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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 California tax laws, and specific line instructions for completing the form. The document emphasizes the importance of understanding both state and federal regulations regarding asset depreciation and amortization.

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Can I take Section 179 on a vehicle in California?

The Section 179 tax deduction allows eligible businesses to deduct the cost of machinery and qualifying equipment when filing their taxes. This could be office furniture, technology, supplies, and other tangible items. YES this includes business vehicles!

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).

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.

Is the total $25,000 section 179 deduction allowed in California?

California law generally conforms to the federal rules for expensing IRC Section 179. However, federal limitation amounts may be different than California limitation amounts. For California purposes, the maximum IRC Section 179 expense deduction allowed for 2023 is $25,000.

What is the 25000 Section 179 limit?

The aggregate cost of section 179 property that a taxpayer may elect to expense under section 179 for any taxable year beginning in 2003 and thereafter is $25,000 ($100,000 in the case of taxable years beginning after 2002 and before 2008 under section 179(b)(1), indexed annually for inflation under section 179(b)(5)

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.

What is the maximum Section 179 deduction?

Whats New. Section 179 deduction dollar limits. For tax years beginning in 2024, the maximum section 179 expense deduction is $1,220,000. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $3,050,000.

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