Per IRS regulations, Turo requires all hosts to provide their tax information to Turo. That’s because Turo routes your earnings to you through our marketplace. To help you provide us your information, we’ll provide a tool that allows you to complete a digital IRS W-8 or W-9 form.

Do I need to report Turo income?

The income you earn from renting your car is taxable at the rate determined by your federal and state income tax bracket level, and you need to claim and pay taxes on your Turo income even if you don’t receive a 1099.

Do you get a tax deduction for renting a car on Turo?

As an owner renting out your car on Turo, you may qualify to deduct some related business expense allowed by IRS guidelines. You will enter your business income from Turo and all of your expenses you calculate using the steps below on a form called Schedule C, which is added onto the regular 1040 you file each year.

Do you pay taxes on income from renting a car?

The income you earn from renting your car is taxable at the rate determined by your federal and state income tax bracket level, and you need to claim and pay taxes on your Turo income even if you don’t receive a 1099. As an owner renting out your car on Turo, you may qualify to deduct some related business expense allowed by IRS guidelines.

When do I get my tax return from Turo?

If you don’t meet both of those thresholds, you won’t receive a Form 1099-K. 1099-K tax forms for 2020 will be sent electronically to all applicable hosts by January 29, 2021. Turo will not send a 1099-K tax form to non-US persons. We will, however, send you an earnings report by mid-February 2021.

Do you have to file a 1099-K with Turo?

You’re responsible for determining the reporting of your Turo earnings and associated expense deductions on your tax filings. Please talk to your licensed tax professional for any and all tax advice (unfortunately Turo cannot advise you on tax matters). Turo will not issue a Form 1099-K to individuals who completed a Form W-8.