HOW TO VERIFY YOUR TENANT’S INCOME HISTORY THROUGH THE IRS Tenant income is one of the easiest things to exaggerate and one of the hardest things to verify. In NMHC’s 2023–2024 Pulse Survey, 84.3% of housing providers who experienced fraud said they saw applicants falsifying or fabricating pay stubs, employment references, or other income documentation in the past 12 months. Now the IRS is making something available that changes the way landlords can verify income. The IRS is now making available up to ten years of verified income and employment data for tenants applying for your vacant unit. Recognizing the need for landlords to effortlessly confirm the employment and income history on prospective tenants, landlords can now access the files provided to the IRS through AAOA. That matters because income is not as straightforward as it used to be. With the increase in gig jobs, tips, part time work, and side hustles, it can feel nearly impossible for landlords to confirm whether the income claims made by an applicant are truthful, let alone verifiable. If the income was reported to the IRS by the applicant or their employer, you will see it. This is a remarkable opportunity to get to the truth and avoid fraudulent or exaggerated claims of income and job stability before approving a tenant.
IF THE INCOME WAS REPORTED TO THE IRS BY THE APPLICANT OR THEIR EMPLOYER, YOU WILL SEE IT.
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