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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
Tax-Free Rental Income for Short-Term (Less Than 14 Days Annually) Rentals. You can rent out all or part of your home or apartment for up to 14 days per year and all the rental income you receive is tax-free, no matter how much you earn.ax-Free Rental Income for Short-Term (Less Than 14 Days Annually) Rentals. You can rent out all or part of your home or apartment for up to 14 days per year and all the rental income you receive is tax-free, no matter how much you earn.