Form 4562 Section IV. Amortization

[CrazyPumpkin]

Where do I put entries for section VI (amortization) of form 4562?

I am trying to insert an entry for the amortization of "The cost of acquiring a lease (section 178)" as detailed in instructions for form 4562, year 2021, page 15.

The wizard for rentals does not appear to allow the population of this section unless I've missed it - but I've spent a lot of time looking.

[PatriciaV · Accepted solution]

Yes, you may add the amortization of an acquired lease in the Assets section of the related business under Expenses.

1. When you start or add an asset, look for "Intangibles, Other property" at the bottom of the "Describe This Asset" page.
2. Choose "Amortizable Intangibles" on the "Tell Us a Little More" page.
3. Continue through the interview to the page "Select a Code Section." You can choose "178: Cost of Acquiring a Lease" from the Code Section drop-down box.
4. On the "Recovery Period" page, enter the term of the lease in the "Useful Life" box.
5. To review your entries, click the box next to "Show Details" on the Asset Summary page.