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April 10, 2022
Question

I rent my car through Turo. How do I report these earnings? Before Turo fees are deducted or after?

  • April 10, 2022
  • 1 reply
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1 reply

April 10, 2022

The car rental will be entered as a self-employed Schedule C business return. You will enter your income and deduct the expenses from your income. If your payments are reported on a 1099-NEC, you will be automatically directed to the business return.

 

If your earnings are reported another way, you can reach the Schedule C  following these instructions:

  • Go to Business Income and Expenses, click Start
  • Follow the prompts and enter information about your work
  • You do not need or have an EIN
  • You can use business code 999999
  • You use the cash accounting method
  • You did not make any 1099 payments
  • Enter Business Income in General Income

You can deduct any expenses that you had such as supplies, mileage, and business percentage of insurance.

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