topic Re: Well.. Finally got credit up for mortgage but.... in Mortgage Loans

Well.. Finally got credit up for mortgage but....

Anonymous — Thu, 01 Dec 2016 14:20:40 GMT

so I finally built up my credit enough to get a home... however, since im "self employed" aka landman, and filed wrong last year showing my income as a -$405, i lost my shot.. man... that sucks...

Am i going to have to wait another year to show 2016 and 2017 instead of the 2015 and 2016 returns?

Re: Well.. Finally got credit up for mortgage but....

azguy13 — Thu, 01 Dec 2016 14:27:06 GMT

Can you ammend the return?

Re: Well.. Finally got credit up for mortgage but....

Anonymous — Thu, 01 Dec 2016 16:27:10 GMT

Possibly. would it not be too late on 2015?

Re: Well.. Finally got credit up for mortgage but....

Anonymous — Thu, 01 Dec 2016 16:30:40 GMT

yikes... i believe that is illegal. what i just read. ha.

Re: Well.. Finally got credit up for mortgage but....

Anonymous — Thu, 01 Dec 2016 16:34:16 GMT

well i worked half a year as W-2 which showed income as $24,856, and worked the other half as a 1099 landman which was like $38,000 but wrote off a crap load of miles i put on my truck and office stuff... that bit me bad. Hence why im setting up an S. Corp on tuesday and having a CPA do this years taxes.

Re: Well.. Finally got credit up for mortgage but....

VALoanMaster — Thu, 01 Dec 2016 16:41:36 GMT

@Anonymous wrote:
well i worked half a year as W-2 which showed income as $24,856, and worked the other half as a 1099 landman which was like $38,000 but wrote off a crap load of miles i put on my truck and office stuff... that bit me bad. Hence why im setting up an S. Corp on tuesday and having a CPA do this years taxes.

Do you know if your lender added back anything on your milage deduction? Most loan officers don't know that you can add back almost half of what is written off for milage.

Re: Well.. Finally got credit up for mortgage but....

Anonymous — Thu, 01 Dec 2016 17:09:34 GMT

if she did - she did not tell me. how it sounds - she did not. She told me "you have $xx,xxx.xx in deductions on your truck and office.

Re: Well.. Finally got credit up for mortgage but....

Anonymous — Thu, 01 Dec 2016 17:30:18 GMT

She claims its only Depreciation that she can add back.

Re: Well.. Finally got credit up for mortgage but....

VALoanMaster — Thu, 01 Dec 2016 18:40:55 GMT

@Anonymous wrote:
She claims its only Depreciation that she can add back.

she's wrong

Re: Well.. Finally got credit up for mortgage but....

nmjacobs — Thu, 01 Dec 2016 20:05:29 GMT

I agree! I have some 1099 income in addition to W2 and both loan officers I've talked to said they could add back mileage. If you are self-employed and want to app for a house do NOT let it show a loss. That's what they also said.

Re: Well.. Finally got credit up for mortgage but....

Anonymous — Sat, 03 Dec 2016 22:16:09 GMT

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:

Canda,

I was just informed that a mortgage loan officer can add back almost half of what I wrote off for mileage?

Re: Well.. Finally got credit up for mortgage but....

VALoanMaster — Thu, 01 Dec 2016 21:47:23 GMT

You may want to find a new lender. You can add back 24 cents per mile on FHA.

Re: Well.. Finally got credit up for mortgage but....

Sbrooks1 — Fri, 02 Dec 2016 03:24:16 GMT

Re: Well.. Finally got credit up for mortgage but....

Anonymous — Fri, 02 Dec 2016 14:48:10 GMT

Thanks man. I'll check with another lender today then.