Drake Tax - 4562: Entering Amortized Assets

How to enter amortized assets on screen 4562

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 Drake Tax - Amortizing Mortgage Points.