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1099 .is
Get answers to your tax questions in the Sharing Economy. If you are earning income using services like Etsy, eBay, Kickstarter, Airbnb, and TaskRabbit, this is your guide. Learn more @ j.mp/1099is
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Sharing Economy
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1099 .is
Oct 19, 2015
I have a resource that I utilize for both personal use and resource sharing. How do I allocate the separate uses so that I pay the appropriate taxes for each use?
These guidelines will focus on the two…
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1099 .is
Oct 20, 2015
I am using my car to generate income through a ride-share company. Can I claim the costs of maintaining the car (i.e., gas, maintenance, etc.) as a business expense?
In general, you may apportion the…
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1099.is
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1099 .is
Oct 20, 2015
I am renting out my entire apartment or house. What portion of the expenses associated with maintaining my home qualify as deductible rental expenses?
Out-of-pocket expenses associated with maintaining…
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1099.is
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1099 .is
Oct 20, 2015
What expenses may be included in the calculation of car expenses that may be deducted?
The following are acceptable car expenses that are eligible to be deducted:
Depreciation
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1099.is
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1099 .is
Oct 20, 2015
I am renting out a part of the home in which I live. Do I need to report income received from this rental?
Yes. The income received from renting out a portion of your home is income and must be reported.
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1099.is
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1099 .is
Oct 20, 2015
I am renting a part of my apartment or house while continuing to live in it. What portion of the expenses associated with maintaining my home for rental use are is eligible for tax deductions?
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1099.is
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1099 .is
Oct 20, 2015
How do I divide the deduction for expenses that were utilized for both personal and rental uses?
If you spend money on a deductible expense that you utilize for both the personal use of your home and the…
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1099.is
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1099 .is
Oct 20, 2015
Where do I deduct expenses allocated to the rental use of my home?
The expenses allocated to the rental use should be deducted on Schedule E (Form 1040) of your tax return.
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1099 .is
Oct 20, 2015
How much may I charge for renting my home or a part of my home?
If you plan to rent out your home, it is important that you charge a “fair rental price.”
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1099.is
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1099 .is
Oct 20, 2015
I rented out my home this past tax year at a loss. May I carry over my deductible rent expenses into the next year?
The answer is yes in certain cases, but even then there are limitations to the amount of…
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