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Level 2
posted Jan 21, 2022 8:13:27 PM

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.

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1 Best answer
Level 2
Jan 24, 2022 4:47:11 PM

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. 

4 Replies
Expert Alumni
Jan 21, 2022 8:32:09 PM

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?

Level 2
Jan 24, 2022 4:47:11 PM

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. 

Level 15
Jan 24, 2022 4:57:26 PM

  • 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. 

 

 

 

Expert Alumni
Jan 24, 2022 5:00:44 PM

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.