With the advent of Airbnb, Uber, Lyft and other aspects of the "sharing economy", the IRS has started a "tax center" with information on how to properly file profits and losses associated with these activities.
Among the following tax issues that may apply to those participating in the sharing economy:
Issues for Individuals Performing Services
* Filing Requirements
* Employee or Independent Contractor
* Tax Payments, Including Estimated Tax Payments
* Self-Employment Taxes
* Depreciation
* Rules for Home Rentals
* Business Expenses
Employment Tax Issues for the Companies Providing Services
* Determining Whether the Individuals Providing Services are Employees or Independent Contractors
* Employer/Payer Employment Tax Obligations