Closing on a home and the underwriter wants a Profit & Loss statement for 2013 | TigerDroppings.com

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SmackDaniels
New Orleans Saints Fan
Gulf Breeze, FL
Member since Mar 2007
10817 posts

Closing on a home and the underwriter wants a Profit & Loss statement for 2013


My CPA doesn't due my taxes until after the year is over.

So I talked to him and he wants to charge me $700 to do 10 months of taxes.

I can't do that right now with the down payment and some changes I want to do to the house.

So my question is there somewhere online I can do this myself? Just print out a P&L statement

Thanks







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anc
Member since Nov 2012
1569 posts

re: Closing on a home and the underwriter wants a Profit & Loss statement for 2013


Microsoft Excel P&L Template

LINK






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SmackDaniels
New Orleans Saints Fan
Gulf Breeze, FL
Member since Mar 2007
10817 posts

re: Closing on a home and the underwriter wants a Profit & Loss statement for 2013


WOW!! Thank you very much.





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anc
Member since Nov 2012
1569 posts

re: Closing on a home and the underwriter wants a Profit & Loss statement for 2013


No problem. If you want some more advice, a CPA that would charge you $700 for a P&L statement needs to be a former CPA this time next year.


This post was edited on 11/8 at 10:47 am


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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55596 posts

re: Closing on a home and the underwriter wants a Profit & Loss statement for 2013


quote:

a CPA that would charge you $700 for a P&L statement needs to be a former CPA this time next year.


This!






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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1913 posts

re: Closing on a home and the underwriter wants a Profit & Loss statement for 2013


the lender should take a profit and loss from you. dont overthink the document its just a paragraph that needs to state how much you have made so far this year and what your loss's may or maynot be. it pretty common to have one of those when closing a home loan and your self employed.





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Ford Frenzy
New Orleans Saints Fan
337 posts
Member since Aug 2010
5468 posts

re: Closing on a home and the underwriter wants a Profit & Loss statement for 2013


How many transactions do you have on a monthly basis?





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tigeralum06
LSU Fan
Member since Oct 2007
1361 posts

re: Closing on a home and the underwriter wants a Profit & Loss statement for 2013


You have no idea how much activity the business has. $700 could be a real good deal or really expensive. No way of knowing from the facts provided.





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Spellingmaster
Southeastern LA Fan
Member since Oct 2013
275 posts

re: Closing on a home and the underwriter wants a Profit & Loss statement for 2013


I would look into what they really want with the statement. Like previously stated, I think you will over think it.





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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29672 posts

re: Closing on a home and the underwriter wants a Profit & Loss statement for 2013


quote:

My CPA doesn't due my taxes


That's right. He doesn't due them. He will do them though.

quote:

I can't do that right now with the down payment and some changes I want to do to the house.


Whether he's overcharging or not, if you can't swing a mere 700 bucks you should rethink this investment.






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