Sharing Economy Self-Study

Summary

More and more taxpayers are using one of the many online platforms available to rent spare bedrooms, provide car rides, or to connect and provide other goods or services. By doing this, they are involved in what is called the “sharing (or gig) economy.” This course reviews the proper tax reporting of revenues earned and expenses incurred so to properly prepare a return for a client who participates in and generates income from these platforms.

Objectives

Upon completion of this course, you will be able to:

• Identify the type of rental income from web-based rental agencies such as Airbnb.
• Determine whether the rental income should be reported on Schedule C or Schedule E.
• Report rideshare income and allowable expenses from sources such as Über or Lyft on proper forms.
• Determine the class life and cost basis or basis percentage allocation for depreciation.
• Calculate vehicle expenses for shared economy businesses.
• Determine if estimated payments are necessary and the estimated payment amounts.
• Calculate home office expenses for shared economy businesses.

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.