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usasar
Returning Member

How and where do I enter a Section 197 intangible asset in Turbo Tax and capture its amortization? I have Turbo Tax Deluxe.

 
1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

How and where do I enter a Section 197 intangible asset in Turbo Tax and capture its amortization? I have Turbo Tax Deluxe.

If you have a Sole Proprietorship you will need to update to the Self-Employed Edition.

  • Start or Update Depreciation of Assets, and answer Yes to the next screen. 
  • Then select Add An Asset. Enter the trademark name and the date you acquired it on the Tell Us About This Asset Screen. 
  • On the Describe This Asset screen, select Other. 
  • On the Tell Us a Little More screen, select Amortizable Intangibles. 
  • On the next screen, enter the amount you paid for the trademark. Do not check the box for This asset was new... 
  • What kind of intangible is Section 197 intangibles. TurboTax does the rest.

View solution in original post

3 Replies
Coleen3
Intuit Alumni

How and where do I enter a Section 197 intangible asset in Turbo Tax and capture its amortization? I have Turbo Tax Deluxe.

If you have a Sole Proprietorship you will need to update to the Self-Employed Edition.

  • Start or Update Depreciation of Assets, and answer Yes to the next screen. 
  • Then select Add An Asset. Enter the trademark name and the date you acquired it on the Tell Us About This Asset Screen. 
  • On the Describe This Asset screen, select Other. 
  • On the Tell Us a Little More screen, select Amortizable Intangibles. 
  • On the next screen, enter the amount you paid for the trademark. Do not check the box for This asset was new... 
  • What kind of intangible is Section 197 intangibles. TurboTax does the rest.

View solution in original post

Maria-ME
New Member

How and where do I enter a Section 197 intangible asset in Turbo Tax and capture its amortization? I have Turbo Tax Deluxe.

I have sole prop and I'm using the QB & TurboTax Self-Employed Bundle and I too need to know... 'how and where to enter a Section 197 intangible asset in Turbo Tax and capture its amortization?' 

I'm not understanding the solution to "update the Self-Employed Edition". Is the process different for the bundle software I purchased this year?

MaryK1101
Expert Alumni

How and where do I enter a Section 197 intangible asset in Turbo Tax and capture its amortization? I have Turbo Tax Deluxe.

You do not need to upgrade if you already have the Self-Employed- that only applies if you had the TurboTax Premier or TurboTax Deluxe.  The Update instruction only apply if you had already went through that section. @Maria-ME

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