fha loan issues

Discussion in 'Trucker Legal Advice' started by yourtruckerfriend, Feb 17, 2009.

  1. yourtruckerfriend

    yourtruckerfriend Bobtail Member

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    Feb 17, 2009
    columbus ohio
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    i apologize if this is threaded somewhere already.

    I have been a long haul driver for over 7 years.

    as some have said i get paid to stay away.

    i also havent seen my family more than 10 days a year.
    thats 70 days out of 2555 days. this seems like alot except when you figure we only have about 1441 days left till dec 21 2012 which by some is the end of the world .

    so with that said. im trying to buy ahouse and im trying to get my family all under one roof in ohio where I am in town for about 2 days every week. verses seeing them 10 days a year.

    ok. my question.. why if i am allowed to deduct 52 dollars a day for meals am i being classified as self employed and why is my lender saying that my NET income isnt enough when at 5.6 and 130 lbs.. i eat about 4 bucks a day. shower for free and do laundry etc.. but.. im allowed by the irs to deduct from agi a flat rate of 52 dollars whether i use it all or not..

    i feel this is discrimmination as most people in this tax bracket have possibly the same monthly expenses and the same left over everymonth , actually probably less considering at tax time , i get a bunch of deductions. of which all i claimed was 15000 in meal deductions.

    the loan is only 54k, its 2 houses its awsome and ready to move in to. so far im out 375 for inspections and 350 for appraisal. my 2240 down pmt and 2250 for closing is sitting in the bank.

    i take home 960 plus a week. TAKE HOME. mine.. not money i had to spend to make money blah blah blah..

    is there anyone who can direct me to someone who knows what the heck to tell this yayhoo to do and then help me find a new lender..

    or a lawyer .. they have crossed several lines of client breech too..

    had i known that my taxable income was goin to be termed as net income.. i wouldve just paid 350 in tax due and filed an amended after getting all the money back.. sigh.. mis informed..
     
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  3. shredfit1

    shredfit1 Road Train Member

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    Nov 24, 2008
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    Unfortunately, you've come across one of the reasons taking per diem may not be such a good idea. Of course, your company will NEVER tell you this up front... hey, it's free non-taxable money... right?
     
  4. RickG

    RickG Road Train Member

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    Having problems making sense of this . First of all , you're no allowed to deduct $52 a day . You can only deduct 80% of $52 . Deducting meals does not make you self employed . If you get a W-2 you are an employee . Self employed contractors get a 1099 . You can still file an amended tax form but I doubt it makes much difference .
     
    psanderson Thanks this.
  5. shredfit1

    shredfit1 Road Train Member

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    RickG,

    Here is what I think is going on:

    His company is giving him the max per diem pay, say $52 a day, six days a week. So he has $312 a week per diem or $1248 per month. He can only deduct 80% of that, about $998 per month leaving $250 per month taxable. The kicker? His company might be giving him a 1099 for the full $1248 monthly per diem pay(he gets a W-2 for the rest of his pay). Thus, not requireing the company to pay his Social Security half, Workers Comp, Unemployment etc.. for the per diem amount(it's why the companies wanna pay you per diem...it's advantageous to them).

    So his yearly per diem pay would be around $14,976. Which he would still be responsible for all taxes on about $3000 of it. Unfortunately, most if not all lending/credit institutions view per diem as cost of doing business and will not include that in net pay calculations for getting loans or credit.

    I'm afraid there isn't much he can do about it either.
     
    RickG Thanks this.
  6. RickG

    RickG Road Train Member

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    Thanks , that makes sense . The 1099 probably confused the lender . But a carrier paying the maximum per diem may be overpaying and risking fines .
     
  7. shredfit1

    shredfit1 Road Train Member

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    After some research, the carrier isn't doing anything wrong(legally that is). The carriers doing and pushing the per diem pay plans have just found a loop-hole and are exploiting it to the fullest. Is it morally right? Probably not, but then again, who says some of the carriers have morals?

    :biggrin_25525:
     
  8. RickG

    RickG Road Train Member

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    They aren't doing anything illegal as long as they don't overpay the per diem amount . If they do IRS can sanction them and order tem to discontinue the plan .
     
  9. shredfit1

    shredfit1 Road Train Member

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    Per diem rates are variable nationally. For example, a per diem rate for New York, New York is greater than the rate for Rapid City, South Dakota because generally things cost more in New York (hotels, meals etc). So a carrier just has to point out that a driver was at a high per diem location(which eventually they will be) and they can/could show that the rates would equal out. Crunch the numbers enough, and you'll get the result that you want.

    At least that is how I understand it to work.

    Again, still probably not very ethical of the carriers to do.
     
  10. yourtruckerfriend

    yourtruckerfriend Bobtail Member

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    Feb 17, 2009
    columbus ohio
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    yep.. the rates vary.. kewl huh..

    but.. i am NOT SELF EMPLOYED YALL.. and my BOSS does NOT give me per diem.. THE ONLY USE OF PER DIEM IN THIS MATTER IS .. what the feds give me as a tax deduction whether i use the full 52.00 a day.. & dont go there with the tax calculations puleese.. obviously like most.. when my dream home is slipping away.. I HAVE OBSESSED OVER THIS FOR MONTHS. and i have RESEARCHED EVERY ANGLE POSSIBLE..

    ALL I ASKED.. has anyone got proof that i had to show tax returns to fha. when IM NOT SELF EMPLOYED. or get a 1099, or file a 1040 SE....

    thats the whole issue.. the uw, underwriter, said i MUST show my tax returns..as i put TRUCK DRIVER on my application.

    thats discrimination isnt it/ ALSO .. i look like a dude sometimes, does that mean im a bulldyke too? OH an im white.. does that mean im broke.. oh oh wait.. aha i itemize and get tax credits that others get only different.. i dont get eic or dependant deductions.. but our taxable income is the same.. HOW COME THEY DONT HAVE TO SHOW IRS FORMS. because i am a company driver and they work at kfc/.. HUH/.. people.. we gotta address this issue.. its gonna happen to others when the obamas mamma tax comes in.. everyone will be showing less taxable .. i.e NET INCOME AND WONT QUALIFY FOR A 54000 HOUSE.

    OH THAT S RIGHT.. theyre better than i am.. i dont pay electricity i dont drive to a job, sit all day eat and pay rent, cable, and go to the movies.. gee.. im in my seat ruled by dot hours of service.

    we are the same except they get to work overtime, and get to go home everynight?...
    but if you swap rent for my car pmt.. same.
    elec for my phone. same
    food for food.. aha tho i get a big ol kellogg coupon at tax time.
    i dont have to clip coupons.. i just file how many days im out.

    i also dont have gas, to drive to work.. im at work. all the fricking time. im greedy.. i live at work. \\

    and lets see. um.. what ever i probably wore my welcome out here too.. thanks for helping.. do not underestimate that sincere thanks.. preciatecha... im goin 1010 //
     
  11. dancnoone

    dancnoone "Village Idiot"

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    .
    Let's all back up from this for a second.

    You make more than enough to pay for this house. But you are thinking wrongly about NET income. And don't want to show the guy your returns, because you believe it will hurt you..

    Looking at your tax returns...such as they are, will only help you GET the house.

    The guy asked for NET, not adjusted gross. There is a differance.

    Your NET income, is what you made before deductions :biggrin_25525: Gross adjusted income is the amount AFTER deductions.
     
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