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Ez40 Publication 534 - Introductory Material Table of Contents Important Change for 1995 Introduction How To Use This Publication Important Change for 1995 Major changes to Publications 534 and 946. Ez40  This publication, as well as Publication 946,How To Depreciate Property, has been changed. Ez40 Publication 534 has been shortened. Ez40 It no longer contains general information on MACRS and the section 179 deduction. Ez40 It contains a discussion of the accelerated cost recovery system (ACRS), the ACRS Percentage Tables, a discussion of other methods of depreciation, and a limited discussion of listed property. Ez40 We expanded Publication 946 by adding material taken from Publication 534. Ez40 We added more detail to the discussions of the section 179 deduction, the modified accelerated cost recovery system (MACRS), and listed property. Ez40 We replaced the partialMACRS Percentage Tables with the complete ones from Publication 534. Ez40 We also added the Table of Class Lives and Recovery Periods from Publication 534. Ez40 We made these changes to eliminate most of the duplication that existed in the two publications. Ez40 This will save money and make it easier for you to decide which publication you need. Ez40 Use this publication to figure depreciation on property you placed in service before 1987; use Publication 946 to figure depreciation on property you placed in service after 1986. Ez40 Introduction The law allows you to recover your cost in business or income-producing property through yearly tax deductions. Ez40 You do this by depreciating your property, that is, by deducting some of your cost on your tax return each year. Ez40 You can depreciate both tangible property, such as a car, building, or machinery, and certain intangible property, such as a copyright or a patent. Ez40 The amount you can deduct depends on: How much the property cost, When you began using it, How long it will take to recover your cost, and Which of several depreciation methods you use. Ez40 Depreciation defined. Ez40   Depreciation is a loss in the value of property over the time the property is being used. Ez40 Events that can cause property to depreciate include wear and tear, age, deterioration, and obsolescence. Ez40 You can get back your cost of certain property, such as equipment you use in your business or property used for the production of income by taking deductions for depreciation. Ez40 Black's Law Dictionary Amortization. Ez40   Amortization is similar to depreciation. Ez40 Using amortization, you can recover your cost or basis in certain property proportionately over a specific number of years or months. Ez40 Examples of costs you can amortize are the costs of starting a business, reforestation, and pollution control facilities. Ez40 You can find information on amortization inchapter 12 of Publication 535, Business Expenses. Ez40 Alternative minimum tax. Ez40   If you use accelerated depreciation for real property, or personal property that is leased to others, you may be liable for the alternative minimum tax. Ez40 Accelerated depreciation is any method, that allows recovery at a faster rate in the earlier years than the straight line method. Ez40 For more information, you may wish to see the following: Form 6251, Alternative Minimum Tax-Individuals, and Publication 542, Tax Information on Corporations. Ez40 Ordering publications and forms. Ez40   To order free publications and forms, 1-800-TAX-FORM (1-800-829-3676). Ez40 You can also write to the IRS Forms Distribution Center nearest you. Ez40 Check your income tax package for the address. Ez40   If you have access to a personal computer and a modem, you can also get many forms and publications electronically. Ez40 See How To Get Forms and Publications in your income tax package for details. Ez40 Telephone help. Ez40   You can call the IRS with your tax question Monday through Friday during regular business hours. Ez40 Check your telephone book for the local number or you can call1-800-829-1040. Ez40 Telephone help for hearing-impaired persons. Ez40   If you have access to TDD equipment, you can call 1-800-829-4059 with your tax question or to order forms and publications. Ez40 See your tax package for the hours of operation. Ez40 How To Use This Publication This publication describes the kinds of property that can be depreciated and the methods used to figure depreciation on property placed in service before 1987. Ez40 It is divided into three chapters and contains an appendix. Ez40 Chapter 1 explains the rules for depreciating property under the Accelerated Cost Recovery System (ACRS). Ez40 Chapter 2 explains the rules for depreciating property first used before 1981. Ez40 Chapter 3 explains the rules for listed property. Ez40 Also this chapter defines listed property. Ez40 The appendix contains the ACRS Percentage Tables. Ez40 Prev  Up  Next   Home   More Online Publications

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Ez40 Tax Changes for Individuals Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Wash Sale Rules Do Not Apply to Section 1256 Contracts Other 2001 Changes 2002 ChangesDeduction for Educator Expenses Personal Credits Still Allowed Against Alternative Minimum Tax Later ChangeChild and Dependent Care Expenses 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). Ez40 However, you can still choose to use the previous carryback period. Ez40 You also can choose not to carry back an NOL and only carry it forward. Ez40 Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. Ez40 The instructions for this form will be revised to reflect the new law. Ez40 Wash Sale Rules Do Not Apply to Section 1256 Contracts The wash sale rules that generally apply to losses from the sale of stock or securities, do not apply to any loss arising from a section 1256 contract. Ez40 A section 1256 contract is any: Regulated futures contract, Foreign currency contract, Nonequity option, Dealer equity option, or Dealer securities futures contract. Ez40 Wash sales and section 1256 contracts are explained in detail in Publication 550, Investment Income and Expenses. Ez40 Other 2001 Changes Other changes are discussed in the following chapters. Ez40 Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Deduction for Educator Expenses If you are an eligible educator, you can deduct as an adjustment to income up to $250 in qualified expenses. Ez40 You can deduct these expenses even if you do not itemize deductions on Schedule A (Form 1040). Ez40 This adjustment to income is for expenses paid or incurred in tax years beginning during 2002 or 2003. Ez40 Previously, these expenses were deductible only as a miscellaneous itemized deduction subject to the 2% of adjusted gross income limit. Ez40 Eligible educator. Ez40   You are an eligible educator if, for the tax year, you meet the following requirements. Ez40 You are a kindergarten through grade 12: Teacher, Instructor, Counselor, Principal, or Aide. Ez40 You work at least 900 hours during a school year in a school that provides elementary or secondary education, as determined under state law. Ez40 Qualified expenses. Ez40   These are unreimbursed expenses you paid or incurred for books, supplies, computer equipment (including related software and services), other equipment, and supplementary materials that you use in the classroom. Ez40 For courses in health and physical education, expenses for supplies are qualified expenses only if they are related to athletics. Ez40   To be deductible as an adjustment to income, the qualified expenses must be more than the following amounts for the tax year. Ez40 The interest on qualified U. Ez40 S. Ez40 savings bonds that you excluded from income because you paid qualified higher education expenses, Any distribution from a qualified tuition program that you excluded from income, or Any tax-free withdrawals from your Coverdell education savings account. Ez40 Personal Credits Still Allowed Against Alternative Minimum Tax The provision that allowed certain nonrefundable personal credits to reduce both your regular tax and any alternative minimum tax (AMT) has been extended and will be in effect for 2002 and 2003. Ez40 This provision, as it applies to the AMT, was originally scheduled to expire after 2001. Ez40 Without the extension, these credits could not have been used to reduce any AMT in 2002 or 2003. Ez40 Later Change Child and Dependent Care Expenses For the purpose of figuring the child and dependent care credit, your spouse is treated as having at least a minimum amount of earned income for any month that he or she is a full-time student or not able to care for himself or herself. Ez40 Beginning in 2003, this amount is increased to $250 a month if there is one qualifying person and to $500 a month if there are two or more qualifying persons. Ez40 Before 2003, the amounts were $200 and $400. Ez40 The same rule applies for the exclusion of employer-provided dependent care benefits. Ez40 For more information about the credit and exclusion, see Publication 503, Child and Dependent Care Expenses. Ez40 Prev  Up  Next   Home   More Online Publications