Inconsistency between Vehicle Summary and Rental Summary amounts

Forum|Forum|2 years ago
March 23, 2024
1 reply
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I am using TuroTax Premier 2023 desktop application (Windows 10) to fill out my federal taxes (1040), on section Wages & Income. I am inputting information regarding a rental property and see that on the Rental Summary, there is a vehicle expense (mileage or actual) of amount $412. However, when clicking "Update" to go to the Vehicle Summary page and filling out this information, and opting to use "Actual Expense" instead of "Standard Mileage", the amount shown in the Vehicle Summary page is a deduction of $1,406.

Why are the values different between the Vehicle summary and the Rental Summary? I have tried to save and restart TurboTax application and take the latest update, as well as re-filling out this information. Could you please help understand this is the case, should these two values be the same?

PatriciaV

Employee

The amount on Schedule E Line 6a (Auto Expense) is net of depreciation, which appears on Line 18a. Review the information for the vehicle to see if the difference between the Vehicle Summary page and Vehicle Expenses represents the depreciation expense for the year. This may be easier to see using Forms Mode.

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