FHA only allows you to add back in standard depreciation not car mileage
At the current score you can only qualify under FHA
Canda
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So the depreciation of standard mileage rate (being $57.5 cents per mile) is what can be added back in? Im trying to better understand this.
I have been reading the following and was told to send to the lender.
http://www.irs.gov/pub/irs-drop/rp-08-72.pdf
I will be filing my 2016 taxes in January so im trying to figure up with not driving near what I have, therefore not deducting that kind of mileage, It will help me in this case..
From:
Subject: Re: Adding back half deductions
Only depreciation
On Dec 1, 2016, at 11:11 AM, John wrote:
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Canda,
I was just informed that a mortgage loan officer can add back almost half of what I wrote off for mileage?
