What if I have old equipment that has been fully depreciated and written off the books?
Whether fully depreciated in your accounting records or not, all property still in use or in your possession must be reported. Additionally, all assets expensed under Section 179 of the Internal Revenue Service Code must be listed on the Fixed Asset list of your Depreciation Worksheet, IRS Form 4562. Do I have to report assets that I lease, loan, rent, borrow or are provided in the rent? Yes. There is a section on the return specifically for those assets. Even though the assets are assessed to the owner, they must be listed for informational purposes to avoid duplication. Is there a minimum value that I do not have to report? No. There is no minimum value. A Tangible Personal Property Tax Return (DR-405) must be filed on all assets by April 1. if I sold some equipment last year, Do I still have to report it? Yes. There is a specific section on the form where all assets that are no longer in your possession and have been “Physically Removed” either by being traded in, stolen or sold. If
Whether fully depreciated in your accounting records or not, all property still in use or physically located at your business must be reported. Back to Top | Back to FAQ’s 8. How can I obtain a TPP tax return (DR-405)? TPP tax returns are mailed to businesses that are currently on the tax roll on January 1. You may also get a tax return from your accountant or CPA. If you do not receive one by the end of January, contact the Property Appraiser’s Office. A tax return is also available from the Property Appraiser’s website. Back to Top | Back to FAQ’s 9. What if I receive more than one tax return? If you have more than one location, the assets of each location should be listed on a separate return. Fill out, sign, date and return each TPP tax return received. Back to Top | Back to FAQ’s 10. Do I still have to file the return if I have no assets to report? Yes. All businesses must file a TPP tax return. Even if you feel you do not have anything to report, fill out items 1 through 9 on the
