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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
The rental value of a home provided to a clergy member or a housing allowance included in the pay is not generally subject to income tax but is included in net earnings from self-employment and used to compute the self-employment tax. You include the amount of net earnings from self-employment as earned income to compute EITC.