My business purchased the trade name of another corporation last year. The cost is amortized over several years. The TurboTax Business software appears to have automatically calculated the amortized deduction ($887) that I get this year in the Assets section on Form 4562.
However, the deduction does not show up in the Depreciation of Assets Section on the Deductions tab. It shows up in the Common Business expenses section.
Is this right?
Thanks
Yes, this is the correct treatment of amortization.
Although the calculation of amortization of intangible assets is calculated on form 4562, it is reported as Amortization in Other Deductions.
Thank you for the response.
It just seemed strange that when I clicked on the Common Business Expenses link to enter expenses, the $887 was nowhere to be found. I think if I click over to the Forms view, it will show up in some way, but it just makes the physical input and bookkeeping a little more confusing.