Yes, generally, income earned by renting out your gear or space is taxable. If your earnings exceed a certain amount in a given calendar year, we will ask you for certain information and you will receive a 1099 form from us that year. There might be deductions you can take against this income, such as depreciation.
This statement is not intended to constitute as tax advice. You can learn more about how the IRS classifies taxpayers for US tax purposes at irs.gov, and if you have questions, we encourage you to consult a tax professional. We expect all KitSplit owners to comply with the tax regulations in their area.