@@TheRuethTeam thanks. My K-1 is showing $328k but my personal return for 2022 shows my adjusted gross income as $451k. So they don’t look at AGI right? Only our K-1 and W-2’s?
@@TheRuethTeam right but I’m both W2 and self employed. I have a W2 day job where my employer pays me and I own several businesses which are all under an S Corp. The UWer would obviously count and add my W2 as well as being self employed is what I mean. My question is since that’s the case, wouldn’t they add my total AGI as income on my tax return?
@@daynescott1 I didn’t understand they were two jobs as a S Corp you can have both. Since you have multiple jobs we will have to show that you’ve been working them both for two years with out gaps. Then yes, we can use the W2 from the employee job and the K1 from the SCorp. We do not use AGI If you want to hop on a call call me at (303) 808-2300
Is sole proprietor and self employed the same thing? Can you get approval for mortgage as a sole proprietor that's been consistent for 2 years with 2 years of bank deposit statements and 2 years tax returns
Hello! I'm really confused on the taxes. We hire someone to do our taxes and we just answer their questions. In order to not claim as much on taxes, we would have to lie. Our jobs have to do with driving. So there is an automatic write-off for mileage, and that alone takes a massive cut out of our gross. Even if we don't actually spend that much in gas per year. And wouldn't it be harmful to us to switch to a w2 just to try and get into a home?? Around this area there aren't w2 jobs that make as much as we make now.
Hi Kaela, if a big chuck of your expenses are mileage and it's automatically calculated; you do not have a lot of wiggle room there. I'm not saying to manipulate the data. However, many self employed business owners go looking for anything and everything they can write off .. and I'm saying that maybe just maybe you don't want to write everything off when qualifying to buy a home.
Great advice! Always tricky for self-employed and appreciate you being our Problem Solver!
There is always a path 😊
Great video. What does a underwriter look at on S corps to use as qualifying income? W2, K-1, and distributions?
We add W2 and K1 income. Add back depreciation and the second half of means taken. Not distributions
@@TheRuethTeam thanks. My K-1 is showing $328k but my personal return for 2022 shows my adjusted gross income as $451k. So they don’t look at AGI right? Only our K-1 and W-2’s?
@@daynescott1 if you are self employed we are looking at your business tax returns not your personal to calculate income.
@@TheRuethTeam right but I’m both W2 and self employed. I have a W2 day job where my employer pays me and I own several businesses which are all under an S Corp. The UWer would obviously count and add my W2 as well as being self employed is what I mean. My question is since that’s the case, wouldn’t they add my total AGI as income on my tax return?
@@daynescott1 I didn’t understand they were two jobs as a S Corp you can have both. Since you have multiple jobs we will have to show that you’ve been working them both for two years with out gaps. Then yes, we can use the W2 from the employee job and the K1 from the SCorp. We do not use AGI
If you want to hop on a call call me at (303) 808-2300
👍👍👍 very smart TH-cam channel.
Thank you!
Is sole proprietor and self employed the same thing? Can you get approval for mortgage as a sole proprietor that's been consistent for 2 years with 2 years of bank deposit statements and 2 years tax returns
A sole proprietor and self employed is the same thing. And yes. We can include the side hustle if you’ve been doing it for 2 years consistently.
@@TheRuethTeam thank you!
Hello! I'm really confused on the taxes. We hire someone to do our taxes and we just answer their questions. In order to not claim as much on taxes, we would have to lie. Our jobs have to do with driving. So there is an automatic write-off for mileage, and that alone takes a massive cut out of our gross. Even if we don't actually spend that much in gas per year. And wouldn't it be harmful to us to switch to a w2 just to try and get into a home?? Around this area there aren't w2 jobs that make as much as we make now.
Hi Kaela, if a big chuck of your expenses are mileage and it's automatically calculated; you do not have a lot of wiggle room there. I'm not saying to manipulate the data. However, many self employed business owners go looking for anything and everything they can write off .. and I'm saying that maybe just maybe you don't want to write everything off when qualifying to buy a home.