Deductions?

From this website.......An employee truck driver was recently denied a zero-down VA home loan. The reasoning? Because he claimed per diem on his taxes at the end of the year and his income was too low for the VA loan. But if he did not claim per diem for two years they could use his wage statements as pure income. The loan officer’s position was,“You claimed it, therefore you spent it. So it’s not available as part of your income. https://www.perdiemplus.com/home-loan-lenders-understand-trucker-per-diem/

 

Home lender loan specialists need training on truck drivers perdiem. Lots of people are getting turned down from getting a home loan.

 

That article shows the loan officer is wrong and doesn't know what he's doing.

 

Anybody who travels for a living can claim per diem, from airline pilot to salespeople. It's not exclusive to the trucking world.

 

Other professions are being denied cause they claimed perdiem. If you want to buy a home, claiming perdiem could get you denied......
JAN

July 16, 2015 at 9:16 am

I just recently got denied a loan due to my profession. I’m a contractor that makes over $100k per year. I was denied because my contracts are only for one year so that I can collect per diem. Since I have over $100k in savings and had no problems with payment of past mortgages…yes, I used to own 3 homes and have since sold 2 of those homes, I was surprised that I couldn’t qualify. I was told you had to show the ability to have funds for 3 years. I even was told a graduate student that is studying in a 4 year program could get a loan but I, the one who is paying over $45k in taxes, could not. Something seems wrong with this scenario…lol.

http://www.fhahandbook.com/blog/reasons-for-fha-denial/

 

You're also getting less social security and medicare. I'd rather pay my taxes. The short term benefits of per diem aren't worth it in the long run. Not that greedy.

 

If you deduct your per deim at the end of the

but you're wrong and you should be deducting your per deim every year, it's a big deduction for OTR drivers.

 

I am a leased driver. I claim per diem because it lowers my health insurance from the marketplace website. I pay $44 monthly premium for a family of 3. Ambetter healthcare costs $1 for dr and medicine; $5 for a specialist; $350 yearly deductable and $700 max per family. I have had a heart attack, so to get my DOT physical renewed I have to complete a stress test every 2 years and a cardiologist has to sign off on my physical yearly. Without good insurance I would have huge medical bills.

 

Again, that is payroll per diem, that is different than claiming the deduction at the end of the year. Itemizing your taxes does not affect your SS

 

I am referring to payroll per diem yes. This thread is about payroll. OP is a company driver. Have no idea why there's an off topic discussion.