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re: To deduct or not to deduct, that is the question.
Posted on 12/15/15 at 11:30 am to krehn11
Posted on 12/15/15 at 11:30 am to krehn11
Where did the OP say he wasn't going to claim expenses?
All he is saying is that he may not choose to deduct certain expenses. But I can guarantee he will be claiming those expenses
All he is saying is that he may not choose to deduct certain expenses. But I can guarantee he will be claiming those expenses
This post was edited on 12/15/15 at 11:31 am
2
Posted on 12/15/15 at 11:32 am to TheOcean
He said that he is not going to report expenses so his income looks higher to the lender.
Posted on 12/15/15 at 11:35 am to TheOcean
A mortgage company is going to lend to a self employed borrower off of AGI and there may be additional deductions they subtract from that. It is a tough situation when it comes to getting a mortgage depending on the amount of business deductions taken.
The mortgage company will require the borrower to sign a form that allows them to pull tax returns. This is to protect them from a borrower that fraudulently produces tax returns to inflate income. If red flags are raised they'll pull the returns as verification.
The mortgage company will require the borrower to sign a form that allows them to pull tax returns. This is to protect them from a borrower that fraudulently produces tax returns to inflate income. If red flags are raised they'll pull the returns as verification.
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