First Turo Booking: Pray for me

[Chicago-E]

No there’s no taxes on my 270. Only if you go above 20k in earnings do you have to fill out tax forms.

Thats not how the IRS operates. They will still likely send you a 1099

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[MachSimbaaa]

Thats not how the IRS operates. They will still likely send you a 1099

From Turo:

• Turo will issue a Form 1099-K only to hosts who submit a W-9 and meet ALL the following criteria:
  • US person
  • Earned at least $20,000 in unadjusted gross sales*
  • Had more than 200 transactions in 2021

 

[TRP]

From Turo:

• Turo will issue a Form 1099-K only to hosts who submit a W-9 and meet ALL the following criteria:
  • US person
  • Earned at least $20,000 in unadjusted gross sales*
  • Had more than 200 transactions in 2021

I haven't read through this whole thread so I'm sorry if I repeat something here.

We rented our RV through a couple of sites very similar to Turo. Each site had a similar 1099 policy, we never met or exceeded it. We still claimed the income earned as well as any expenses.

Hope it works out for you

 

[benzapa]

Hopefully you did not finance through Options. Rental use is forbidden.

@Nklem, how do you know that it is forbidden if financed through options?

 

[Mach1E]

From Turo:

• Turo will issue a Form 1099-K only to hosts who submit a W-9 and meet ALL the following criteria:
  • US person
  • Earned at least $20,000 in unadjusted gross sales*
  • Had more than 200 transactions in 2021

It’s still taxable income, even if they don’t issue a 1099.

You are responsible for reporting the income and paying taxes on it.

Just like with everything in our tax code…… it’s the “honor system” until you get audited.

 

[Nklem]

@Nklem, how do you know that it is forbidden if financed through options?

It’s listed on your Options Contract.

 

[Regularmache]

Good catch for sure.

 

[GoGoGadgetMachE]

I just downloaded the PDF of my contract from the Ford Credit web site, and sure enough, on page 4 of 8, emphasis mine:

E. Use of Vehicle - Warranties: You must take care of the vehicle and obey all laws in using it. You may not sell or rent the vehicle, and you must keep it free from the claims of others.​

"You may not sell" is very interesting to me, more interesting than the rent block (although the rent block is the one of interest here).

 

[Mach1E]

I just downloaded the PDF of my contract from the Ford Credit web site, and sure enough, on page 4 of 8, emphasis mine:

E. Use of Vehicle - Warranties: You must take care of the vehicle and obey all laws in using it. You may not sell or rent the vehicle, and you must keep it free from the claims of others.​

"You may not sell" is very interesting to me, more interesting than the rent block (although the rent block is the one of interest here).

If you sell it, you have to pay off the loan.

Pretty standard stuff.

I’d be more worried about the “obey all laws” part.

First speeding ticket and they could void the contract?

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