What the 1099-K reports
Form 1099-K reports the gross amount of the payments a platform processed for you. Turo’s own tax page says the figure is not reduced by its fees, credits or reimbursements, and includes other payments it made you, such as host incentives. So, in its words, the gross on the form will be more than the total you received. Turo, US tax resources for hosts.
A platform has to send the form when your payments for the year pass the federal reporting threshold, which the IRS gives as more than $20,000 and more than 200 transactions. Some states set a lower threshold, and a platform may send one below it anyway. Not getting a form doesn’t change what you earned. IRS, Form 1099-K FAQs.
Where the difference comes from
- The platform’s share of each trip. On Turo it depends on your earnings plan, and the fees on your earnings receipt include the cost of that plan. Turo, Earnings and host share.
- Credits, refunds and adjustments made to a trip after it was booked. The form counts the trip before them.
- Reimbursements and incentives that the platform includes in gross.
- The calendar. A trip near the end of December can pay out in January, so the form’s year and your bank’s year need not hold the same money.
If your deposits come out higher than the form, no fee explains that. Usually the two figures are describing different things: payouts from a second platform in the same account, a transfer that is not a payout, or a year boundary that does not line up.
A worked example
One car, one year
| Gross on the 1099-K | $24,000.00 |
|---|---|
| Payouts that reached the bank | $18,240.00 |
| Difference: the platform’s share and adjustments | $5,760.00 |
The difference is $5,760.00, or 24.0% of the gross. Nothing here says what that money was, only that the platform kept it or adjusted it away before paying out. The platform’s own year-end statement breaks it down.
Platform fees and adjustments vary; confirm with your 1099-K and a tax professional.
For a car-sharing business, the gross figure is commonly reported on Schedule C. Which form, which lines, and how the platform’s share is treated are questions for whoever prepares your return.
Doing it car by car
The form covers everything the platform paid you, not each car. With more than one car, the question that matters is which of them is paying its way, and for that each car needs its own payouts, its own costs and its own share of the gross.
In Money Actually, each car is its own asset. You put a payout or a bill from your connected bank against the car it belongs to once, and a rule can do it from then on. A car can be marked as earning after a platform fee, so its page reminds you that the bank figure is the net one. In the year report you type the 1099-K gross, and it shows the gross, the deposits it saw, and the difference, worked out the same way as the example above. It never calls the difference a deduction.
The sample tour has one filled in: see a sample car’s page and the year report with a 1099-K entered. If you would rather keep a spreadsheet, the free profit-per-car template has a row per car per month.
Sources checked October 14, 2026.