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Actual Expenses (Vehicle) not showing up for Schedule E?

Forum|Forum|3 years ago
April 10, 2023
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Hi, I'm filling up my schedule E Vehicle Expenses and chose actual expenses instead of mileage. However, number for deductions (when clicking Update Vehicle expenses) is not the same number that shows up on the Summary review for Vehicle expenses.

Does anyone know why this is?

TurboTax Home & Biz Windows

Best answer by JamesG1

The expenses reported at the screen Here's rental property info reports the direct expenses that were listed at the screen Let's get your actual expenses for your vehicle.

Auto and travel is reported on line 6 of the Federal Schedule E

The vehicle depreciation is lumped in with other rental activity depreciation on line 18.

Your total vehicle deduction is listed at the screen Ka-ching!

Your total vehicle deduction is listed at the screen Vehicle Summary.

Your tax return will include other schedules and worksheets that report the vehicle related deduction(s).

@hechin09

J

JamesG1Answer

The expenses reported at the screen Here's rental property info reports the direct expenses that were listed at the screen Let's get your actual expenses for your vehicle.

Auto and travel is reported on line 6 of the Federal Schedule E

The vehicle depreciation is lumped in with other rental activity depreciation on line 18.

Your total vehicle deduction is listed at the screen Ka-ching!

Your total vehicle deduction is listed at the screen Vehicle Summary.

Your tax return will include other schedules and worksheets that report the vehicle related deduction(s).

@hechin09

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

H

hechin09Author

On the schedule E, line 6, it looks like that number gets generated from a separate "Car & Truck" form:

The highlighted number (Car & Truck form: line 32) is the number that shows up on Schedule E: line 6

I was thinking that the number on Car & Truck form: line 31 would be the deduction number that shows up. Here, the depreciation + other costs (gas, registration, etc..) shows up as total expenses (line 29). I don't understand why this number is subtracted by line 31 (depreciation & section 179)?

If I didn't add in other costs (gas, registration, etc...) this would cancel out to show as $0 and will report as $0 on the schedule E (line: 6). Does this mean $0 of deductions were claimed?

AliciaP1

Depreciation and Section 179 expenses claimed for the vehicle will be reported on Form 4562 along with the depreciation and amortization of any other assets you are reporting for your Schedule E. There will be a separate line for depreciation expense on your Schedule E and it will have the combined total from your Form 4562.

@hechin09

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