1099 misc net income
Posted in the Home Buying Forum
#1 Jul 22, 2011
I am trying to get approved for a home loan and have 5 years worth of self employment taxes. The ONLY deduction that I take is for the vehicles. I get the standard 15,000 for my work vehicle. Now that is on a financed vehicle so I dont pay the actual 15 grand out of my pay it is for mileage depreciation and so forth. I actually only pay 229 a month for it. Now that deduction takes my pay from 30,000 to 15,000 and does not accurately reflect my income. Will mortgage companies take that into cosideration for a loan or will they simply look at 15,000 net pay and go off that?
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