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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
Rental income is subject to 10% withholding tax, which is considered as advance payment and will be credited against the taxpayerâs income tax liability. CAPITAL GAINS TAX. Capital gains arising from the sale or transfer of property are subject to capital gains tax at a flat rate of 27%.