The sublet will go thru the application/interview process. The sublet will pay me a monthly "rent" amount and in turn, I have to pay the Board a sublet fee. Will the IRS be informed of all this, making my rent receipts taxable?
2007-09-04 10:52:54 · 3 answers · asked by Tree 2 in Business & Finance ➔ Taxes ➔ United States
You will need to report this as rental income on form Sch. E. Also remember you can deduct expenses you incur from this income. so make sure you keep all receipts for expenses
2007-09-07 06:43:22 · answer #1 · answered by taxpf 1 · 0⤊ 0⤋
Your rental income is taxable whether the board reports it to the IRS or not. They are under no obligation to report it, by the way and it would be extremely unusual if they did.
You may deduct the expenses you incur in renting out the property, including mortgage interest, property taxes, management fees, fees to the board for the privilege of renting it out, etc.
2007-09-04 13:11:24 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
They're taxable whether it's reported to the IRS or not.
2007-09-04 12:43:10 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋