| Author |
Message |
|
|
 gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9791
Location: bloomfield, ct
42.57 Dollars($)
|
 Posted: Tue Apr 14, 2009 9:31 am Post subject: |
|
|
for a self employed borrower, lenders will look at adjusted gross income, yes; but that may include other things like interest, dividends, capital gains, etc. that wouldn't be included. if you file a schedule c as a self employed borrower, the income considered is the bottom line plus any depreciation that you wrote off.
depreciation is always considered as an allowable "add back" to income.
i'm finding that too many self employed people don't even know what their income is. that's pretty alarming - how do you know your accountant is even close if you don't even know what entails income?
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
Mrs. Mackie
Guest
|
| Posted: Tue Apr 14, 2009 11:16 am Post subject: So confused now |
|
|
I went to the Bank yesterday and spoke to the loan advisor and he said Schedule C line 31 was what lenders look at for self employed. But you can add back in line #13 and home office.
However, I have also heard (like the above comment by GregTaxes 2008) that they look at AGI on your 1040. So which is it? Taxes are due tomorrow and I have to know the answer...PLEASE. |
|
|
jenkin7
Joined: 04 Jun 2007
Posts: 4303
Location: Hawaii
679.96 Dollars($)
|
| Posted: Wed Apr 15, 2009 2:55 am Post subject: |
|
|
Hi Mrs. Mackie,
As far as I know the lenders look at the adjusted gross income of a self employed borrower to offer him/her a loan. |
|
|
Rob
Guest
|
| Posted: Thu Apr 16, 2009 11:55 am Post subject: Agi vs. taxable |
|
|
| The lender will NOT use "gross" but may use AGI or taxable in the case of a self employed borrower. Some W-2'd employees have the ability to take deductions that are filed on a schedule C and depending on the lender will use either AGI or taxable income but most in my experience as a broker for 7 yrs will use the AGI. In the case of a self employed borrower they will use taxable income in most cases. |
|
|
tanjil
Guest
|
| Posted: Fri Apr 24, 2009 8:49 am Post subject: income information |
|
|
| How can i income in net. |
|
|
Self-employed
Guest
|
| Posted: Fri May 01, 2009 7:20 pm Post subject: |
|
|
| This year I contributed $22,000 to a SEP-IRA, which was subtracted from my total income to determine my AGI. Does this mean I'm going to get penalized in qualifying for a mortgage because I contributed to my IRA rather than spending the money on a cruise? |
|
|
savior70
Joined: 25 Mar 2009
Posts: 1778
Location: Florida
238.16 Dollars($)
|
| Posted: Wed May 06, 2009 5:22 am Post subject: |
|
|
Hi
Simplified Employee Pension is just a variation of the Individual Retirement Account. You are free to contribute to it upto a certain limit which, as far as I know, is 20% of your income before self employed tax deductions are included. I think you should discuss this with a tax consultant as he is the best person to tell you about this. |
|
|
Previous 1 2
