I would like to know how Turbo Tax arrived at the net income value for my rentals. The income - expense dont add up. What am I missing?

[imran2408]

My income in 3000 and expense is 800. Turbox tax calculated my net Income as 2000. I thought it would be 2200 (3000-800)

[Mike9241]

maybe depreciation of $200 which would be calculated automatically if the asset was put into service in a prior year.  look at schedule E to see what's there. 

[Carl]

You didn't mention depreciation, which you are required to take by law.

It's also possible that you missed the small print on one of the screens and you incorrectly indicated a number of personal use days greater than zero and/or business use percentage less than 100%.

For depreciation, $200 seems quite a bit low, but it could be valid if the rental property was placed in service in the later half of December. Are you "in fact" showing the property in the Assets/Depreciation section?

If the property was a rental in 2019, do you see an amount greater than zero for prior year's depreciation taken?

Do you see an amount greater than zero for current year's depreciation?