FTB Form 3885F

Introduction

FTB Form 3885F, Depreciation and Amortization, is a tax form used by corporations that are subject to California's corporate income tax. This form is specifically for reporting depreciation and amortization expenses related to property used in the taxpayer's trade or business.

In this resource article, we will help you understand FTB Form 3885F by clarifying who must file, the filing requirements, and addressing commonly asked questions.

What is FTB - Form 3885F?

Form 3885F is a supplementary form to the FTB 199, filed by tax-exempt organizations in California. This form is used to compute depreciation and amortization allowed as a deduction on Form 199, California Exempt Organization Annual Information Return.

It allows the filing organizations to claim deductions for the depreciation and amortization of tangible and intangible property, which includes physical assets like buildings and machinery as well as intangible assets such as patents and trademarks.

Who must file FTB 199 - Form 3885F?

Exempt organizations in California, including 501(c)(3) entities, religious organizations, and certain other nonprofits, must file Form 3885F if they are claiming deductions for depreciable or amortizable property on their FTB 199.

Typically, organizations that hold and use tangible or intangible property in their operations and are entitled to depreciation or amortization deductions should file this form to ensure compliance with California tax laws.

Choose TaxZerone to complete your FTB 199 - Form 3885F filing

TaxZerone offers a hassle-free and efficient solution for filing FTB 199 - Form 3885F. Our team of experts can guide you through the filing process, ensuring that your form is completed accurately and on time.

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Here’s how your Form 3885F is attached to CA Form 199 and is transmitted to the FTB in 3 simple steps!

1. Provide Organization Details - Choose the tax year for which you want to file form 3885F attachment, and provide your corporation’s details.
2. Preview Form FTB 3885F - Attach Form 3885F to compute depreciation and amortization for your corporation and preview the information provided in the return for accuracy before transmitting.
3. Transmit to the FTB - Transmit Form 3885F along with your CA 199 form to the FTB and get the acceptance in just a few hours.

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