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 (prevents EF Message 2408).

  • 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.

EF Message 2049

EF Message 2049 generates if you have selected a Property Type for an asset that is being amortized. Per IRS guidelines, listed property cannot be amortized.

If you have not made a selection in the Property Type drop list, check the Life and Method entries to ensure that you have not entered an invalid life or method for the amortized asset.