Show income , but show a loss ?

We just took off the depreciation of truck and the per diem.

 

use 3 to 5 year depreciation on everything not replaced annually and you will not have a problem i've been self employed since 1979 been thru 4 audits with no problems happy trucking

 

We live in OK and the local VP is my husband's lender. Solid bank and we were given a choice. Show 2 years of income on returns, pony up 20% for a mortgage, or go through our business side and pay 7% on a short-term note.

My father is also a business owner, pays no taxes, no income. The bank turned him down for a mortgage, but they told him they would give him a loan, if he used his accounts as collateral. They wanted 100 grand for a $15,000 mortgage. My dad was shocked! He worked out another deal.

We saw a farm for sale cheap. We were going to go with the business deal but it got pulled.

I knew we would have to show income and pay taxes, for a mortgage. I showed savings, paid SEP and wrote off half. We have the 20%, but I refuse to pay income tax and SS tax, when I can make use of that money, and I don't really have to pay. I'd rather wait and buy someplace for cash.

You know you have to give the bank a copy of your returns every year, right?