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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
The Schedule E. When you own rental property, the IRS requires you to attach Schedule E to your tax return. On the Schedule E form, you list all of your rental properties, their income and their expenses.In addition to reporting your interest expense, you can claim all of the ordinary and necessary expenses you incur in owning your rental property.he Schedule E. When you own rental property, the IRS requires you to attach Schedule E to your tax return. On the Schedule E form, you list all of your rental properties, their income and their expenses.