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re: To deduct or not to deduct, that is the question.
Posted on 12/15/15 at 11:35 am to TheOcean
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.
2
Posted on 12/15/15 at 11:36 am to VABuckeye
Can you explain why he would be fraudulently inflating his income? It seems like he would just be representing his income without taking some discretionary deductions.
This post was edited on 12/15/15 at 11:38 am
Posted on 12/15/15 at 11:36 am to VABuckeye
quote:
VABuckeye
Thank you.
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