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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
Yes the state where the source of the rental income is from wants some income tax on that rental income that you have received from the nonresident state. A nonresident stat â¦ e income tax return will have to filed with the state where the rental property is located.