You will generally use Schedule E of form 1040 to report your rental income and expenses. If looking to re-let your residence please fill out the form above.A sublet is when a tenant allows another person, not on the original lease, live in the rental property with the intent of covering all or part of the rent. Hey all, I will be subleasing a bedroom in Manhattan and was wondering if I should look up a standard sublease agreement for both parties to sign? I signed a lease for an apartment in NYC and just found out that I will have to leave the area in 5 months. Subletting it is illegal. A sublease agreement is considered a written document that offers the lessee a chance to pass on the responsibility and rights of tenancy to another person.