Publication 946
taxmap/pubs/p946-012.htm#en_us_publink1000107448Words you may need to know (see Glossary)
- Listed property
- Placed in service
You elect to take the section 179 deduction by completing Part
I of Form 4562.
 | If you elect the deduction for listed property (described
in chapter 5), complete Part V of Form 4562 before completing Part I. |
For property placed in service in 2010, file Form 4562 with either
of the following.
- Your original 2010 tax return, whether or not you file it
timely.
- An amended return for 2010 filed within the time prescribed
by law. 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. The amended return must also include any
resulting adjustments to taxable income.
 |
You must keep records that show the specific identification of each piece of
qualifying section 179 property. These records must show how you acquired the
property, the person you acquired it from, and when you placed it in service.
|
taxmap/pubs/p946-012.htm#en_us_publink1000257343You can elect to expense certain qualified real property that
you placed in service as section 179 property for tax years beginning in 2010.
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.
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.
- Your original 2010 tax return, whether or not you file it
timely.
- An amended return for 2010 filed within the time prescribed
by law. The amended return must also include any adjustments to taxable income.
The statement should indicate your election to expense certain
qualified real property under section 179(f) on your return. It must specify one
or more or more of the three types of qualified property (described under
Qualified real property
on page 16) 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. Also, report this on line 6 of Form 4562.
| The maximum section 179 expense deduction that can be taken
for qualified section 179 real property is limited to $250,000. |
taxmap/pubs/p946-012.htm#en_us_publink1000107451An election (or any specification made in the election) to take
a section 179 deduction for 2010 can be revoked without IRS approval by filing
an amended return. The amended return must be filed within the time prescribed
by law. The amended return must also include any resulting adjustments to
taxable income. Once made, the revocation is irrevocable.
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