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Rv rentals with rvshare

We started using rvshare to rent out our camper during 2023.  During that year we only rented it 4 times for a total of 13 days with an income of $1949.79. And technically when I run the gross earnings report ending in December 31,2023 it doesn’t even include the 4th rental because it technically ended and paid out on January 2,2024- which excludes $581.21 of that income. 
Rvshare does not generate a 1099-k unless you have at least 200 transactions and a minimum of $20,000 in reportable payments. They do collect and remit state administered sales and use tax in my state of Georgia on my behalf. 
I did make investments into things for the camper prior to renting it out but the expenses were in the $300-$400 range.  
My question is- do I spend the money to get the more expensive tax program in order to report this? Or do I not even need to report anything due to the small income and small expense of renting it? 

any advice regarding this would be appreciated. 

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1 Reply
JamesG1
Expert Alumni

Rv rentals with rvshare

If you are a U.S. citizen or resident alien, you are subject to tax on worldwide income from all sources and must report all taxable income and pay taxes according to the Internal Revenue Code.

 

The IRS makes a distinction between being in the business of renting personal property and income earned when you are not in the business of renting personal property. This IRS website states:

 

  • Report income and expenses related to personal property rentals on IRS Schedule C Self-Employment income and Expenses, if you are in the business of renting personal property.
  • Report income on line 8l and expenses on line 24b of IRS Schedule 1 Form 1040, if you are not in the business of renting personal property.

 

In TurboTax Online, report Schedule C income by following these steps:

 

  • Down the left side of the screen, click Federal.
  • Down the left side of the screen, click Wages & Income.
  • Scroll down to Self-employment income and expenses and click on the dropdown menu.
  • Click Start/Revisit to the right of Self-employment income and expenses.

In TurboTax Online, report casual rental of personal property by following these steps:

 

  • Down the left side of the screen, click Federal.
  • Down the left side of the screen, click Wages & Income.
  • Scroll down to Less Common Income and click on the dropdown menu.
  • Click Start/Revisit to the right of Miscellaneous Income, 1099-A, 1099-C.
  • Click Start/Revisit to the right of Income from renting out personal property (not rental real estate or farm rental).
  • You are able to report both rental income and rental expense which are reported on IRS Schedule 1.

 

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