Question

Why the cost on generated schedule E is different from what I entered?

Forum|Forum|6 years ago
February 21, 2020
1 reply
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The expense is different from what I entered in Turbotax Web.

For example: Cleaning and maintenance, I entered 237 but got 87 in Box 7.

Also the Depreciation is 0 in Box 18 though I got $10,490 calculated.

I calculated $10,490 in page Assets/ Depreciation but it showed $0 in the rental summary page.

I'm expecting loss from the rental property but Turbotax just capped my expense the same as my rents receive.

Why does this happen?

TurboTax Premier Online

A

AnnetteB6

The situation you described is all tied to the answers to your questions in the initial screens where you entered the details of your rental property. You can take a look at your entries by editing your Property Profile.

If your total expenses are being limited to your income, then you may have indicated that your property is not being rented at a fair rental price. If that is the case, your expenses will be limited and you cannot claim a loss.

The prorated numbers you are seeing may also be related to entries for personal use days and rental use days. Keep in mind that personal use prior to the time the property is placed into service as a rental property do not count as personal use days with regard to the rental.

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Z

zxl9171Author

Thank for your reply.

I think I got the answer. The expense is capped at the income could because my adjusted income is over $150000 and couldn't deduct any loss.

I also found the extra expense in listed in Turbo Tax Smart Worksheet Schedule E Carryforward to 2020 Smart Worksheet.

I just curious how is the expense distributed. I found if I list it in Miscellaneous Expense, it will show in full, but if I list in cleaning/maintain fee, part of it will be carried forward.

Also I didn't find any information in the tax report about the carry forward information. Does that mean we only keep our own record to carry forward and report next year but don't need to inform IRS about it?

Thanks