10266: 4562 - Entering Amortized Assets

Enter the Description, Date Acquired, Cost/Basis, and select an applicable Property Type on the 4562 Depreciation Detail screen.  

In the Method field, enter AMT (use a different method if applicable), and 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.

Choose an amortization code section under Amortization Information.

Note: You cannot amortize mortgage insurance premiums on screen 4562. If you do, they will appear on the 2% limitation line rather than the insurance premium line. You will have to manually compute the amount and enter it on the schedule A screen. Once you have computed the amortization schedule, an alternative to help you keep track of them is on the NOTE screen. On the NOTE screen, you can enter a note that will update to next year and open when the return is opened. See Related Links below.