Filing taxes with purchasing a home (house hack) In near future

Mortgage Brokers & Lenders
5yFollow

Filing taxes with purchasing a home (house hack) In near future

Jeremy Clendenin
Investor · Huntington Beach, CA · Member since 2018 · 20 posts · 2 votes

I’m currently looking to find a lender to get pre approved with.

I went to my tax guy yesterday and have multiple ways I can file taxes to show income.

My main goal is to buy a house for a (house hack) asap

0Reply
33 views

Most Popular Reply

David M.
Morris County, NJ · Member since 2020 · 5k+ posts · 2k+ votes
5y

@Jeremy Clendenin

hmmm...  While there may be ways for you to show income, do you have SUFFICIENT income to show and for generally at least 2 years (I'm assuming you are a w2 employee).  Because, you could talk to just about any lender you want, but if you don't have a way to qualify (be it income, asset, gross income, etc.) you are still going to be sol.

Yup, so either educate yourself on how buying power is determined and/or start contacting some lenders and see what they can and cannot do for you, and why.  Direct message if you want my lender's contact info.

Good luck.

1Reply
See this reply in the discussion

4 Replies

Jump to latestLatest
  • Matthew BrillPro Member
    Investor · Boca Raton, FL · Member since 2015 · 234 posts · 103 votes
    5y

    Best next step is to start contacting some local lenders with the goal of getting a pre-approval letter. They will ask you for your finances and then let you know if you can get a mortgage and for how much.

    0Reply
  • Jeremy Clendenin
    OP
    Investor · Huntington Beach, CA · Member since 2018 · 20 posts · 2 votes
    5y

    @Matthew Brill much appreciated thanks

    0Reply
  • David M.
    Morris County, NJ · Member since 2020 · 5k+ posts · 2k+ votes
    5y

    @Jeremy Clendenin

    hmmm...  While there may be ways for you to show income, do you have SUFFICIENT income to show and for generally at least 2 years (I'm assuming you are a w2 employee).  Because, you could talk to just about any lender you want, but if you don't have a way to qualify (be it income, asset, gross income, etc.) you are still going to be sol.

    Yup, so either educate yourself on how buying power is determined and/or start contacting some lenders and see what they can and cannot do for you, and why.  Direct message if you want my lender's contact info.

    Good luck.

    1Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    5y

    @Jeremy Clendenin

    It is not clear in your paragraph what streams of income you have at the moment where your "tax guy" can allow you different ways to show it.

    You may be eligible to make elections that allow you to capitalize expenses instead of writing it off in the current year. This will allow you to "show" more income on your return. However, you normally have to have some sort of business along with asset purchases during the year to do this.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.880 Reviews
    View Page
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free