topic Re: CC App Income Question self employed in Credit Card Applications

CC App Income Question self employed

Anonymous — Mon, 20 Apr 2015 17:17:56 GMT

All of my wife's income comes into our joint account. So can I report her gross in my income?

Also do I report the gross income for my schedule C (not profits)?

I have so far reported her gross with my profits. Can I report her gross with my schedule C gross income (not deducting expenses)?

Re: CC App Income Question self employed

Skye12329 — Sun, 19 Apr 2015 02:41:20 GMT

Im not sure how self employed income works but generally when i apply for anything i put down all available income to me. So since my partners income is available to me (share a bank account) i include his since its used to repay balances.

So in my opinion use any income available to repay the balance.

Re: CC App Income Question self employed

Anonymous — Sun, 19 Apr 2015 19:32:22 GMT

It's actually not "schedule" V, it's form 1040-V. The income you should use for your self employment would be what appears on line 37 of your form 1040. Plus whatever household income that you may want to include.

Re: CC App Income Question self employed

stagefoursurvivor — Sun, 19 Apr 2015 23:21:19 GMT

The consensus, especially dealing with a lender such as AmEx, asserts "avialble income" as that reported jointly if a FR is required. It will NOT be judged as income for lending purposes if it's a roomie, "partner', child or Uncle Buck.

The key issue being IF there's a FR triggered...YMMV

Re: CC App Income Question self employed

Anonymous — Mon, 20 Apr 2015 17:19:46 GMT

@Anonymous wrote:
It's actually not "schedule" V, it's form 1040-V. The income you should use for your self employment would be what appears on line 37 of your form 1040. Plus whatever household income that you may want to include.

I meant schedule C.