TAX ADVANTAGES

Tax Benefits for Car Sharing Hosts

Maximize your deductions and keep more of your car sharing income. Here's what you can write off as an ItWhip host.

Tax Disclaimer: This information is for educational purposes only and does not constitute tax advice. Consult a qualified tax professional for advice specific to your situation.

Common Tax Deductions for Hosts

Vehicle Depreciation

Deduct the depreciation of your vehicle based on business use percentage.

  • Section 179 deduction for qualifying vehicles
  • MACRS depreciation over 5 years
  • Bonus depreciation may apply in first year

Mileage & Fuel

Track and deduct miles driven for car sharing business purposes.

  • Standard mileage rate: 67 cents/mile (2024)
  • Actual expense method available
  • Mileage Forensics™ provides verified records

Insurance Premiums

Deduct the business portion of your car insurance premiums.

  • Commercial auto insurance premiums
  • P2P insurance policy costs
  • Gap coverage premiums

Maintenance & Repairs

Deduct costs to maintain and repair your rental vehicle.

  • Oil changes, tires, and routine maintenance
  • Repairs and parts replacements
  • Car washes and detailing costs

Record Keeping Tips

Track Everything

Keep detailed records of all income and expenses. ItWhip's dashboard provides transaction history and earnings summaries.

Save Receipts

Save receipts for all vehicle-related expenses. Digital copies are fine — use apps like Expensify or Dext.

Use Tax Software

Software like TurboTax Self-Employed or H&R Block can import your 1099-K and simplify filing.

Start Maximizing Your Deductions

List your car on ItWhip and take advantage of these tax benefits. Our platform provides the documentation you need for easy filing.

List Your Car