How will rental income be verified?

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.