Forgotten Your Password?

Need to Register?

Question Icon

Which tax deductions can a mortgage broker recover from your adjusted gross for the purpose of obtaining a mortgage. I am a turck driver paid on a 1099.

by ohall2255 from Charlotte, North Carolina. 9 days ago Reply


Chris Bufis (cbufis@southerntrust.com)
#111 ranked lender in Virginia - 4 contributions

Business Use of home, Depreciation, Depletion, Amortization / casualty Loss, and .24 cents per mile deducted.

9 days ago
0
0
Chris Bufis (cbufis@southerntrust.com)
#111 ranked lender in Virginia - 4 contributions

And... I special in the self-employed and would be glad to help...

9 days ago
0
0
LaWanna Bradford (lawanna@bradfordgroupmtg.com)
#109 ranked lender in Georgia - 7 contributions

Self-employed borrowers can face unique challenges, particularly when the deductions on tax returns result in their true income not being reflected. Not all lenders will consider adding back deductions for income purposes. In some cases, some lenders may allow deductions such as depreciation, depletion, or a large non-reoccurring item to be recovered for the purposes of calculating income.Another option that you have is to seek a bank statement loan program that will calculate income based on 12 or 24-months business bank statement deposits or personal bank statement deposits. If you are using a business account, typically only 50% of the total deposits can be used for income calculation. If a personal account, you are able to use 100% of the verified deposits for income calculation.We work almost exclusively with self-employed borrowers and investors. I would like to speak with you in more detail about your scenario and provide you what you need to make the best decision.

9 days ago
0
0
Subscribe to our news feed.