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2017 Form 3885-L - Depreciation and Amortization

2017 Form 3885-L - Depreciation and Amortization-2025

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The document is the 2017 California Form 3885L, which provides instructions for calculating depreciation and amortization for tangible and intangible assets placed in service during the taxable year. It outlines the necessary steps to report these deductions on Form 568, including adjustments for differences between California and federal tax laws. The form also details specific line instructions, eligibility criteria for IRC Section 179 expense deductions, and highlights key differences in depreciation methods between state and federal regulations.

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What is the CA Form FTB 3885L?

Use form FTB 3885L, Depreciation and Amortization, to compute depreciation and amortization allowed as a deduction on Form 568, Limited Liability Company Return of Income.

Does California conform to section 174?

Whether through maintaining a pre-TCJA conformity date or through selective decoupling, as of March 2023, five states currently decouple from Sec. 174 as amended by the TCJA California, Mississippi, Tennessee, Texas, and Wisconsin (see Cal. Rev. Tax.

How does CA calculate depreciation?

The straight-line method divides the cost or other basis of property, less its estimated salvage value, into equal amounts over the estimated useful life of the property. An asset may not be depreciated below a reasonable salvage value.

Is California depreciation different from federal?

California law has not always conformed to federal law with regard to depreciation methods, special credits, or accelerated write‑offs. Consequently, the recovery periods and the basis on which the depreciation is calculated may be different from the amounts used for federal purposes.

Does California follow a MACRS depreciation?

Depreciation for S corporations follows the depreciation rules provided under California Personal Income Tax Law. Unlike other corporations, an S corporation is allowed to compute depreciation using the Modified Accelerated Cost Recovery System (MACRS).

How to calculate depreciation from depreciation and amortization?

Income Tax Provision = Earnings Before Taxes (EBT) Tax Rate (%) Depreciation Expense = (Purchase Cost Residual Value) Useful Life. Amortization Expense = (Historical Cost of Intangible Asset Residual Value) Useful Life.

Where is depreciation and amortization on tax return?

IRS Form 4562 is used to claim deductions for the depreciation or amortization of tangible or intangible property. Assets such as buildings, machinery, equipment (tangible), or patents (intangible) qualify. Land cannot depreciate, and so it can not be reported on the form.

Is MACRS depreciation mandatory?

You must generally use MACRS to depreciate real property that you acquired for personal use before 1987 and changed to business or income-producing use after 1986. Improvements made after 1986.

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