Mortgages

You should consult a certified tax professional, not a bunch of yahoos on an anonymous internet message board.

I'm sure there are many self employed individuals who have bought homes, so there must be a way.

 

Yeh lots of funky advice here. I usually roll up my pants before logging in.

 

It's probably never a good idea to manipulate official tax records... Just saying.

And you may feel entitled to a home but the bank is not required to loan you the money especially if you don't qualify on the income side.

Have you consider a smaller and cheaper house? Or increasing the amount of your down payment? Both of those things will effect how much money you need to make to qualify for the loan. Or shop around for a bank with lower lending requirements.

 

Yeah the word "fraud" comes to mind.

 

Do a SISA or straight stated if your score is high enough.

 

your P&L statements should show your TRUE cashflow situation.(as apposed to your Taxable income).
Any self respecting Loans officer worthy of his Commission WILL know the difference..
Just saying...........

 

Yeah, this is one for the professionals. The mortgage company just wants to verify how much you actually make. We just went thru this, and our processor said your tax returns are the best way to see actually how much you do in fact make in a year. Paystubs and such can be manipulated, but tax returns can't. Don't mess with the IRS was their motto, so to speak.

 

Sure they can. There is no law saying that you must take a deduction, and often it is advantageous to forego a deduction in order to qualify for some other incentive (tax or otherwise).

I made over 20 different legal tax returns this year, gradually modifying deductions and retirement contribution amounts until I discovered what gave me the maximum benefits for the minimum tax. That last version is the return I filed, but the others would have been just as legal...


The IRS wouldn't care about what the OP is describing, but it is still mortgage fraud:

https://www.ffiec.gov/exam/mtg_fraud_wp_feb2010.pdf

 

report more than 50k and you should be good but you are looking to pay uncle sam about 12k in taxes we had to use my wife taxes to get a house because the bank told me "you are buying the house not your company" so yeah it sucks but if you really want a house pay yourself a lot more and use the house expenses as a tax write off!