Car Sharing & Lodging Tips

Do’s & Dont’s of Car Sharing

By Anonymous TextBroker Writer

Before you start hosng a car-sharing vehicle, you should know a few things. The first thing to keep in mind is that by hosng a car-sharing vehicle on your property, you are assuming all liability for it. This illustrates that you are responsible for paying their medical bills if an individual is hurt within the care seng. However, if the car is stolen or destroyed, you are accountable for its’ repairs or costs.

  • Know your car-sharing program and partner well.
  • Understand your neighborhood well to define your demand and hosting costs.
  • Make sure that your insurance covers the car-sharing vehicle.
  • Take advantage of the perks and do your research.
  • Keep in mind that sharing is not for every person.
  • Don’t forget to lock up and be aware of your surroundings.
  • Please don’t rely on GPS alone; check the vehicle when you pick it up.
  • Don’t forget to return the car where you found it.
  • Don’t rent out your car for more than 15,000 miles per year.
  • Don’t rent out your car if you have no collision insurance.
  • Don’t rent our your car if you don’t have liability insurance.
  • Don’t rent out your car if you can’t afford to repair it in the case of an accident.
  • Don’t rent out your car if you don’t have a clean driving record.

Peer-to-Peer Car Rental Tax Tips

By Anonymous TextBroker Writer

Tax payments are non-negotiables when you run a business. As a P2P car rental host, you’re considered a small business owner for tax reporting purposes. Here are a few P2P car rental tax ps that could help.

  • Declare your cash: The car-sharing company you use may send you a form after the tax year ends. They’ll also report your income to the IRS. As a car rental host, if you do not receive any form from your car-sharing company, do well to report to the IRS the total income you earned.
  • Tally your taxable income: Whether or not your taxable income is reported to you on a 1099 Form, subtract your total deductions from the amount you earned through car sharing. For example, if you earned $8,000 for the year and have $2,500 in deductions, your taxable income would be what’s left of your self-employment income. $8,000 – $2,500 = $5,500 (taxable income)

Don’t let your taxes accumulate: As a car-share driver, it can be overwhelming to get a large tax bill at tax me. To avoid this situation you can pay-as-you-go. Use Form 1040-ES to figure out and pay your estimated tax to the IRS every quarter.

Tax Tip for the Month: P2P Host

As a host you must be mindful of the mileage on every vehicle. It is easiest to document the mileage when the vehicle is initially in service and at the me of disposal. Platform services fees may also be tax deductible.

How much does VRBO charge hosts?

By Natasha X. 

Vrbo also known as Vacation Rentals by Owner, is a hosting platform that allows homeowners to list their homes and showcase them to a global audience for rent.

If you’re considering hosting your property on Vrbo and are unsure about their charges, we’ve got you covered. In this arcle, we’ll dive into all the details of what it would cost you to become a Vrbo owner.

VRBO Listing Fees

Vrbo offers Vrbo owners two listing fee options; the pay-per-booking fee and the yearly subscription option.

Vrbo Annual Fees

Vrbo has a unique way of charging hosts a fee for listing. Unlike Airbnb fees which are a percentage of each booking on the platform, Vrbo also operates on an annual subscription basis.

This means that as a Vrbo host, you must pay a yearly subscription fee to actively list your property on the platform.

Vrbo fees for listing differ based on the perks of each subscription level. They offer a basic and premium subscription plan, each with its unique features and pricing.

The fee is calculated based on the type of house, the location, size, and how much they reckon you’ll be earning per year when you list your home on the platform.

The fees range from $499 to $1500 per year depending on the subscription level you choose and all the other factors we mentioned.

Vrbo Pay Per Booking Fee

The Vrbo pay-per-booking fee is a more flexible option for Vrbo owners. This is similar to Airbnb fees, where you pay a certain percentage every time your listed vacation property is booked.

The Vrbo booking fee is 8% of the total amount you are charging your guest for rental. 5% is their commission fee while 3% is their processing fee bringing the total to 8%.

Vrbo also charges their hosts a processing fee for accepting payment from guests. The Vrbo processing fee differs based on country, and the type of payment platform used but it’s definitely something you want to bear in mind when you sign up as a Vrbo owner.

Vrbo is a great platform that connects you to a wide range of guests. Deciding which type of listing option is best for you should depend on how often your vacation home is rented by guests.

Tax Tip for the Month: P2P Lodging Host

When on a business trip keep all your receipts like for lodging, meals and travel for business tax deductions. Meals are covered 100% only when it is business related.

Talk to your tax preparer or CPA for more advice.