subleasing profits = taxable income? Dear TaxGuru,
Currently I hold a lease with the option to purchase on a home. It is an investment, and not my principal residence. I have been able to sublease the property, and collect more rental income from my subtenants than I pay to the current owner, effectively creating a positive cash flow. Is this taxable income? If so, am I entitled to the same tax deductions as RE investment property owners?
Thank you,
Rob |