Resolved:Amortization Expense Incorrectly Calculated As Zero For "Intangible Asset"
When entering an Amortizable Intangible asset for a rental property in the interview, the amount of amortization expense would show as zero for all intangible assets entered.
This was due to a missing interview screen asking for the "recovery period" of the asset.
The correct amount of amortization expense will calculate after entering the "Recovery Period" of the Intangible Asset.
Workaround:
The missing "Recovery Period" information will be caught in "Error Check"
Enter the "Recovery Period" for the Intangible Asset in the box in "Error Check"
After entering the "Recovery Period" of the Intangible asset, the correct amortization expense will calculate in the return.
Solution:
This issue has been resolved in a TurboTax update that was released on 2/28/2013.
For assistance with updating TurboTax please refer to the How to Update TurboTax support article.
