I made 20,255 renting two vehicles on turo this year. I can't seem to find any answers on how I'm supposed to claim this on turbo tax. How's everyone else doing this?

It depends on whether or not you are in the business of renting vehicles or not. 

 

• If you are, the income and expenses go on Schedule C - Where do I enter Schedule C?  
• If you are not, the income goes to miscellaneous income - Income from renting out personal property.

 

Miscellaneous Income (non-business) can be found by going to Federal > Personal Income (Wages & Income) > Less Common Income > Miscellaneous income, 1099-A, 1099-C > Income from renting out personal property.  

 

See IRS Topic 414 - Rental Income

 

 

 

I'm definitely in the business at this point. I've got a 1099-k, but as I go through the steps in turbotax, I'm just confused as how I enter the vehicle and mileage. The way I'm doing it now, is by adding the two vehicles to this business and then using a standard mileage deduction, including the parking fees, fees turo charges me, etc. I'm showing a massive loss on paper which is helping my taxes owed, but I'm just not sure I've set it up correctly. The way I read it is that I'm driving all those miles, not that I'm renting the vehicle out and I'm not sure if that is the correct way to do it.

You are doing it correctly.   You should have both vehicles set up separately and the rental miles are business miles.   The IRS allows you to claim a business vehicle write-off as long as your vehicle is used for business purposes.  However, it's important to determine whether to use the standard mileage or actual expenses method to maximize your tax savings.  For more info, see Business Use of Vehicles.

 

Also, see this detailed breakdown of Standard Mileage Rate vs Actual Expenses Method and one more, Auto Related Tax Deductions.