5.1.19 – The sharing economy and your taxes

Tax tip

From renting spare rooms and vacation homes to car rides or using a bike…name a service and it’s probably available through the sharing economy.

Here are six things to know about how the sharing economy might affect your taxes:

  1. The activity is taxable.
  2. Some expenses are deductible.
  3. There are special rules for rentals.
  4. Participants may need to make estimated tax payments.
  5. There are different ways to pay.
  6. Taxpayers should check their withholding.

Tip courtesy of IRS.gov

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