If you're paying $0 in taxes because you have written everything off and you have no taxable income, how do you qualify to purchase more property using certain loan programs? Don't lenders need to see taxable income? They need to see you're making money in order to give a mortgage
I had a low taxable income when trying to apply for a four plex because i wrote a lot business expenses. Lender told me they don’t look at taxable income not sure if all lenders care or not.
My lenders have constantly given push back because they DO go by taxable income. Writing more off meant I got approved for less. If there's a solution for this problem, please let me know. My lender = "don't write things off if you want to keep getting more loans"
Work with your tax advisor and your lender together. As a team, they can help you to achieve both tax savings and borrowing goals. Examples of tax deductions what typically dont hurt your borrowing ability include: deprecaition, car expenses, home office deductions, and sometimes 401K contributions.
Hi everyone, I kinda new here and I have a question. When I get 1099 from Property management company, that is gross income, correct? So, I can deduction expenses like PM fee, repair and other item from 1099 ? Pls advice. Also, if I missed some item to write off from 1099 income last year. Can I do it this year? Thank you so much. 🙏
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If you're paying $0 in taxes because you have written everything off and you have no taxable income, how do you qualify to purchase more property using certain loan programs?
Don't lenders need to see taxable income? They need to see you're making money in order to give a mortgage
They’ll typically add back depreciation if the lender recognizes it
I had a low taxable income when trying to apply for a four plex because i wrote a lot business expenses. Lender told me they don’t look at taxable income not sure if all lenders care or not.
My lenders have constantly given push back because they DO go by taxable income. Writing more off meant I got approved for less.
If there's a solution for this problem, please let me know.
My lender = "don't write things off if you want to keep getting more loans"
@@clifft2269 my lender looked at gross income not sure why
Work with your tax advisor and your lender together. As a team, they can help you to achieve both tax savings and borrowing goals. Examples of tax deductions what typically dont hurt your borrowing ability include: deprecaition, car expenses, home office deductions, and sometimes 401K contributions.
Hi everyone, I kinda new here and I have a question. When I get 1099 from Property management company, that is gross income, correct? So, I can deduction expenses like PM fee, repair and other item from 1099 ? Pls advice. Also, if I missed some item to write off from 1099 income last year. Can I do it this year? Thank you so much. 🙏
Yup...you can deduct expenses against your rental income and yes they typically issue a 1099 on the gross rents.
The $25K deduction on taxes, Is that making less than $100K on W2 income or rental income?
It starts to phase out at 100k and fully phases out at 150k.
The $100k is on total adjusted gross income. You can see that as a separate line on your return.
Would you separate a multi family home?
You are not required to separate the units
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aw....thank you 🙃