City of Morganton, NC Local Government. The official website of the City of Morganton, NC Local Government. | 2015 City of Morganton, NC. Can't find what you're looking for on the website, email the Public Information Officer. Disclaimer: Information provided on this website is intended to be timely and accurate.
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
Keep in mind that Net Earnings from Self-Employment and Net Profit reported on Schedule C (or Schedule F or farming) are two different numbers. Schedule C (or F) net profit is computed firs. Then, net profit per Schedule C is carried to Schedule SE where self-employment tax is computed.Net earnings from self-employment is figured by multiplying net profit carried from Schedule C, line 31 (or Schedule F line 34 for farmers) by a fixed percentage of 92.35% (.9235).The 92.35% is preprinted on Schedule SE, line 4 of Section A-Short Schedule SE and on line 4a of Section B-Long Schedule SE.Example:et earnings from self-employment is figured by multiplying net profit carried from Schedule C, line 31 (or Schedule F line 34 for farmers) by a fixed percentage of 92.35% (.9235). The 92.35% is preprinted on Schedule SE, line 4 of Section A-Short Schedule SE and on line 4a of Section B-Long Schedule SE. Example: