Entering Amortization for an Individual Return in Lacerte

How do I enter amortization for an Individual?

To Enter an Amortized Asset:

1. Go to Screen 22, Depreciation (4562).
2. Click Add from the left navigation panel.
3. Enter the Description of Property.
4. Select the applicable Form to tie the asset to.
5. Select the Activity Name or Number.
6. Select 8 = Amortization from the Category drop-down menu.
7. Enter the Date placed in service.
8. Enter the Cost or Basis.
9. Select 91 = Straight Line from the Method drop-down menu.
10. Enter the Life or class life (recovery period automatic).

    

11. Select the applicable Amortization code section from the drop down menu:

• ​​59 = Sec. 59 - Optional Write-Off of Tax Preferences
• 169 = Sec. 169 - Pollution Control Facilities
• 171 = Sec. 171 - Certain Bond Premiums
• 174 = Sec. 174 - Research and Experimental Expenditures
• 178 = Sec. 178 - Cost of Acquiring a Lease
• 194 = Sec. 194 - Qualified (Re)Forestation
• 195 = Sec. 195 - Business Start-Up Expenditures
• 197 = Sec. 197 - Intangibles (goodwill, etc.)
• 461 = Sec. 461 - Points
• 1400 = Sec. 1400 - Qualified Revitalization Expenditures