This Could Save You THOUSANDS on Your Turo Taxes

[@selahsoulfullee]

This was so helpful Saimah. This was my first year doing Turo and I was VERY confused by the 1099K I was sent. Thanks for mentioning some of the deductions that I may have overlooked!

[@guapeousa]

How was your first year? And which Car did you start with? Thanks in advance for the feedback, I’m in Florida.

[@anthonygato407]

thank you for this info. the speaking and delivery style is on point. made it easy to understand. im just incredibly passionate about taxes.

[@LYFEAccounting]

Solid write-offs, Saimah! 💯

[@user-xw4vg1vy5e]

Just so you guys know, you can only deduct mileage OR depreciation. You can't deduct both.

[@devonblaine]

I interpreted it as Mileage/ Depreciation OR actual expenses (tires, windshield, etc). Hmm

[@user-xw4vg1vy5e]

@@devonblaine Government mileage allowances include depreciation, insurance etc. They're included in the calculations they use to determine the cents per mile number they put out every year.

[@normt430]

At about 9,000 miles the standard exceeds actually expenses unless you have allot of repair costs.

[@tomvansoelen6557]

Great video as usual. Very well covered in a very professional manner. So much better than some of these other ignorant Turo host on you tube claiming to be experts pitching patreon and lame paid tutorials they have created.

[@Marioquint1]

Hi Saimah. Thanks for another great video as they are always very informative and super helpful. I do have one question regarding electric vehicles. You said you used to post your Tesla, how do you separate the expense if you’re charging it from your home?

[@jasonwells3404]

Thank you for the info. Do you set your business up under an LLC or sole proprietor?

[@normt430]

A LLC works better as your side hustle is taxed at the personal level. A sole Proprietar is good at $100,000 and up as it is added costs.

[@japnikki]

Thank you as always for your fabulous content!

[@David-iy6gh]

Such informative videos thank you Saimah

[@jimmy1lee]

Awesome post and valuable info!

[@rogerpolidor428]

Thanks again for this video!

[@guapeousa]

Starting with a jeep gladiator this year Saimah. Any feedback? Thanks for the amazing content !

[@mytruereviewsandgenuineinf1131]

Hi Sam so when you say car insurance/Road side assistance means my personal car insurance for the car which is on Turo; I can write off ?

[@sikwheelie]

Good info. Thanks

[@xavierthompson2408]

I just started on turo and only have one vehicle, but I will be acquiring more. Can you recommend a CPA that's familiar with the business?

[@firasali4118]

Great info, thanks

[@CoupleofnaturalsII]

Very helpful THANK YOU

[@saimahsexperience]

You're welcome!

[@robertsamuel2990]

Awesome sauce!

[@gaffs82]

How about the expense of the car itself?

[@oshitomaha]

Video could’ve been less than 5 mins. Deductions start at 5:37.

[@vtr-vegasteslarides569]

10 min is the YT Algo for better pay.

[@jjb9826]

correct me if i am wrong but these deductions far as repairs, ,monthly car notes and what not can only be written off if the vehicle is in your business name , if the vehicle isn't in your business name you can only write off car washes, oil changes and mileage, I could be wrong if I am someone please correct me LOL i would love to write off the repairs from my fleet

[@normt430]

It doesn't matter who owns the vehicle if you are the one that receives the 1099. But if the car is used for other 1099 activities those need to separated and recorded. New or used, leased or purchased, it doesn't matter.

[@ContractorLicenseSchool]

should I use an LLC?

[@razzik777]

One thing i always been curious about is... I'm getting a 1099 for turo because i host and another for uber/lyft because i drive for them. In my situation i usually deduct mileage for my ridesharing and this is the first year i did turo. Is my tax situation complicated?

[@normt430]

No, mileage is mileage. Just make sure it is recorded everything you move the car.

[@Everythingonearth23]

do u have excel of things we could copy? and for the Gas? isnt it the Renter always return it at full tank? or we can claim even if we drive our Turo cars for our needs?

[@maxalex786]

I thought it was $600, I make $1300 and received a 1099k

[@hanj31]

can deduct the cost of the car for the year I buy the car for turo?

[@ginamoody5105]

Thank you for sharing the information. Can this work if you are doing Co- Hosting? I'm the car loaner not the host.

[@vtr-vegasteslarides569]

Only one of you can write it off. Usually the one that occurs the expenses So talk it over with whomever the owner of the car is so you dont both claim it. All really just important till one of you gets audited so the IRS may go to the other party to verify.

[@timiakinnusotu5812]

if you got brakes done, or the expanses of having your vehicle legal on the road like getting it (registered getting insurance, getting car inspection, ) before signing up for turo can I write it off? or is it just when you are actually on Turo

[@normt430]

All of it!

[@higherprojections]

I haven’t got time to pay tax

[@timiakinnusotu5812]

I open up another checking account for my turo is that good or does it have to be a business account?

[@taje718]

Are you looking to expand into the atl area? I am a 4.9 host and I have 4 cars and room for 5 more

[@paras211]

Is there a CPA or a tax accountant you recommend?

[@danieldosanjos8126]

In the interest paid on a car loan used for Turo deductible?

[@normt430]

Yes, loan or lease as a percentage of use.

[@bouncecity9517]

How many vehicles do you have on turo?

[@thinhdoan3373]

@@bouncecity9517 I think she has like a dozen cars.

[@bouncecity9517]

Had

[@youngjimmyt]

Came here for tips… left in love🙈

[@TheSportofBusiness]

intro way too long

[@B18bVtec]

Isn't turo dead?

[@Cherrybombgt]

Lol? Far from it 🗿