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H
helenyin
Level 5
March 28, 2025
Question

Form 1040: amortization of loan cost

  • March 28, 2025
  • 1 reply
  • 10 views

Which IRC section should I use? I want to amortize it for 20 years.

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1 reply

Camp1040
Camp1040
Level 10
March 28, 2025

Asset entry worksheet, right click on the box for amortization codes and then enter the years below on the asset entry worksheet. Loan costs 446 

    H
    helenyinAuthor
    Level 5
    March 29, 2025

    Thank you.

    I didn't find the exact place to do it. However, I scrolled down on the Asset Entry sheet and found the recovery period. 

     

    Camp1040
    Camp1040
    Level 10
    March 29, 2025

    Go line by line on the asset entry worksheet, about half way down and you will see a check box to enter the correct amortization code, right click on the box and the codes will appear in a new window.

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