IT GIVES LANDLORDS THE ABILITY TO CONFIRM WHETHER AN APPLICANT’S INCOME IS CONSISTENT YEAR OVER YEAR.
INTRODUCING AAOA’S IRS INCOME VERIFICATION IRS Income Verification is a federally backed method of confirming income based on IRS filed records. The IRS describes its Income Verification Express Service as a way for taxpayers to authorize lenders and other approved entities to order tax return or wage transcripts for income verification. This is not something a landlord can simply request directly from the IRS. It is offered through AAOA as a specialized screening option designed for rental housing providers. For landlords, the value is straightforward. IRS Income Verification can provide transcript information tied to what the applicant reported to the IRS, which can include wage and income details such as W 2 and 1099 information. This is especially helpful when you need documentation that is not dependent on what the applicant chooses to provide. IRS Income Verification is especially useful when you need clarity on: • Applicants with multiple sources of income • Self-employed individuals • Independent contractors and gig workers
• Applicants receiving reportable government income • Renters who cannot provide reliable pay documentation
Because IRS Income Verification can cover multiple tax years, it gives landlords the ability to confirm whether an applicant’s income is consistent year over year, or whether what you are seeing now is temporary. If needed, you can request more than one year to get a more complete picture.
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