Individual Strategies

Side Hustles and Tax Tussles: Tax in the Gig and Share Economy Part Three

The past month we've explored how side hustles can affect your client's taxes. You're now equipped to help them avoid most side hustle tax tussles, but there is one other major area of the gig economy that we must cover. That is when your clients decide to share their personal property for a fee.

Don't confuse this concept of the share economy with your client renting out real estate, like we discussed in part 2. The IRS has a different definition for personal property, one that does not include real estate. Which, you guessed it, means there are different tax implications.

To help you avoid tax tussles for your clients, we're going cover the following:

● What's the difference between personal property and real estate?
● Where do we report personal property rental income?
● What can we deduct from personal property rental income?

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