Get the free 2017 Form 3885-L -Depreciation and Amortization. 2017 Form 3885-L -Depreciation and ...

TAXABLEYEAR2017CALIFORNIAFORM3885LDepreciation and AmortizationName as shown on return California Secretary of State (SOS) file no. intangible and intangible assets placed in service during the 2017

How to fill out 2017 form 3885-l -depreciation

How to fill out 2017 form 3885-l -depreciation

1. To fill out the 2017 form 3885-l - depreciation, follow these steps:
2. Begin by entering your taxpayer identification number and your name at the top of the form.
3. On line 1, enter the total cost or other basis of section 179 property placed in service during the tax year.
4. On lines 2a and 2b, enter the total cost or other basis and the amount of section 179 expense deduction you claimed in previous years.
5. Subtract line 2b from line 2a and enter the result on line 2c.
6. On line 3, enter the depreciation deduction allowable for the section 179 property placed in service.
7. On line 4, enter the total depreciation deduction allowable for all section 179 property placed in service in previous years.
8. Add lines 3 and 4, and enter the result on line 5.
9. On line 6, enter the depreciation deduction for listed property used 50% or less in a qualified business use.
10. On line 7, enter any recapture amounts from the disposition of section 179 property.
11. Subtract lines 6 and 7 from line 5 and enter the result on line 8.
12. On line 9, enter the section 179 expense deduction allowable for listed property.
13. On line 12, enter the maximum section 179 expense deduction for listed property.
14. Subtract line 12 from line 9, and enter the result on line 13.
15. On line 14, enter the total section 179 expense deduction you claimed in previous years.
16. Add lines 13 and 14, and enter the result on line 15.
17. On line 16, enter the section 179 expense deduction allowable for the current year.
18. On line 17, enter any recapture amounts from the disposition of listed property.
19. Subtract line 17 from line 16 and enter the result on line 18.
20. Combine lines 25 through 32 to arrive at the total depreciation deduction.
21. Enter the total depreciation deduction on line 34.
22. Make sure to carefully review and double-check all information before submitting the form.

Who needs 2017 form 3885-l -depreciation?

1. Taxpayers who have section 179 property and want to claim depreciation deductions need to fill out the 2017 form 3885-l - depreciation. This form is specifically for individuals, partnerships, corporations, and S corporations who elect to expense certain qualified property and claim depreciation.
2. Additionally, taxpayers who have listed property used for 50% or less in a qualified business use and want to claim the section 179 expense deduction for listed property also need to use this form.

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