turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How do I report income from Turo?

How do I report $4,795 of income from Turo? I tried it for a few months, but I closed it. Not an ongoing business.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

How do I report income from Turo?

I found that I need to report it as "Income from renting out personal property (not rental real estate or farm equipment)" under "Miscellaneous Income," where it lists such things as a personal vehicle. 

View solution in original post

4 Replies
AmyC
Expert Alumni

How do I report income from Turo?

If it was a business, then sch C business. If it was a hobby, you can report it as hobby income. Hobby income does not have the self-employment tax that a business would. See Earning side income: Is it a hobby or a business?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

How do I report income from Turo?

I found that I need to report it as "Income from renting out personal property (not rental real estate or farm equipment)" under "Miscellaneous Income," where it lists such things as a personal vehicle. 

How do I report income from Turo?

  • Down the left side of the screen, click Federal.
  • In the center of the screen, click Income & expenses.
  • On the screen Your income and expenses, scroll all the way down to the last section, Less Common Income.
  • Click the Start or Update button for the last topic, Miscellaneous Income, 1099-A, 1099-C.
  • On the next screen, Let's Work on Any Miscellaneous Income, scroll down and click the Start or Update button for the last topic, Other reportable income.
  • The next screen asks, Did you receive any other taxable income. Click Yes.
  • On the next screen, scroll down (see screen shot) . Click Continue.
  • On the next screen click Done.

The income will be reported on Schedule 1 line 8 with the description that you entered. 

 

1.jpg

 

 

AmyC
Expert Alumni

How do I report income from Turo?

Correct, if you were not in the business of renting your car for a profitable income, you were just renting it for a short term thing, it is just miscellaneous income. Report it on sch 1, line I, activity not engaged in for profit income. It could also go on line z under Other income.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies