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PWalter
Level 1
May 5, 2023
Question

Mortgage Loan Costs Amortization

  • May 5, 2023
  • 1 reply
  • 29 views

Where do you enter the Amortization for Mortgage Loan Costs for the very first time. I know it is on the Form 4562, but I do not know the Code Section or period to start the process. 

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    1 reply

    Jim-from-Ohio
    Jim-from-OhioIntuit Community Champion
    Intuit Community Champion
    May 5, 2023

    Asset Entry Worksheet > Code L> IRC section 163> Enter recovery period way down on that screen.

      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      May 5, 2023

      Hey Jim, in the list PS has, 163 isnt included, I use 446, is that wrong?  Does it even matter as long as youve chosen the correct number of years?

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
        Jim-from-Ohio
        Jim-from-OhioIntuit Community Champion
        Intuit Community Champion
        May 5, 2023

        that is really strange.. when I do a right click on the IRC section > About Amort Code Section > Blue amortization code link. I get this below my comment.. but as far as choosing right code, I think it might matter as 197 is 15 years

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