IRS Resource Center
Many taxpayers have found a new stream of income with what the IRS refers to as the "Sharing Economy." Websites such as Air BNB, Uber, and Lyft are just a few examples of this new income source.
The Internal Revenue Service has launched the Sharing Economy Resource Center, a website providing tax guidance and resources to those involved in the sharing economy. Also known as the "on-demand," "gig," or "access economy," the sharing economy uses the Internet and other technology advancements to facilitate a variety of transactions, such as apartment rentals. The IRS notes that income from a sharing economy transaction is generally taxable, even if the taxpayer doesn't receive a Form 1099-MISC or other income statement.
Among other things, the Sharing Economy Resource Center offers tips on filing requirements, quarterly estimated tax payments, self-employment taxes, and vacation home rentals. Taxpayers can access the site here.
Source: News Release IR 2016-110
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