Florida Personal Property Tax

Alerts and notices

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 dialog.

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 field is marked on Screen Gen in the General folder for UltraTax/Florida Personal Property Tax, the FL treatment will transfer to the return.

Note: If you previously entered depreciation data for only the Tax treatment, you can copy asset data from the Tax treatment to the Book treatment or to the FL treatment.

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 field on Form DR-405, Page 1. Note that a property tax return is created for each unique location entered.
  • PPT type - FL: Select the appropriate personal property type for the asset from the drop-down 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

    Note: The associations listed above are maintained by UltraTax CS and Fixed Assets CS and cannot be modified. If the association fields are left blank or X - Exempt is selected, the asset will not transfer to Form DR-405.

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 appropriate 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 Screen Gen 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 the Date acquired field.

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 dialog.

See also

Entering de minimis assets

UltraTax CS personal property tax returns