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

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

What type of method would I use if a Uber / Lyft handled actions.. Once they took their fee, payment was made to me once a week. Not sure if this is the Cash Method?

 
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
PatriciaV
Expert Alumni

What type of method would I use if a Uber / Lyft handled actions.. Once they took their fee, payment was made to me once a week. Not sure if this is the Cash Method?

Yes, in most cases you are a cash-basis taxpayer, and you use the same method for your Uber/Lyft business. If you used accrual method, you would know and recognize this.

Report the gross income that was paid to you. The fees that were deducted should be reported as a business expense.

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

View solution in original post

1 Reply
PatriciaV
Expert Alumni

What type of method would I use if a Uber / Lyft handled actions.. Once they took their fee, payment was made to me once a week. Not sure if this is the Cash Method?

Yes, in most cases you are a cash-basis taxpayer, and you use the same method for your Uber/Lyft business. If you used accrual method, you would know and recognize this.

Report the gross income that was paid to you. The fees that were deducted should be reported as a business expense.

**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