Rental real estate portfolios and car-sharing fleets bring income, and their own tax rules. We help you structure, report, and plan so you keep more of it.
Turo and car sharing
- Regular car sharing is usually reported as business income (Schedule C), which can also mean self-employment tax
- You may receive Form 1099-K from the platform; all income is taxable even without a form
- Deductions: depreciation, insurance, cleaning, repairs, platform fees, and loan interest
- Bookkeeping by car, so you can see which cars really make money
- Fleets owned by partners: LLC and partnership returns (Form 1065)
Real estate rentals
- Rental income and expenses on Schedule E; residential rental buildings are depreciated over 27.5 years
- Repairs versus improvements: what you deduct now and what you depreciate
- Passive loss rules, including the up-to-$25,000 allowance for owners who actively participate, which phases out between $100,000 and $150,000 of income
- Short-term rentals with an average stay of seven days or less follow different rules
- Cost segregation studies to speed up depreciation on larger properties
- Selling a property: depreciation recapture and like-kind (1031) exchanges
If the property is in Philadelphia, city taxes and a rental license also apply. We cover those too.