Source: http://freefile2014.com/efile-2011-tax-return.html
Timestamp: 2018-03-21 20:37:20
Document Index: 271137651

Matched Legal Cases: ['§ 280', '§ 280', '§ 280', '§ 168', '§ 280', '§ 168', '§ 168', '§ 168', '§ 168', '§ 280', '§ 168', '§ 53', '§ 168', '§ 168', '§ 168', '§ 168', '§ 168', '§ 168', '§ 53', '§ 168', '§ 1', '§ 280', '§ 280', '§ 280', '§ 168', '§ 168', '§ 168', '§ 168', '§ 168', '§ 168', '§ 1']

Efile 2011 Tax Return
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Efile 2011 tax return Internal Revenue Bulletin: 2012-14 April 2, 2012 Rev. Efile 2011 tax return Proc. Efile 2011 tax return 2012-23 Table of Contents SECTION 1. Efile 2011 tax return PURPOSE SECTION 2. Efile 2011 tax return BACKGROUND SECTION 3. Efile 2011 tax return SCOPE SECTION 4. Efile 2011 tax return APPLICATION. Efile 2011 tax return 01 Limitations on Depreciation Deductions for Certain Automobiles. Efile 2011 tax return . Efile 2011 tax return 02 Inclusions in Income of Lessees of Passenger Automobiles. Efile 2011 tax return SECTION 5. Efile 2011 tax return EFFECTIVE DATE SECTION 6. Efile 2011 tax return DRAFTING INFORMATION SECTION 1. Efile 2011 tax return PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2012, including separate tables of limitations on depreciation deductions for trucks and vans; and (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2012, including a separate table of inclusion amounts for lessees of trucks and vans. Efile 2011 tax return The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. Efile 2011 tax return SECTION 2. Efile 2011 tax return BACKGROUND . Efile 2011 tax return 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. Efile 2011 tax return For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. Efile 2011 tax return The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. Efile 2011 tax return This change reflects the higher rate of price inflation for trucks and vans since 1988. Efile 2011 tax return . Efile 2011 tax return 02 Section 401(a) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. Efile 2011 tax return L. Efile 2011 tax return No. Efile 2011 tax return 111-312, 124 Stat. Efile 2011 tax return 3296 (Dec. Efile 2011 tax return 17, 2010) (the “Act”) extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2013, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2013. Efile 2011 tax return Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. Efile 2011 tax return . Efile 2011 tax return 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). Efile 2011 tax return Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. Efile 2011 tax return Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2010, that is round 2 extension property (as defined in § 168(k)(4)(I)(iv)). Efile 2011 tax return Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. Efile 2011 tax return This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2012 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. Efile 2011 tax return . Efile 2011 tax return 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. Efile 2011 tax return The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Efile 2011 tax return Under § 1. Efile 2011 tax return 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. Efile 2011 tax return One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Efile 2011 tax return Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Efile 2011 tax return SECTION 3. Efile 2011 tax return SCOPE . Efile 2011 tax return 01 The limitations on depreciation deductions in section 4. Efile 2011 tax return 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2012, and continue to apply for each taxable year that the passenger automobile remains in service. Efile 2011 tax return . Efile 2011 tax return 02 The tables in section 4. Efile 2011 tax return 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2012. Efile 2011 tax return Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. Efile 2011 tax return See Rev. Efile 2011 tax return Proc. Efile 2011 tax return 2007-30, 2007-1 C. Efile 2011 tax return B. Efile 2011 tax return 1104, for passenger automobiles first leased during calendar year 2007; Rev. Efile 2011 tax return Proc. Efile 2011 tax return 2008-22, 2008-1 C. Efile 2011 tax return B. Efile 2011 tax return 658, for passenger automobiles first leased during calendar year 2008; Rev. Efile 2011 tax return Proc. Efile 2011 tax return 2009-24, 2009-17 I. Efile 2011 tax return R. Efile 2011 tax return B. Efile 2011 tax return 885, for passenger automobiles first leased during calendar year 2009; Rev. Efile 2011 tax return Proc. Efile 2011 tax return 2010-18, 2010-9 I. Efile 2011 tax return R. Efile 2011 tax return B. Efile 2011 tax return 427, as amplified and modified by section 4. Efile 2011 tax return 03 of Rev. Efile 2011 tax return Proc. Efile 2011 tax return 2011-21, 2011-12 I. Efile 2011 tax return R. Efile 2011 tax return B. Efile 2011 tax return 560, for passenger automobiles first leased during calendar year 2010; and Rev. Efile 2011 tax return Proc. Efile 2011 tax return 2011-21, for passenger automobiles first leased during calendar year 2011. Efile 2011 tax return SECTION 4. Efile 2011 tax return APPLICATION . Efile 2011 tax return 01 Limitations on Depreciation Deductions for Certain Automobiles. Efile 2011 tax return (1) Amount of the inflation adjustment. Efile 2011 tax return (a) Passenger automobiles (other than trucks or vans). Efile 2011 tax return Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. Efile 2011 tax return Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. Efile 2011 tax return The new car component of the CPI was 115. Efile 2011 tax return 2 for October 1987 and 143. Efile 2011 tax return 419 for October 2011. Efile 2011 tax return The October 2011 index exceeded the October 1987 index by 28. Efile 2011 tax return 219. Efile 2011 tax return Therefore, the automobile price inflation adjustment for 2012 for passenger automobiles (other than trucks and vans) is 24. Efile 2011 tax return 5 percent (28. Efile 2011 tax return 219/115. Efile 2011 tax return 2 x 100%). Efile 2011 tax return The dollar limitations in § 280F(a) are multiplied by a factor of 0. Efile 2011 tax return 245, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2012. Efile 2011 tax return This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2012. Efile 2011 tax return (b) Trucks and vans. Efile 2011 tax return To determine the dollar limitations for trucks and vans first placed in service during calendar year 2012, the Service uses the new truck component of the CPI instead of the new car component. Efile 2011 tax return The new truck component of the CPI was 112. Efile 2011 tax return 4 for October 1987 and 146. Efile 2011 tax return 607 for October 2011. Efile 2011 tax return The October 2011 index exceeded the October 1987 index by 34. Efile 2011 tax return 207. Efile 2011 tax return Therefore, the automobile price inflation adjustment for 2012 for trucks and vans is 30. Efile 2011 tax return 43 percent (34. Efile 2011 tax return 207/112. Efile 2011 tax return 4 x 100%). Efile 2011 tax return The dollar limitations in § 280F(a) are multiplied by a factor of 0. Efile 2011 tax return 3043, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. Efile 2011 tax return This adjustment applies to all trucks and vans that are first placed in service in calendar year 2012. Efile 2011 tax return (2) Amount of the limitation. Efile 2011 tax return Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2012. Efile 2011 tax return Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2012 for which the § 168(k) additional first year depreciation deduction applies. Efile 2011 tax return Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2012 for which the § 168(k) additional first year depreciation deduction does not apply. Efile 2011 tax return REV. Efile 2011 tax return PROC. Efile 2011 tax return 2012-23 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Efile 2011 tax return PROC. Efile 2011 tax return 2012-23 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,300 3rd Tax Year $3,150 Each Succeeding Year $1,875 REV. Efile 2011 tax return PROC. Efile 2011 tax return 2012-23 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Efile 2011 tax return PROC. Efile 2011 tax return 2012-23 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,360 2nd Tax Year $5,300 3rd Tax Year $3,150 Each Succeeding Year $1,875 . Efile 2011 tax return 02 Inclusions in Income of Lessees of Passenger Automobiles. Efile 2011 tax return A taxpayer must follow the procedures in § 1. Efile 2011 tax return 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2012. Efile 2011 tax return In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. Efile 2011 tax return REV. Efile 2011 tax return PROC. Efile 2011 tax return 2012-23 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2012 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $18,500 $19,000 2 4 5 6 8 19,000 19,500 2 4 7 7 9 19,500 20,000 2 5 8 8 10 20,000 20,500 3 5 9 10 11 20,500 21,000 3 6 9 12 12 21,000 21,500 3 7 10 12 14 21,500 22,000 3 8 11 13 16 22,000 23,000 4 8 13 15 17 23,000 24,000 4 10 15 17 20 24,000 25,000 5 11 17 19 23 25,000 26,000 6 12 19 21 26 26,000 27,000 6 14 20 24 28 27,000 28,000 7 15 22 26 31 28,000 29,000 7 16 25 28 33 29,000 30,000 8 18 25 32 35 30,000 31,000 9 19 27 34 38 31,000 32,000 9 20 30 36 41 32,000 33,000 10 21 32 38 43 33,000 34,000 10 23 33 41 46 34,000 35,000 11 24 35 43 49 35,000 36,000 12 25 37 45 52 36,000 37,000 12 27 39 47 54 37,000 38,000 13 28 41 49 57 38,000 39,000 13 29 43 52 59 39,000 40,000 14 30 45 54 62 40,000 41,000 14 32 47 56 65 41,000 42,000 15 33 49 58 68 42,000 43,000 16 34 51 61 70 43,000 44,000 16 36 52 63 73 44,000 45,000 17 37 54 66 75 45,000 46,000 17 38 57 67 78 46,000 47,000 18 39 59 70 80 47,000 48,000 19 40 61 72 83 48,000 49,000 19 42 62 75 86 49,000 50,000 20 43 64 77 89 50,000 51,000 20 45 66 79 91 51,000 52,000 21 46 68 81 94 52,000 53,000 21 47 70 84 96 53,000 54,000 22 48 72 86 99 54,000 55,000 23 49 74 88 102 55,000 56,000 23 51 76 90 104 56,000 57,000 24 52 78 92 107 57,000 58,000 24 54 79 95 110 58,000 59,000 25 55 81 97 113 59,000 60,000 26 56 83 100 115 60,000 62,000 26 58 86 103 119 62,000 64,000 28 60 90 108 124 64,000 66,000 29 63 94 112 129 66,000 68,000 30 66 97 117 135 68,000 70,000 31 68 102 121 140 70,000 72,000 32 71 105 126 145 72,000 74,000 33 74 109 130 151 74,000 76,000 35 76 113 135 156 76,000 78,000 36 78 117 140 161 78,000 80,000 37 81 120 145 166 80,000 85,000 39 86 127 152 176 85,000 90,000 42 92 137 163 189 90,000 95,000 45 98 147 175 202 95,000 100,000 48 105 155 187 215 100,000 110,000 52 115 170 203 235 110,000 120,000 58 127 189 227 262 120,000 130,000 64 140 208 250 288 130,000 140,000 70 153 227 272 315 140,000 150,000 75 166 246 296 340 150,000 160,000 81 179 265 318 368 160,000 170,000 87 192 284 341 394 170,000 180,000 93 204 304 364 420 180,000 190,000 99 217 323 387 446 190,000 200,000 105 230 342 409 473 200,000 210,000 111 243 361 432 499 210,000 220,000 116 256 380 455 526 220,000 230,000 122 269 399 478 552 230,000 240,000 128 282 418 501 578 240,000 and up 134 294 437 524 605 REV. Efile 2011 tax return PROC. Efile 2011 tax return 2012-23 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2012 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $19,000 $19,500 1 4 5 6 7 19,500 20,000 2 4 6 7 9 20,000 20,500 2 5 7 8 10 20,500 21,000 2 5 8 10 11 21,000 21,500 3 6 9 10 13 21,500 22,000 3 6 10 12 14 22,000 23,000 3 8 11 14 15 23,000 24,000 4 9 13 16 18 24,000 25,000 4 10 15 19 21 25,000 26,000 5 11 17 21 24 26,000 27,000 6 12 19 23 26 27,000 28,000 6 14 21 25 29 28,000 29,000 7 15 23 27 32 29,000 30,000 7 17 24 30 34 30,000 31,000 8 18 26 32 37 31,000 32,000 9 19 28 34 40 32,000 33,000 9 20 31 36 42 33,000 34,000 10 21 33 39 44 34,000 35,000 10 23 34 41 48 35,000 36,000 11 24 36 44 50 36,000 37,000 12 25 38 46 53 37,000 38,000 12 27 40 48 55 38,000 39,000 13 28 42 50 58 39,000 40,000 13 29 44 53 60 40,000 41,000 14 31 45 55 63 41,000 42,000 14 32 48 57 66 42,000 43,000 15 33 50 59 69 43,000 44,000 16 34 52 61 72 44,000 45,000 16 36 53 64 74 45,000 46,000 17 37 55 66 77 46,000 47,000 17 38 58 68 79 47,000 48,000 18 40 59 70 82 48,000 49,000 19 41 61 73 84 49,000 50,000 19 42 63 75 87 50,000 51,000 20 43 65 78 89 51,000 52,000 20 45 66 80 93 52,000 53,000 21 46 68 83 95 53,000 54,000 21 48 70 84 98 54,000 55,000 22 49 72 87 100 55,000 56,000 23 50 74 89 103 56,000 57,000 23 51 76 92 105 57,000 58,000 24 52 78 94 108 58,000 59,000 24 54 80 96 111 59,000 60,000 25 55 82 98 114 60,000 62,000 26 57 85 101 118 62,000 64,000 27 60 88 106 123 64,000 66,000 28 62 93 110 128 66,000 68,000 29 65 96 115 134 68,000 70,000 30 67 100 120 139 70,000 72,000 32 70 103 125 144 72,000 74,000 33 72 108 129 149 74,000 76,000 34 75 111 134 155 76,000 78,000 35 78 115 138 160 78,000 80,000 36 80 119 143 165 80,000 85,000 38 85 125 151 175 85,000 90,000 41 91 135 163 187 90,000 95,000 44 98 144 174 201 95,000 100,000 47 104 154 185 214 100,000 110,000 52 113 169 202 234 110,000 120,000 57 127 187 225 261 120,000 130,000 63 139 207 248 287 130,000 140,000 69 152 226 271 313 140,000 150,000 75 165 245 294 339 150,000 160,000 81 178 264 316 366 160,000 170,000 87 190 283 340 392 170,000 180,000 92 204 302 362 419 180,000 190,000 98 216 322 385 445 190,000 200,000 104 229 340 409 471 200,000 210,000 110 242 359 431 498 210,000 220,000 116 255 378 454 524 220,000 230,000 122 267 398 477 551 230,000 240,000 127 281 416 500 577 240,000 and up 133 294 435 523 603 SECTION 5. Efile 2011 tax return EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2012. Efile 2011 tax return SECTION 6. Efile 2011 tax return DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Efile 2011 tax return Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Efile 2011 tax return For further information regarding this revenue procedure, contact Mr. Efile 2011 tax return Harvey at (202) 622-4930 (not a toll-free call). Efile 2011 tax return Prev Up Next Home More Internal Revenue Bulletins	Skip Navigation
The Efile 2011 Tax Return
Efile 2011 tax return 9. Efile 2011 tax return Figuring Net Profit or Loss Table of Contents Introduction Net Operating Losses (NOLs) Not-for-Profit Activities Introduction After figuring your business income and expenses, you are ready to figure the net profit or net loss from your business. Efile 2011 tax return You do this by subtracting business expenses from business income. Efile 2011 tax return If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040. Efile 2011 tax return If your expenses are more than your income, the difference is a net loss. Efile 2011 tax return You usually can deduct it from gross income on page 1 of Form 1040. Efile 2011 tax return But in some situations your loss is limited. Efile 2011 tax return This chapter briefly explains two of those situations. Efile 2011 tax return Other situations that may limit your loss are explained in the Instructions for Schedule C, line G and line 32. Efile 2011 tax return If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C. Efile 2011 tax return Net Operating Losses (NOLs) If your deductions for the year are more than your income for the year (line 41 of your Form 1040 is a negative number), you may have a net operating loss (NOL). Efile 2011 tax return You can use an NOL by deducting it from your income in another year or years. Efile 2011 tax return Examples of typical losses that may produce an NOL include, but are not limited to, losses incurred from the following. Efile 2011 tax return Your trade or business. Efile 2011 tax return Your work as an employee (unreimbursed employee business expenses). Efile 2011 tax return A casualty or theft. Efile 2011 tax return Moving expenses. Efile 2011 tax return Rental property. Efile 2011 tax return A loss from operating a business is the most common reason for an NOL. Efile 2011 tax return For details about NOLs, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. Efile 2011 tax return It explains how to figure an NOL, when to use it, how to claim an NOL deduction, and how to figure an NOL carryover. Efile 2011 tax return Not-for-Profit Activities If you do not carry on your business to make a profit, there is a limit on the deductions you can take. Efile 2011 tax return You cannot use a loss from the activity to offset other income. Efile 2011 tax return Activities you do as a hobby, or mainly for sport or recreation, come under this limit. Efile 2011 tax return For details about not-for-profit activities, see chapter 1 in Publication 535, Business Expenses. Efile 2011 tax return That chapter explains how to determine whether your activity is carried on to make a profit and how to figure the amount of loss you can deduct. Efile 2011 tax return Prev Up Next Home More Online Publications