Lenders typically consider Uber and Lyft income as secondary income when processing mortgage applications. Drivers typically list additional work or income from spouses or partners to qualify for mortgages.
Articles Tagged: lyft
What expenses can Uber or Lyft driver deduct?
Uber and Lyft drivers are independent contractors who operate as sole proprietors for tax purposes. This tax status means that a driver incurs self-employment tax and pays Social Security and Medicare taxes typically paid by employers. Drivers should keep track of all expenses incurred while driving for Uber and Lyft to reduce their tax burdens. All of the […]
What cities have flat Uber or Lyft airport rates?
Uber and Lyft add airport rates on each trip from airports to comply with local regulations. These rates are comparable to the rates applied to traditional taxi companies. There isn’t a standard rate charged by Uber and Lyft because the rates are dependent on local regulations. By looking at a few examples, you can find out […]
Is Uber or Lyft cheaper than a taxi?
Uber and Lyft tend to be cheaper than taxi services regardless of location. You can compare services in San Francisco, Minneapolis, and Atlanta to confirm this conclusion. In San Francisco, the average taxi ride from the San Francisco International Airport to Fisherman’s Wharf is $51.40. The same ride with Lyft is approximately $38, while Uber estimates a $40 fare for this trip. A taxi […]
Is there sales tax on Uber or Lyft rides?
Uber and Lyft may be subject to municipal, county, or state sales taxes on services. The companies do not charge sales tax of their own.
How can I split a fare with another rider on Uber or Lyft?
Uber After selecting a ride, an Uber rider can choose the Split Fare feature on the ride screen. This screen allows the user to add names and phone numbers of fellow passengers to evenly distribute the fare. The Split Fare feature adds a 25 cent processing fee per passenger to the fare. Lyft Lyft offered an in-app fare […]
Are Uber or Lyft fares per person or per trip?
The fare for each ride on Uber or Lyft is charged per trip rather than basing prices on the number of passengers. Each fare is based on the distance and time required to complete each trip. Uber offers an in-app feature to split fares among multiple passengers, while Lyft was working on a new split fare feature as of April 2019.
Who insures Uber or Lyft drivers and what are the requirements?
Uber and Lyft work with auto insurers in all 50 states to provide liability and underinsured motorist insurance coverage for drivers. Each driver is covered by third-party liability insurance when using app drive modes but prior to picking up passengers. Limits vary by state but the typical liability insurance covers up to $50,000 per person and $100,000 per accident […]
Do Uber or Lyft drivers need background checks?
Uber and Lyft conduct background checks on all applicants who want to drive using their apps. These background checks include reviews of driving records and criminal histories. Both companies also request occasional background checks on current drivers to ensure compliance with driver guidelines.
Do Uber or Lyft drivers get penalized for cancelling?
Uber and Lyft drivers do not incur fees from cancelling rides. However, driver cancellations of rides on both apps can lead to lower acceptance rates. Acceptance rates are used to evaluate driver performance with consistently low rates leading to restricted access to the apps. The companies also reserve the right to terminate access to their apps if drivers […]