Tax Time! Ask me anything about Ride-share Taxes

vtcomics

Well-Known Member
As a married couple I get a standard deduction of $24,400.00 Does this mean unless I can come up with MORE write offs than that,,,, I can't write off my Uber mileage and rideshare expenses?
Yes, you take additional write offs for your rideshare above and beyond the $24,400. Your rideshare business is on Schedule C, where you report the Uber/Lyft gross minus their fees and then deduct your mileage and any other expenses (phone, water, mints, etc). You will pay self employment tax as well as bringing over your profit back to the 1040. I'm not a professional so please verify this before acting on it!
 

MasterAbsher

Well-Known Member
A bit confused on the 1099s because of what I've read in this forum, Google and on Uber. I netted a little over $8K last year. Not too bad considering I started in late August. I thought I'd get a 1099-misc as I know it's not enough for a 1099-k. When I go to my account for Uber, there is no 1099-mics for me. Never got one in the mail. Then I read where Uber only did 1099-k for 2019. Then Google says they do 1099-misc. Any help would be greatly appreciated. Thank you
 

FLKeys

Well-Known Member
A bit confused on the 1099s because of what I've read in this forum, Google and on Uber. I netted a little over $8K last year. Not too bad considering I started in late August. I thought I'd get a 1099-misc as I know it's not enough for a 1099-k. When I go to my account for Uber, there is no 1099-mics for me. Never got one in the mail. Then I read where Uber only did 1099-k for 2019. Then Google says they do 1099-misc. Any help would be greatly appreciated. Thank you
1099-MISC if for money that comes directly from Uber for incentives and bonuses. You will only get a 1099-MISC if you received over $600.00 directly from Uber.

1099-K is for payment processors. You need to have over $20,000 in fares from all your riders to generate a 1099-K

Your Uber Tax Summary is all you need to properly do your taxes.
 

ChicagoJoe

Member
I got into an accident with only myself in the vehicle. The accident occurred on personal travel. However, this was the vehicle I used to drive with Uber. Unfortunately, the car was totaled. Insurance cut me a check for the current value of the car and I used that check towards the purchase of my current vehicle.

When filling, how would I go about reporting this? Do I report this as a sale, and use the insurance check amount as my sale price? How do I account for depreciation?

Thanks in advance!
 

Stevie The magic Unicorn

Well-Known Member
I got into an accident with only myself in the vehicle. The accident occurred on personal travel. However, this was the vehicle I used to drive with Uber. Unfortunately, the car was totaled. Insurance cut me a check for the current value of the car and I used that check towards the purchase of my current vehicle.

When filling, how would I go about reporting this? Do I report this as a sale, and use the insurance check amount as my sale price? How do I account for depreciation?

Thanks in advance!
use standard mileage and none of that matters.

You shouldn’t use actual expenses unless your driving a $50,000+ vehicle.
 

UberTaxPro

Well-Known Member
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A bit confused on the 1099s because of what I've read in this forum, Google and on Uber. I netted a little over $8K last year. Not too bad considering I started in late August. I thought I'd get a 1099-misc as I know it's not enough for a 1099-k. When I go to my account for Uber, there is no 1099-mics for me. Never got one in the mail. Then I read where Uber only did 1099-k for 2019. Then Google says they do 1099-misc. Any help would be greatly appreciated. Thank you
You get 1099k for driving income 20k+
You get 1099m for income other than driving like for referring a new driver to Uber 600+
 

RickeyBobbyuber

New Member
If your're actively working from your house to first ride yes. By actively working I mean app on seeking rides driving to a ride etc...
Between miles same thing. You need to be keeping a mileage log. I prefer the app TripLog in manual mode to create the log.
It's probably best that you turn on your Uber on the ride to where you're going even though you may not get a fair and it's going to hurt your driving hours but it will give you a better tax break for driving to and from the point. That way you can prove that it just wasn't busy in your town so you move to a better area. But if you wait do you get to where you're going the turn Uber on that means you weren't available For service so leave ride share on to and from the house.
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Can’t view the attachment....what is it?
And if you don't turn your Uber software on seeking rides you can also just claim $5 for to give somebody a lift that way and you'll lose on that trip.
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75K was my net income my expenses were around 33k
Can I just do a short form and just take the mileage?
 
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Older Chauffeur

Well-Known Member
Can I just do a short form and just take the mileage?
If you’re referring to a short Form1040, no. As an independent contractor you need to file Schedule C and, (if your net profit is $400 or more) Schedule SE. You figure your profit or loss by subtracting your expenses, including mileage, from your gross earnings on Schedule C. Schedule SE is where you figure the amount of contributions you owe for Social Security and Medicare.
If you’re using a program like TurboTax it sGould walk you through the computations by asking you questions. But if you’re unsure, see a professional tax preparer.
 

Redross

New Member
Please help me to give this answer, do I pay GST on the total amount of the tax summary or I deducted the commission of Uber from the tax summary and then pay the GST? Thanks
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Older Chauffeur

Well-Known Member
Two suggestions:
Google is your friend :laugh: (I found three references)
Post your question in the Australia forum, probably some of your countrymen know the answer. Good luck.:thumbup:
 

20yearsdriving

Well-Known Member
Two suggestions:
Google is your friend :laugh: (I found three references)
Post your question in the Australia forum, probably some of your countrymen know the answer. Good luck.:thumbup:
Quick question .. I forgot all about it .. last year I qualified for the pass through.

So my question is after to what amount of net income do I start paying taxes ?

I'm going pay a few thousand for sure but based on your answer I may uload some none performing inventory to buffer mat tax liability.
 
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