Is Rental Income From a Sublet Taxable?
Yes, you should declare the income you receive from subletting.
Yes, but you likely won't owe any taxes because of it. Any payments you receive from your subtenant, including utilities or anything else included in the lease, is considered rental income. Any costs associated with the lease, including rent, is an expense that you can deduct against your rental income.
You report both your income and expenses on IRS Form 1040, also called Schedule E. You can read more about it on the IRS website.
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