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 2011, file Form 4562 with either of the following.
- Your original 2011 tax return, whether or not you file it
timely.
- An amended return for 2011 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 2011. 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 2011 tax return, whether or not you file it
timely.
- An amended return for 2011 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 2011 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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