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Video instructions and help with filling out and completing Form 8825 line 18a
Instructions and Help about Form 8825 line 18a
All right this videos can be all about 1099 caves and 1099-misc for Airbnb uber lyft drivers in the sharing economy if you will so we're gonna talk about that because it's critically important if you're doing this sharing economy type of things you know what tax forms to get and how critical they are when you're doing your own taxes I use TurboTax and I recommend most people use TurboTax obviously if you want to get CPA that's fine too if you're just doing on the fly though and you say that you're doing on your own TurboTax way to go in my opinion the nice thing about uber and I'm not sure about Airbnb but uber TurboTax and uber have an affiliation so you can just log right into Ober download it directly to your to bert at turbo tax and you don't need to do anything so don't forget to smash the like button subscribe and share and comment smash subscribe share and comment so let's dive right into this my friends I saw its first show from the irs.gov website what the sharing economy Tax Center with a sharing economy Tax Center if you use one of the many online platforms available to rent a spare bedroom prcar rise or connect and pranother other good or services you're involved in something called the sharing economy an emerging area of activity in the past few years a sharing economy has changed how people commute bah-bah-bah this means that you are receiving income from a sharing economy activity is generally taxable even if you don't receive a form ten to nine ninety nine this form 1099 K or payment card or third-party network transactions are form w-2 which you probably won't and a wage and tax statements so the two critical things there are the form 1099 misc and the form 1099 K so if you're part of the sharing economy those are two forms gonna be neither looking for so let's go over to burrs website what's the difference for the 1099 K and the 1099-misc and the same things to be here on Airbnb which I'll show with you just second the 1099 K form reports on all all on trip transactions between riders and driver partners we will pryou with a 1099 k if you earn more than $20,000 grows unadjusted payments and provided at least 200 trips if you're not me both of these criteria you will not receive a 1099 K we will pryou with a 1099-misc though miscellaneous if you received at least $600 a non rider payments ie referrals on an entreprenuer sieve to twenty thousand dollars and two hundred trips you're gonna get a 1099 k you'll get a 1099-misc if you received at least six hundred dollars a non rider payments all right now what happens if you receive less than twenty thousand dollars we're gonna get in that in just a second Airbnb.