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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 Amounts paid to cancel a lease â If a tenant pays you to cancel a lease, this money is also rental income and is reported in the year you receive it. 2  Advance rent â Generally you include any advance rent paid in income in the year you receive it regardless of the period covered or the method of accounting you use.n general, you can deduct expenses of renting property from your rental income. You can generally use Form 1040, Schedule E (PDF), Supplemental Income and Loss, to report income and expenses related to real estate rentals.