L10 FePt is a technologically important material for a range of novel data storage applications. In the ordered FePt structure the normally nonmagnetic Pt ion acquires a magnetic moment, which depends on the local field originating from the neighboring Fe atoms. In this work a model of FePt is constructed in which the induced Pt moment is simulated by using combined longitudinal and rotational spin dynamics. The model is parameterized to include a linear variation of the moment with the exchange field, so that at the Pt site the magnetic moment depends on the Fe ordering. The Curie temperature of FePt is calculated and agrees well with similar models that incorporate the Pt dynamics through an effective Fe-only Hamiltonian. By computing the dynamic correlation function the anisotropy field and the Gilbert damping are extracted over a range of temperatures. The anisotropy exhibits a power-law dependence on the magnetization with exponent n≈2.1. This agrees well with what was observed experimentally, and it is obtained without including a two-ion anisotropy term as in other approaches. Our work shows that incorporating longitudinal fluctuations into spin dynamics calculations is crucial for understanding the properties of materials with induced moments.