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Florida Personal Property Tax

The UltraTax / Florida Personal Property Tax application supports 1040, 1041, 1065, 1120, 1120S, and 990 entities. It prepares personal property tax returns from depreciation data entered in the Asset Detail window.

Florida forms and schedules

  • Form DR-405 — Tangible Personal Property Tax Return.
  • Form DR-835 — Power of Attorney.

Depreciation treatments required for all FL PPT assets

The Book or FL treatment must be entered for Florida Tangible Personal Property Tax returns. By default, the Book treatment transfers to the return. However, if the
Complete return using the FL treatment within the Asset module
 checkbox is marked on the
Gen
 screen in the General folder for UltraTax/Florida Personal Property Tax, the FL treatment will transfer to the return.

Associations required for all FL PPT assets

  • Situs:
     Each asset must have Florida selected in the Situs field to transfer to the Florida Personal Property Tax return.
  • Location:
     Enter the street address of the company where the assets are located. This information transfers to the
    Physical Location of Property
      on Form DR-405, Page 1.
  • PPT type - FL:
     Select the personal property type for the asset from the dropdown list. Assets with the following property types transfer to Form DR-405.
    • 10 - Office furniture, office machines & library
    • 11 - EDP equipment, computers, word processors
    • 12 - Store, bar & lounge & restrnt furn & equip, etc
    • 13 - Machinery & manufacturing equipment
    • 14 - Farm, grove and dairy equipment
    • 15 - Professional, medical, dental & lab equipment
    • 16 - Hotel, motel, & apartment complex
    • 16a - Rental units - stove, refrig, furn, drapes & appl
    • 17 - Mobile home attachments
    • 18 - Service station & bulk plant equipment
    • 19 - Signs - billboard, pole, wall, portable, direct
    • 20 - Leasehold improvements
    • 21 - Pollution control equipment
    • 22 - Equipment - you own but others rent/lease/hold
    • 23 - Supplies - not held for resale
    • 24 - Other

Additional associations for FL PPT assets

  • Condition:
     If this field is left blank, the
    Condition
     is reported as
    Average
     on Form DR-405. To not report
    Average
     as the
    Condition
    , add
    Good
     and
    Poor
     to the list of acceptable values and assign these values to the assets.
  • Fair Market Value:
     Enter the fair market value of the asset. If this field is blank and the
    Use net book value from asset module when fair market value association is blank
     checkbox is marked in the
    Gen
     screen in UltraTax CS, the Net Book Value of the asset transfers as the Fair Market Value to Form DR-405.
  • Age:
     Enter the age of the asset to override the automatically calculated asset age. If this field is blank, the age of the asset is calculated based on the date entered in
    Date acquired
    .

This article applies to:

  • Product: Fixed Assets CS
  • Return type: Personal Property Tax
  • State: Florida
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