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New Member
posted Jun 1, 2019 11:51:21 AM

Where and how do I enter amortization of Leasehold Improvements in TurboTax Business

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1 Best answer
Level 15
Jun 1, 2019 11:51:24 AM

"Where and how do I enter amortization of Leasehold Improvements in TurboTax Business"

In the 1065, 1120, and 1120-S modules, click the Federal Taxes tab, then click Deductions, and then click the Start button under Depreciation of Assets (see first screenshot).

Proceed through the Step-by-Step screens and then select Other in the Describe This Asset section (see second screenshot).

In the 1041 module, you have to enter Forms Mode and enter the improvement directly on the Federal Asset Entry Worksheet.

4 Replies
Level 15
Jun 1, 2019 11:51:24 AM

"Where and how do I enter amortization of Leasehold Improvements in TurboTax Business"

In the 1065, 1120, and 1120-S modules, click the Federal Taxes tab, then click Deductions, and then click the Start button under Depreciation of Assets (see first screenshot).

Proceed through the Step-by-Step screens and then select Other in the Describe This Asset section (see second screenshot).

In the 1041 module, you have to enter Forms Mode and enter the improvement directly on the Federal Asset Entry Worksheet.

New Member
Jun 1, 2019 11:51:25 AM

I followed the recommended path. However, could not find where to enter the amortization period ( 3 years ).  TurboTax default to 39 years depreciation schedule for this amortization vs. the 3 year lease term that I have with the landlord.

Level 15
Jun 1, 2019 11:51:44 AM

Then in the screen following "Other", you should select "Other asset type", which allows you to enter every aspect.

New Member
Jun 1, 2019 11:51:47 AM

I did that and I reached a screen with type of assets "Z". I have tried with various asset type : J4, J5,Z..All of them provide Depreciation plus Section 179 deduction, but no option to enter Lease Period to spread out the spend,