Should You Rent Your Car on Turo? The Costs, Taxes, and Insurance Nobody Mentions

Ralph Estep Jr. here, licensed public accountant, thirty years in the business, still finding new ways to get surprised by what people don't know about their own money. My cohost Juliet and I go live Monday through Friday, 11:30 to 12:30 Eastern, on Becoming Financially Confident.

Before you sign that lease renewal or say yes to a side hustle with your car, listen to this one. Today we broke down how much room you actually have to negotiate rent, the dependent care tax benefit that just got its first increase since 1987, and why the price your pharmacy quotes you isn't always the real price. We also dug into Turo, and I walked through the real costs of renting out your car.

Here's what we got into today

Nearly 2 in 5 new apartment listings are offering concessions, and I explained why landlords would rather cut you a deal than let a unit sit emptyThe dependent care FSA limit went from $5,000 to $7,500 per household, and I ran the tax math on what that actually saves a familyI walked through why 20 to 25 percent of filled prescriptions aren't priced at the cheapest option, and how I use GoodRx myself before handing over an insurance cardThe FTC says 1 in 4 credit reports have an error on them, so I talked about why that's worth checking

Everybody talks about Turo like it's free money sitting in your driveway. I wanted to know if that's actually true, so I ran the real numbers. Commission, insurance, taxes, wear and tear, all of it. What I found changes whether this side hustle is worth your time.

Juliet and I broke down whether either of us would actually rent our car out on Turo, including the three earning plans and what they don't coverIn Explain It Like I'm Broke, I walked through my son's actual explanation of benefits statement and the four numbers that matter on it

Send me your money question at becomingfinanciallyconfident.com. Or watch us live at becomingfinanciallyconfident.com/live.

Have a great day, everybody.

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