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The document provides instructions for California Form FTB 3885, which is used by corporations to calculate depreciation and amortization deductions for tax purposes. It outlines the election to expense certain property under IRC Section 179, details on depreciation methods, differences between federal and state laws, and guidelines for amortization of intangible assets. The form includes sections for reporting costs, deductions, and adjustments related to both depreciation and amortization.

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In which case should form FTB 3885A be used?

Use form FTB 3885A, Depreciation and Amortization Adjustments, only if there is a difference between the amount of depreciation and amortization allowed as a deduction using California law and the amount allowed using federal law.

Do you need to file form 4562 to amortize your property?

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.

Which of the following FTB forms should be completed by California taxpayers when exchanging California property for like kind property outside California?

All taxpayers, regardless of residence status or commercial domicile, who exchange real property located in California for like-kind property located outside of California, must file form FTB 3840.

What is the FTB 3885 in California?

Purpose. Use form FTB 3885, Corporation Depreciation and Amortization, to calculate California depreciation and amortization deduction for corporations, including partnerships and limited liability companies (LLCs) classified as corporations.

What is the tax form for bonus depreciation?

File Form 4562 with your individual or business tax return for any year you are claiming a depreciation deduction or making a Section 179 election.

When California conforms to federal tax law, which form is used to report passive activity losses?

Individuals, estates, trusts, and S corporations use form FTB 3801, Passive Activity Loss Limitations, to figure both of the following: Allowable California passive activity loss (PAL). Adjustment you must make to account for any difference between your California PAL and your federal PAL.

Does California use 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).

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