In what form is the business? Did you purchase intangibles such as Goodwill, Going concern value, or Customer lists.
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.
If you purchased assets such as machinery that you use in your business, then yes, use depreciation.
