Proof of rental income schedule E. Quarterly taxes?

[Mmhtjn]

I was told that in order to use rental income as qualifying income for a mortgage, I need record my income on my schedule E. Does that mean I could file quarterly taxes and use my quarterly filings as proof of rental income? Or do I have to wait until the end of the year to file for verification?

 

[wv-girl]

I was told that in order to use rental income as qualifying income for a mortgage, I need record my income on my schedule E. Does that mean I could file quarterly taxes and use my quarterly filings as proof of rental income? Or do I have to wait until the end of the year to file for verification?

First, you need an accountant or someone with a lot of this type of experience. Then you need to figure out how you want to structure your business(per se)i.e. LLC, corporation, or your ssn. If you are receiving income , then you have to structure it into your taxes. Too much info to go into here, but remember, it is not what you make, it is what you get to keep(after taxes) that counts.

GL