Vanessa A
Expert Alumni

Deductions & credits

Since the truck is a business truck and not meant for personal use, you could claim the rental income as another activity within the business.

 

Basically, you will include this income in your gross income and then include the miles in with the rest of the miles if you would want to treat it all as one activity.  Since you did not purposely buy the truck to rent out, instead you are renting out a truck that is part of your business, this would be the easiest way to do it.

 

You would then enter the Turo fees as commisions in the common business expense spot. 

 

You could also set up a second business and then include the truck rental as a separate Schedule C business.  In this case, you would need to allocate expenses between the 2 businesses with the Turo rental being 

 

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