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Self employed
No, you cannot report your net earnings. The IRS wants to know how you come up with the numbers for your self-employment income. So you will need to use the amount you actually earned as your income. Then you will need to enter your mileage and such as your expenses.
When you start out in TurboTax in the business section, TurboTax has a guided interview section for Lyft and Uber. You will also be able to deduct the fees that Lyft charges as well, but you must start with the FULL amount you earned. Then you can start deducting expenses.
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‎February 29, 2024
1:31 PM