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October 24, 2024
Question

Where / how to claim 15 year amortization?

  • October 24, 2024
  • 1 reply
  • 0 views

We started a new sole proprietor LLC in February 2022. Turbotax of course allowed the 5k deduction and said the balance to be amortized for next 15 years. My question

 

Will turbotax 2023 automatically calculate this or where / how do I put it in? 

Thanks!

    1 reply

    M-MTax
    October 25, 2024

    Turbotax should calculate and transfer that if entered as an intangible asset.