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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
Income or Loss Reported on IRS Form 1065 or IRS Form 1120S, Schedule K-1. The version of Schedule K-1 that is utilized to report a borrowerâs share of income (or loss) is based on how the business reports earnings for tax purposes: