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re: To deduct or not to deduct, that is the question.
Posted on 12/15/15 at 1:49 pm to krehn11
Posted on 12/15/15 at 1:49 pm to krehn11
but that person would have to pay taxes on that income, which is exactly what the IRS wants
you are not required to take deductions, I think that is where we are not aligned here
you are not required to take deductions, I think that is where we are not aligned here
Posted on 12/15/15 at 1:54 pm to Shankopotomus
quote:
but that person would have to pay taxes on that income
I do not disagree with that at all.
I just believe it is fraudulent to report that information to the bank in order to qualify for a loan.
That being said, the loan officer needs to be smart enough to dig through the Schedule C to make sure everything makes sense. If it doesn't make sense, ask for more information.
ETA: I am NOT accusing the OP of doing this. The way I read his post, that's what I assumed he was trying to do. But we may not be on the same page.
This post was edited on 12/15/15 at 1:57 pm
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