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1099 Worker - Deductions

Established Member

1099 Worker - Deductions

I am trying to get a mortgage in 2013 and I have a question about 1099 income. All of my income is 1099 as I am a self-contractor.


I take ZERO deductions other than the SELF-EMPLOYMENT deduction and a MAXIMUM $3000 CAPITAL LOSS CARRY OVER. 


When trying for a mortgage do these amounts get added back into my INCOME? The CAPITAL LOSS has really nothing to do with my income and I have to take the self-employed deduction. These really bring my income way and will give me a HIGH front-end DTI.


Any input would be great



Message 1 of 2
Frequent Contributor

Re: 1099 Worker - Deductions

Here is the worksheet you can fill out plus the instructions, this shows you how they will determine your income:

Message 2 of 2