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If the borrower is able to document (per the table below) that the rental property was not in service the previous tax year, or was in service for only a portion of the previous tax year, the lender may determine qualifying rental income by using Schedule E income and expenses, and annualizing the income (or loss) calculation; or
1 If you accrued expenses of $5,000 or less, you may be eligible for the Schedule C-EZ short form.  Schedule SE: Schedule SE allows you to report your Social Security and Medicare taxes. The income or loss you calculated on Schedule C is used to calculate your self-employment taxes paid during the year.