I give them exactly what they ask for, e.g., gross, net, individual, etc. Outside of specifics, household gross.
I have supporting documents either way.
I give them total income from my (joint) tax return + nontaxable income - capital gains.
Although I've never seen anything that says to exclude capital gains, they are so variable year-to-year that I don't feel right in including that in income I can reasonably expect to pay off debts.
They dont check per se, but there are other ways at their disposal to at least accurately estimate what your income is if they felt inclined to do so.
Yep. Capturing of public data and mining it have evolved enough that they can usually determine pretty accurately what your income would be.
They're also required to factor in household income if the applicant lists it and there is a reasonable likelihood that they have access !to it. That requirement allows homemakers to apply for and obtain credit in their own name even if they rely primarily or solely on their spouse/SO for household income but can also be leveraged for dual-income couples.
This! And more!
The government, in the last 10 years, allowed certain private companies to access finacial records used by various government benefit distributors. This allows them to know household income. Several of the new fintech lending startups rely solely on this info, while using the big 3 for denials. Not wanting to get into a political brawl. But one company sent an executive to work for one administration.
Just be honest. There's no point in lying.
You are committing a crime if you lie. One of the crimes Paul Manafort was convicted of was lying about income on a credit application.
I would use whatever figure you give the IRS. I also think it's safe to say banks can and will ask for income verification if they feel the need.
Agree lies is a crime as mentioned above. With that said this topic has about run its course as been asked 100's of time before. Please avoid politics as well as the thread could easily head that way. Thanks