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General
Introduction
Form FTB 3885, Corporation Depreciation and Amortization, is used by corporations in California to report depreciation and amortization expenses for their assets.
Depreciation allows businesses to deduct the cost of tangible property over time, while amortization applies to intangible assets like patents or trademarks.
In this resource guide, we will learn more about the key aspects of Form 3885, from its purpose to filing requirements and commonly asked questions.
Table of Contents
What is Form FTB 3885?
Form 3885 is used to calculate California depreciation and amortization deduction for corporations, including partnerships and limited liability companies (LLCs) classified as corporations. This form must be filed by corporations seeking to claim depreciation or amortization deductions on their California state tax return.
Filing this form ensures corporations can accurately account for the wear and tear on their assets, reducing their taxable income.
Who must file Form FTB 3885?
Corporations operating in California that wish to report deductions for the depreciation or amortization of their business assets must file Form FTB 3885.
This form is typically required if the corporation has purchased or improved physical or intangible assets during the year, such as:
- Office equipment, machinery, or vehicles.
- Buildings or real estate improvements.
- Patents, copyrights, or other intellectual property.
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Here’s how your Form 3885 is attached to CA Form 199 and is transmitted to the FTB in 3 simple steps!
- Provide Organization Details - Choose the tax year for which you want to file form 3885 attachment, and provide your corporation’s details.
- Preview Form FTB 3885 - Attach Form 3885 to report depreciation and amortization expenses for your corporation’s assets and preview the information provided in the return for accuracy before transmitting.
- Transmit to the FTB - Transmit Form 3885 along with your CA 199 form to the FTB and get the acceptance in just a few hours.
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E-File NowCommonly Asked Questions
1. Are all corporations required to file Form FTB 3885?
Only corporations that own depreciable or amortizable assets are required to file Form FTB 3885. If no such deductions are being claimed, filing form 3885 is not necessary.
2. How are depreciation and amortization calculated?
The calculation of depreciation and amortization depends on the type of asset and the method chosen. Common methods include straight-line, declining balance, and units of production.
3. What assets can be depreciated or amortized?
Tangible assets like machinery, vehicles, and buildings can be depreciated. Intangible assets such as patents, copyrights, and trademarks can be amortized.
About TaxZerone®
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