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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
List the rental income on your federal tax return. Report the income on Schedule E of the IRS 1040 Form. If you have multiple properties, separate them by address.Claim any deductions associated with the rental property.. Prepare a tax return in your home state. List the rental income, even though you already reported the income on the other state's return. Some states allow you to reduce your tax liability by claiming a credit equal to the amount you paid in taxes to the other state.