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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
Provided below are brief descriptions for the type of income reported in each Form 1099-MISC box. 1  Box 1: This box is used to report rental income of $600 or more for all types of rents. 2  For additional information, please refer to the Schedule E Instructions.