Page 12 - Individuals Reference Guide
P. 12
Reporting Gig Economy
Gig Economy - Independent contractors may be able to deduct
business expenses.
Income - These taxpayers should double check the rules
around deducting expenses related to use of things
like their car or house.
- They should remember to keep records of their
business expenses.
- Special rules usually apply to rental property also
used as a residence during the tax year.
- Taxpayers should remember that rental income is
generally fully taxable
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