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 in your possession as of January 1st, must be reported. Additionally, all assets expensed under IRS Section 179 Code MUST be reported. Do I have to report assets that I lease, loan, rent, borrow or are provided in the rent? Yes, there is an area on the return specifically for those assets. Even though the assets are assessed to the owner, they must be listed for informational purposes. Be sure to include full name and address of the lessor. Is there a minimum value that I do not have to report? With the passage of Amendment 1, effective January 1, 2008, some taxpayers with less than $25,000 in business assets are not required to file a tangible personal property tax return. For more information, go to the TPP Exemption FAQ’s. Are there deadlines and penalties? The deadline for filing a timely return is April 1. After April 1, Florida Statutes provide that penalties be applied at 5% per month or portion of a month
All property must be reported. IRS provides rapid depreciation which does not necessarily reflect market value. DO I HAVE TO REPORT ASSETS THAT I LEASE, LOAN, RENT, BORROW OR ARE PROVIDED IN THE RENT? Yes. There is a specific area on the Tangible Personal Property Tax Return form to list these assets. Normally, the lessee is not assessed for the assets. They are assessed to the owner. Be aware that most leasing companies will probably bill you for their tax liability separately. Consult your lease or contract for a determination. IS THERE A MINIMUM VALUE THAT I DO NOT HAVE TO REPORT? No. There is no minimum value. A Tangible Personal Property Tax Return must be filed on all assets. However, if the resulting property taxes amount to less than $15.00, you will not receive a tax bill. WHAT IF MY EQUIPMENT IS IN POOR CONDITION? You should provide additional documentation for the poor condition of the equipment. You may also request a site inspection from our office. WHAT IF I SOLD SOME EQU
Whether fully depreciated in your accounting records or not, all property still in use or physically located at your business must be reported. 7. How can I obtain a Business Personal Property tax return? TPP tax returns are mailed to businesses that are currently on the tax roll on January 1. If you do not receive one by the end of January, contact the Tax Assessor’s Office. 8. 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 Business Personal Property tax return received. 9. Do I still have to file the return if I have no assets to report? Yes. All businesses must file a Business Personal Property tax return. Even if you feel you do not have anything to report, fill out all items on the return, and attach an explanation of why nothing was reported. Be sure you sign and date the return before mailing it to our office. 10. Is there a minimum value that
