Yes, you should report your expenses related to your car-sharing business, as well as the income reported to you on Form 1099-K.
As an owner renting your vehicle, you are considered self-employed and must report your business on Schedule C (available in TurboTax
Self-Employed Online).
To offset your income, you may report any related business expenses. In the case of car-sharing, Vehicle Mileage is probably your largest expense. You can either take the standard mileage deduction (54 cents per mile for 2016) or your actual expenses. Substantial record-keeping is required to deduct vehicle expenses. TurboTax will walk you through these options and help you choose which is best for your situation.
This article may be helpful: Tax
Tips for Uber, Lyft, Sidecare, and other Car Sharing Drivers
The easiest way to
find this section of TurboTax is to use the Search box at the top right side of
the TurboTax header. Click on the magnifying glass, type in "schedule c",
hit Enter, and click on "jump to schedule c" to go directly to beginning of
this topic.
Or go to My Account
>> Tools >> Topic Search. Type in "schedule c", then click the
topic in the list to go directly to the start of this section.
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