Also referred to as the on-demand, gig or access economy, the sharing economy allows individuals and groups to utilize technology advancements to arrange transactions to generate revenue from assets they possess - (such as cars and homes) - or services they provide - (such as household chores or technology services).
Although this is a developing area of the economy,
there are tax implications for the companies that provide the services and the individuals who perform the services.
With a dedicated web page entitled
Sharing Economy Tax Center, the IRS have also endeavored to explain the term, as well as its tax implications.
In a nutshell,
if you receive income from a sharing economy activity, it’s generally taxable even if you don’t receive a Form 1099-MISC, Miscellaneous Income, Form 1099-K, Payment Card and Third Party Network Transactions, Form W-2, Wage and Tax Statement, or some other income statement.