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1099 Worker - Deductions

Established Member

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

 

 

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1 REPLY
Frequent Contributor

Re: 1099 Worker - Deductions

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

 

 

https://www.fanniemae.com/content/guide_form/1084.pdf

 

https://www.fanniemae.com/content/job_aid/instructions-1084.pdf

Message 2 of 2