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.