I purchased a customer list(Section 197 Intangible). How do I amortize it in TurboTax Deluxe?

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I purchased a customer list(Section 197 Intangible). How do I amortize it in TurboTax Deluxe?

Your section 197 intangible is amortized over 15 years.

Amortization is a business expense and you need to upgrade to TurboTax Self-Employed to enter this intangible asset and amortize it.

Please read this IRS document for more information:

https://www.irs.gov/businesses/small-businesses-self-employed/intangibles

In TurboTax Self-Employed, under Business Assets, go to the Asset Summary and click Add an Asset
On the next page, click the radio button next to Intangibles, Other property
On the next page. choose Amortizable Intangibles and click Continue to enter the details of the asset
TurboTax will calculate the amortization and include it in your Schedule C.

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