First-time buyer mortgage question...taxes vs. income?

I am looking to buy my first home and have a question regarding what proof of income lenders rely on for determining how eligible you are for a loan. My financial situation is slightly abstract...I was self-employed and living in a rental house for years until a hurricane destroyed both the house and my business, and since that time (2011) I have been relying on income from a trust, of which I am the sole beneficiary with a seven-digit market value. My monthly income from the trust equates to a minimum of $54K a year and in the last 6 months I have been able to supplement that a little better. For example, looking at my checking deposits from 4/8/13 to 6/26/13 my income was $12,330 during that time period. The down side...the trust's K-1 form reported on my 1040's references only about $20K/year of income from the trust because of how the taxes for the disbursements are structured. So going by taxes alone my income appears to be a mere $20K a year although it is higher than $60K in reality (which is backed up solely by deposit slips and numbered "Advice of Deposits" from TD Wealth management). My credit score is in the 700's but just barely; I have an American Express I pay off monthly and a MasterCard I usually make minimum payments on...both in good standing now with never a 90-day late payement on either. I paid off a car loan in 2011 and have another in good standing with about a year left on it at $273/mo. Been paying about $1300/mo rent for years with no problems. My question is, are taxes alone the sole reference used to determine eligibility for a mortgage? Is there any other way to show actual income that would be accepted? I mean as a small business owner, I wrote as much off as I legally could. Any advice? I have been reluctant to start a new business just because I do not plan on staying in this area and did not want to drastically alter my financial picture before applying for a loan.