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10266: 4562 - Entering Amortized Assets


1040 Individual

On a 4562, how do I enter amortized assets?  

 

On the 4562 screen:

  • Enter the Description, Date Acquired, Cost.
  • Select an applicable Property Type.
  • In the Method field, select AMT (use a different method if applicable).
  • Enter years amortized in the Life field.
    • If the life is given in months, convert it to years. For example, 60 months would be 5 years.
  • In the Amortization section, choose a Code section from the drop list.

For steps on how to amortize mortgage points through Drake Tax, see KB 10460.


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