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Video instructions and help with filling out and completing Where Form 4797 Worksheet

Instructions and Help about Where Form 4797 Worksheet

Welcome to this Choice Lending Corp tutorial for the rental income worksheet. You will complete this worksheet in order to calculate the rental income when you have borrowers with rental properties listed on their Schedule E in their 1040 taxes. This worksheet will help you determine what income can be used for qualifying purposes. Let's begin. You will start by putting your name, the borrower's name, and the loan number if you have it. Below is the property address. Here is the part of the worksheet where you will begin to put in the figures from the Schedule E. I have provided a sample Schedule E for this demonstration. Gross rent received: It's very easy. You can see it says, "Go to line three." When we do, it's twenty thousand one hundred and eighty-eight. Input the figure in this area. Total expenses: Line twenty. Just follow over expenses twenty-four thousand five hundred and seventy-two. You'll notice as we enter in figures, the worksheet begins to calculate the total adjusted gross and your net cash flow. Amortization, casualty loss, one-time expenses, and more. You won't see these too often, and when you do, it will generally be on another statement sheet sometimes listed here on line nineteen. Insurance: Line nine. Come here six hundred and forty-five. Mortgage interest: Line twelve. Forty-nine thousand five hundred and seventy. Taxes: Line sixteen. Thirty-four thousand six hundred and sixty-one. Finally, depreciation: Line eighteen. Ten thousand five hundred. When we've entered in the last figure, you can see that our total adjusted gross is here and the number of months the rental income expenses being reviewed is twelve months in this case because we're just doing one year. So our monthly gross rental income or loss is one thousand two hundred and sixty dollars and forty-nine...