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is income not reported on a w-2 or 1099 considered into gross income?

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erinsargent Joined: 10 Mar 2010 Posts: 1 1.28 Dollars($)	Posted: Wed Mar 10, 2010 6:29 pm    Post subject: is income not reported on a w-2 or 1099 considered into gros Like 0 Dislike 0 If a person is paid in cash without a w-2 or 1099 ,but the income can be proven with cancelled checks ,can it be considered into gross income when trying to qualify for a mortgage loan?
smithsussane Joined: 18 Sep 2008 Posts: 10028 Location: Alaska 919.12 Dollars($)	Posted: Wed Mar 10, 2010 9:22 pm    Post subject: Like 0 Dislike 0 Hi erinsargent! Welcome to forums! As far as I can understand, if the income is not reported on your w-2, it won't be considered as a part of your gross income. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12330 Location: bloomfield, ct 50.03 Dollars($)	Posted: Thu Mar 11, 2010 3:07 pm    Post subject: Like 0 Dislike 0 erin, if it isn't taxable income, you're going to run into troubles with any lender when seeking to have them consider it. lenders want to see that any of your income is claimed on a tax return, and being a tax cheat isn't going to endear you to anyone in the mortgage industry. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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