Income Records: Keep a record of all rental income received, including the date received, the amount, and the source of income. Expense Records: Keep a record of all rental expenses, including receipts, invoices, and canceled checks.
Although some ways are more commonly used than others, here are 15 ways renters can show landlords or property managers proof of income: Pay Stubs. Bank Statements. W-2 Income Statement. Tax Returns. Formal Letter from Employer. Social Security Benefits Statement. 1099 Form. Annuity Statement.
How do I report my Rental Income? You can generally use Schedule E for Supplemental Income and Loss to report income and expenses related to real estate rentals.
IRS agents can check real estate paperwork and public records to verify the information reported on your return. Some states require rental property owners to have licenses. Property tax records and reports about property sales include information about ownership and property use.