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re: To deduct or not to deduct, that is the question.
Posted on 12/15/15 at 11:49 am to VABuckeye
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.
2
Posted on 12/15/15 at 11:53 am to TheOcean
quote:
But that is different than what the OP is asking about.
What the OP is asking about is still fraudulent.
See what was said above - the money has been spent; he does not have the money to service the loan. He is trying to make it look like he has more money than he actually has.
Posted on 12/15/15 at 11:54 am to TheOcean
I hit reply to your post but I was replying to a premise that another poster made. I see nothing wrong with the OP. If he doesn't want to claim the deductions to bump up his AGI and pays taxes on the money that is his business. 
Now, amending the tax return later would not be a good play by the OP. He needs to live by what he filed and reported to the IRS and the lender.
Now, amending the tax return later would not be a good play by the OP. He needs to live by what he filed and reported to the IRS and the lender.
This post was edited on 12/15/15 at 11:57 am
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