 179 deduction you claimed. H&r block coupons 2012 printable Begin with the year you placed the property in service and include the year of recapture. H&r block coupons 2012 printable Subtract the depreciation figured in (1) from the section 179 deduction you claimed. H&r block coupons 2012 printable The result is the amount you must recapture. H&r block coupons 2012 printable Example. H&r block coupons 2012 printable In January 2011, Paul Lamb, a calendar year taxpayer, bought and placed in service section 179 property costing $10,000. H&r block coupons 2012 printable The property is not listed property. H&r block coupons 2012 printable The property is 3-year property. H&r block coupons 2012 printable He elected a $5,000 section 179 deduction for the property and also elected not to claim a special depreciation allowance. H&r block coupons 2012 printable He used the property only for business in 2011 and 2012. H&r block coupons 2012 printable In 2013, he used the property 40% for business and 60% for personal use. H&r block coupons 2012 printable He figures his recapture amount as follows. H&r block coupons 2012 printable Section 179 deduction claimed (2011) $5,000. H&r block coupons 2012 printable 00 Minus: Allowable depreciation using Table A-1 (instead of section 179 deduction):   2011 $1,666. H&r block coupons 2012 printable 50   2012 2,222. H&r block coupons 2012 printable 50   2013 ($740. H&r block coupons 2012 printable 50 × 40% (business)) 296. H&r block coupons 2012 printable 20 4,185. H&r block coupons 2012 printable 20 2013 — Recapture amount $ 814. H&r block coupons 2012 printable 80 Paul must include $814. H&r block coupons 2012 printable 80 in income for 2013. H&r block coupons 2012 printable If any qualified zone property placed in service during the year ceases to be used in an empowerment zone by an enterprise zone business in a later year, the benefit of the increased section 179 deduction must be reported as other income on your return. H&r block coupons 2012 printable Prev  Up  Next   Home   More Online Publications