[{"data":1,"prerenderedAt":7},["ShallowReactive",2],{"faq-standard-8594":3},{"rec_id":4,"title":5,"text":6},"8594","What is a sharing economy and how does it affect my taxes?","If you use an online platform to rent out a spare room, give rides, or provide various goods or services, you're participating in what's commonly called the sharing economy.\n\u003Cbr>\u003Cbr>\nAlso known as the gig, on-demand, or access economy, it involves using technology to earn money from assets you own (like cars or homes) or services you offer (such as household help or tech support). Although this sector continues to evolve, both the platforms and the individuals providing these services may have important tax obligations.\n\u003Cbr>\u003Cbr>\nIf you receive income from a sharing economy activity, it's generally taxable even if you don't receive a \u003Ci>Form 1099-MISC\u003C/i>, \u003Ci>Form 1099-NEC\u003C/i>, \u003Ci>Form 1099-K\u003C/i>, \u003Ci>Form W-2\u003C/i>, or some other income statement. This is true even if you do it as a side job or just as a part-time business and even if you are paid in cash. On the other hand, depending upon the circumstances, some or all of your business expenses may be deductible, subject to the normal tax limitations and rules.\n\u003Cbr>\u003Cbr>\nThe IRS encourages taxpayers participating in the sharing economy to understand the potential tax issues affecting them. For more information, see the IRS's \u003Ca href=\"https://IRS.gov/Sharing\" target=\"blank\">Sharing Economy Tax Center\u003Cspan class=\"append_external\" style=\"margin-right:4px;\"> \u003C/span>\u003C/a> website.",1777391571712]