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re: To deduct or not to deduct, that is the question.
Posted on 12/15/15 at 11:47 am to TheOcean
Posted on 12/15/15 at 11:47 am to TheOcean
quote:
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.
Perhaps I wasn't clear in the language I used.
Here's the scenario I presented. Borrower files income tax returns with the IRS with a ton of business deductions and a low AGI. Borrower then goes to a mortgage company with a fraudulent tax return for the same year with the deductions removed. Something smells fishy to the mortgage company and they exercise their right to pull actual returns. Borrower is caught with his pants down and is denied the mortgage.
Hope that clears it up.
2
Posted on 12/15/15 at 11:49 am to VABuckeye
quote:
Borrower files income tax returns with the IRS with a ton of business deductions and a low AGI. Borrower then goes to a mortgage company with a fraudulent tax return for the same year with the deductions removed.
Right. That is clearly fraudulent. But that is different than what the OP is asking about.
Posted on 12/15/15 at 12:05 pm to VABuckeye
quote:
erhaps I wasn't clear in the language I used.
Here's the scenario I presented. Borrower files income tax returns with the IRS with a ton of business deductions and a low AGI. Borrower then goes to a mortgage company with a fraudulent tax return for the same year with the deductions removed. Something smells fishy to the mortgage company and they exercise their right to pull actual returns. Borrower is caught with his pants down and is denied the mortgage.
Hope that clears it up.
Jesus, I hope it did not sound like I intended to do that.
All I'm asking is should I just not claim simple deductions like use of vehicle, cell phone and that.
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