Declaring Income Question

Anonymous — Sat, 16 Aug 2014 20:27:44 GMT

Hey,

It's my first post so let me know if I breach protocol.

How do I determine what income I declare for credit applications as a commercial landlord? I know I can add the depreciation back in, but if I am just going by income tax and depreciation, I'm worried I won't qualify for my next mortgage. I went a weird route and bought a commercial property with an established partner BEFORE I bought my first house.

Now that I have finished fixing up, and leasing out the commercial property (success) I am worried I won't qualify for residential loan after only working on the commercial property for the last year. I did have a part time job, but it's peanuts. Last year the gross from leases is over 70k, but the income taxes does not reflect that after all of the deductions.

Thanks for any help,

Eric

Re: Declaring Income Question

myjourney — Sun, 17 Aug 2014 02:01:50 GMT

Welcome to the forum

If it were me I would list gross income

Re: Declaring Income Question

Anonymous — Mon, 18 Aug 2014 17:54:19 GMT

Thanks, I did find a resource that mentioned banks going with .75 of the gross... So might go with that.

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Declaring Income Question

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