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afroberhe63
New Member

If I own a taxi cab and lease it out to taxi drivers, how do I file it on Turbotax? Would it be under "Business Taxes and Deductions"?

 
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Marketstar
Level 7

If I own a taxi cab and lease it out to taxi drivers, how do I file it on Turbotax? Would it be under "Business Taxes and Deductions"?

Yes, if you earned more than $400 net income (income less expenses) working as a self-employed individual (or independent contractor), you must file a Schedule C, business income and expenses with your personal return and pay self-employment tax of 15.3%.

If you otherwise earned enough to file a return, you must report your self-employment income, no matter how small.

Simply follow these steps to enter your income from self-employment. 


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