Updated almost 4 years ago on . Most recent reply
DTI and 2021 Taxes
Hello and thank you for reading and offering guidance. I'm newer to REI. I have a SFR that was previously used as my primary until 2020. I purchased a duplex in 2021. I replaced a roof, remodeled a bathroom, replaced a HVAC system and several other costly projects. I also took a withdrawal from my 401k in 2021 for downpayment costs on the duplex. My fear going into tax season is claiming too much of a loss and hurting my DTI for potential purchases in 2022. Is there a rule or guideline you follow to balance taxes so you are claiming appropriately but not to your future borrowing power?