If you own rental properties, we will generally ask for the most recent year's federal tax return to verify your rental income. We will review the Schedule E of the tax return to verify your rental income, after all expenses except depreciation. Since depreciation is only a paper loss, it will not be counted against your rental income.
If you have not owned the rental property for a complete tax year, we will ask for a copy of any executed leases and estimate the expenses of ownership.