Established Member
Posts: 28
Registered: ‎10-03-2011

1099 Worker - Deductions

I am trying to get a mortgage in 2013 and I have a question about 1099 income. All of my income is 1099 as I am a self-contractor.


I take ZERO deductions other than the SELF-EMPLOYMENT deduction and a MAXIMUM $3000 CAPITAL LOSS CARRY OVER. 


When trying for a mortgage do these amounts get added back into my INCOME? The CAPITAL LOSS has really nothing to do with my income and I have to take the self-employed deduction. These really bring my income way and will give me a HIGH front-end DTI.


Any input would be great



Regular Contributor
Posts: 203
Registered: ‎01-11-2009

Re: 1099 Worker - Deductions

Here is the worksheet you can fill out plus the instructions, this shows you how they will determine your income:

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+