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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 the rental properties that are listed on their Schedule E in their 1040 taxes this worksheet will help you determine what income can be used for qualifying purposes so 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 and here is the part of the worksheet where you will begin to put in the figures from the Schedule E and as you can see I've provided a sample Schedule E for this demonstration so here is gross rent received it's very easy you can see it says go to line three when we do it's twenty thousand 188 you input the figure in this area total expenses line twenty just follow over expenses twenty four five seventy two you'll notice as we enter in figures that the worksheet begins to calculate the total adjusted gross and your net cash flow amortization casually lost one-time expense h away you won't see these too often and when you do it we generally be on another statement sheet sometimes listed here on line nineteen insurance line nine come here 6:45 mortgage interest line 12 49 57 taxes line 16 34 61 and finally depreciation line 18 10,500 as 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 12 months in this case because we're just doing one year and so our monthly gross rental income or loss is 1260 492 per month however we do need to put...