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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
Your rental income is subject to federal and state taxes. Not only will you need to report the income on your state return, but you may also need to pay taxes to the state where the home is located. Fortunately, you can deduct rental related expenses on each return to help reduce the tax burden.