Thanks for your reply. Helpful to one on the correct path. Still not sure if it's information is showing up.
In the interview I had to go to Income to find business deductions. Then the statement comes up;
"You can deduct $10,000 for each Qualified Timber property in year you pay or incur the expenses. You amortize the balance over 84 months. Enter your total forestation or reforestation deduction for 2023."
The figure I put there goes directly to Schedule 1 line 24d and then I manually add an additional statement to be attached to the return.
So as I understand it from above answer I manually determine that figure to fill in there right? I.e. I must already have entered the amortized total using the Asset entry Worksheet.
Though turbotax says "the Asset Entry Worksheet is the only place where you enter depreciation information.
After you've entered the information on the Asset Entry Worksheets, the deduction transfers to the other depreciation worksheets and reports, the form or schedule you're working on, and Form 4562 (Depreciation and Amortization)." Nothing is transferring for me.
It will be the $10,000 deduction + what the amoritized expenses are that were determined from the Asset entry Worksheet which I was finally able to get to show up using the L - Intangibles with the correct 7 yr amounts. with the yearly amounts shown Asset Life History on the
At top of form it ask for Activity: which fills in Sch C not sure why as I am not a sole prop but do have reforestation expenses. My general expenses are not reported there but on Schedule A.
My Assest
Activity: ? I have typed Forest land Timber as an Investment
1 Description of asset I have typed Reforestation Expenses over $10,0000
2 Date Aquired 1/01/2023
3 Date placed in service 7/01/23
4 total cost when asset was aquired $6847
5 type of Asset L-Intangibles
6 Percentage of business use 100%
But how does one get the the required information into Form 4562 PART VI Amortization which on
line 42 Amortization of costs that begins during your 2023 tax year
which says "Enter amortizable costs on the Asset Entry Worksheet."
I have done but nothing is showing up there. I cannot override or fill in this form. what it ask.
Description of costs (b) Date amortization begins (c) Amortizable amount (d) Code section (e)
Amortization period or percentage (f) Amortization for this year
The total for 2023 of which on line 44 should be going to Schedule 1 line 24d.
Then for next yr line 43 of this form how will I get the now prior year amortized amount filled in there.
Appreciate any help in getting the information corrected reported.
