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re: USDA Loan - Business Loss reported on prior Tax Return. Help!
Posted on 4/7/16 at 8:07 am to seawolf06
Posted on 4/7/16 at 8:07 am to seawolf06
It seems that the mortgage underwriter wants to subtract the $6k loss from my tax return income (before sending loan to USDA I suppose) which reduces my AGI on 2015 taxes. I'm just making sure that this will not actually happen. I should hear back sometime today hopefully. I did call a local USDA rep this morning and my understanding of this is correct. The business loss should not count against my income. I'm still nervous at this point and wondering if someone have knowledge or experience with this.
This post was edited on 4/7/16 at 8:10 am
1
Posted on 4/7/16 at 8:12 am to sdedwar2
Dude, no offense, but if $6k in income makes the difference in qualifying or not, you might be stretching it a little thin. You usually qualify for much more than you can realistically afford. Good luck.
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