Ftb 3885 2012 form-2025

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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 specific line instructions for reporting. The form is essential for determining allowable deductions related to business property and intangible assets.

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Click ‘Get Form’ to open the FTB 3885 2012 form in the editor.
Begin with Part I, where you will elect to expense certain property under IRC Section 179. Enter the maximum deduction allowed for California on line 1.
On line 2, input the total cost of IRC Section 179 property placed in service during the taxable year.
Continue filling out lines 3 through 5 to determine any reduction in limitation and calculate your dollar limitation for the taxable year.
In Part II, provide details about each asset for depreciation. Fill in columns (a) through (f) for each property, including description, date acquired, and depreciation method.
Complete Part III by summarizing your total depreciation claimed and any adjustments needed based on federal purposes.
Finally, review all entries for accuracy before saving or exporting your completed form directly from our platform.

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What is the FTB 3885 in California?

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 form 3885A used for?

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.

Has California ever allowed bonus depreciation?

California does not conform to federal bonus depreciation rules. That means you may benefit on your federal return but not on your California return. Keep separate depreciation schedules for state and federal tax planning.

Do you have to elect out of bonus depreciation if you take 179?

Bonus depreciation automatically applies to all eligible properties at their full costs (less any amounts expensed under IRC 179). The taxpayer may elect out of bonus depreciation, but can do so only for one or more full classes of property.