Filing Your Taxes Online is Fast, Easy and Secure.
Start now and receive your tax refund in as little as 7 days.

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

Find tax credits for everything from school tuition to buying a hybri

3. E-File for FREE

E-file free with direct deposit to get your refund in as few as 7 days.

Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

FREE audit support and representation from an enrolled agent – NEW and only from H&R Block

1040x Tax Form

E-file 2012 Taxes1040 Ez Form1040 Ez 2011EftpsFree E Filing For State TaxesFile Tax Amendment2011 Form 1040Free Tax ReturnsFile 2011 Taxes TurbotaxFile TaxesState Income Tax RatesFile Taxes Online For Free 2011140 Ez Form2013 1040ez Form InstructionsFile Tax ReturnHelp Filling Out 1040xWhat Can I Write Off On My Taxes As A StudentH&r Block Military Tax ReturnTax Forms Download Ez 10402010 Amended Tax ReturnI Forgot To File My 2012 TaxesDownload Irs Form 1040xAmend My TaxesWww Irs Gov 1040xFree Tax Preparation1040ez Tax Form 2013Free 2012 Tax ReturnFile 2007 Tax Return FreeCan I Efile 1040nrFree E FileFree State Filing TaxesFree State Income Tax Filing OnlineState Tax Filing Online For FreeIrs E File Form 4868Turbo Tax 20071040 AmendmentIncome TaxesHow Do I Get 2011 Tax FormsTax Forms For Self EmployedAmend 1040

1040x Tax Form

1040x tax form Publication 550 - Additional Material Prev  Up  Next   Home   More Online Publications
Print - Click this link to Print this page

A Brief Overview of Depreciation

Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property.

Most types of tangible property (except, land), such as buildings, machinery, vehicles, furniture, and equipment are depreciable. Likewise, certain intangible property, such as patents, copyrights, and computer software is depreciable.

In order for a taxpayer to be allowed a depreciation deduction for a property, the property must meet all the following requirements:

  • The taxpayer must own the property. Taxpayers may also depreciate any capital improvements for property the taxpayer leases.
  • A taxpayer must use the property in business or in an income-producing activity. If a taxpayer uses a property for business and for personal purposes, the taxpayer can only deduct depreciation based only on the business use of that property.
  • The property must have a determinable useful life of more than one year.

Even if a taxpayer meets the preceding requirements for a property, a taxpayer cannot depreciate the following property:

  • Property placed in service and disposed of in same year.
  • Equipment used to build capital improvements. A taxpayer must add otherwise allowable depreciation on the equipment during the period of construction to the basis of the improvements.
  • Certain term interests.

Depreciation begins when a taxpayer places property in service for use in a trade or business or for the production of income. The property ceases to be depreciable when the taxpayer has fully recovered the property’s cost or other basis or when the taxpayer retires it from service, whichever happens first.

A taxpayer must identify several items to ensure the proper depreciation of a property, including:

  • The depreciation method for the property
  • The class life of the asset
  • Whether the property is “Listed Property”
  • Whether the taxpayer elects to expense any portion of the asset
  • Whether the taxpayer qualifies for any “bonus” first year depreciation
  • The depreciable basis of the property

The Modified Accelerated Cost Recovery System (MACRS) is the proper depreciation method for most property. Additional information about MACRS, and the other components of depreciation are in Publication 946, How to Depreciate Property.

A taxpayer must use Form 4562, Depreciation and Amortization, to report depreciation on a tax return. Form 4562 is divided into six sections and the Instructions for Form 4562 contain information on how, and when to fill out each section.

Page Last Reviewed or Updated: 16-Sep-2013

The 1040x Tax Form

1040x tax form Index A Adjusted basis: Adoption tax benefits, Adoption Tax Benefits Assessment for local improvements, Assessments for Local Improvements Canceled debt, Canceled Debt Excluded From Income Casualty and theft losses, Casualties and Thefts Credit for qualified electric vehicles, Vehicle Credits Decreases to, Decreases to Basis Depreciation, Depreciation Easements, Easements Employer-provided child care, Employer-Provided Child Care Example, Adjustments to Basis Example Gain from sale of home, Postponed Gain From Sale of Home Gas-guzzler tax, Gas-Guzzler Tax Increases to, Increases to Basis Section 179 deduction, Section 179 Deduction Subsidies for energy conservation, Exclusion of Subsidies for Energy Conservation Measures Adoption tax benefits, Adoption Tax Benefits Allocating basis, Allocating the Basis Assistance (see Tax help) Assumption of mortgage, Assumption of mortgage. 1040x tax form B Business acquired, Trade or Business Acquired Business assets, Business Assets Businesses exchanged, Exchange of business property. 1040x tax form C Canceled debt, Canceled Debt Excluded From Income Casualty and theft losses, Casualties and Thefts Change to business use, Property Changed to Business or Rental Use Community property, Community Property Constructing assets, Constructing assets. 1040x tax form Copyrights, Copyrights. 1040x tax form Cost basis: Allocating basis, Allocating the Basis Assumption of mortgage, Assumption of mortgage. 1040x tax form Capitalized costs, Activities subject to the rules. 1040x tax form , Deducting vs. 1040x tax form Capitalizing Costs Loans, low or no interest, Loans with low or no interest. 1040x tax form Real estate taxes, Real estate taxes. 1040x tax form Real property, Real Property Settlement costs (fees), Settlement costs. 1040x tax form D Decreases to basis, Decreases to Basis Demolition of building, Demolition of building. 1040x tax form Depreciation, Depreciation E Easements, Easements Employer-provided child care, Employer-Provided Child Care Exchanges: Involuntary, Involuntary Conversions Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partial business use of property, Partial Business Use of Property Taxable, Taxable Exchanges F Fair market value, Fair market value (FMV). 1040x tax form Franchises, Franchises, trademarks, and trade names. 1040x tax form Free tax services, How To Get Tax Help G Gain from sale of home, Postponed Gain From Sale of Home Gifts, property received, Property Received as a Gift Group of assets acquired, Group of Assets Acquired H Help (see Tax help) I Inherited property, Inherited Property Intangible assets, Intangible Assets Involuntary exchanges, Involuntary Conversions L Land and buildings, Land and Buildings Loans, low or no interest, Loans with low or no interest. 1040x tax form M More information (see Tax help) N Nontaxable exchanges: Like-kind, Like-Kind Exchanges Partial, Partially Nontaxable Exchange P Partially nontaxable exchanges, Partially Nontaxable Exchange Patents, Patents. 1040x tax form Points, Points. 1040x tax form Property changed to business use, Property Changed to Business or Rental Use Property received as a gift, Property Received as a Gift Property received for services: Bargain purchases, Bargain Purchases Fair market value, Property Received for Services Restricted property, Restricted Property Property transferred from a spouse, Property Transferred From a Spouse Publications (see Tax help) R Real estate taxes, Real estate taxes. 1040x tax form Real property, Real Property S Settlement costs (fees), Settlement costs. 1040x tax form Special-use valuation, Special-use valuation. 1040x tax form Spouse, property transferred from, Property Transferred From a Spouse Stocks and bonds, Stocks and Bonds Subdivided lots, Subdivided lots. 1040x tax form T Tax help, How To Get Tax Help Taxable exchanges, Taxable Exchanges Taxpayer Advocate, Contacting your Taxpayer Advocate. 1040x tax form Trade or business acquired, Trade or Business Acquired Trademarks and trade  names, Franchises, trademarks, and trade names. 1040x tax form Trading property (see Exchanges), Taxable Exchanges TTY/TDD information, How To Get Tax Help U Uniform capitalization rules: Activities subject to the rules, Activities subject to the rules. 1040x tax form Exceptions, Exceptions. 1040x tax form Prev  Up     Home   More Online Publications