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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
In general, you must report all income on the return for the year you actually receive it , even though it may be credited to your tenant for a different year. If you receive rent for January 2015 in December 2015, for example, report the rent as income on your 2015 tax return.