Not being able to count rents as income is killing me
My tax guy is good, so he shows my rentals as taking losses with depreciation etc and as a result when I go to get more loans, I cannot count my rental income. Since banks will look at my mortgages but cannot count any rental income, my debt to income ratio is not accurate and my income is much lower as well according to their evaluation.
Is anyone else struggling with this problem? Are there any workarounds? Is it always a choice between tax benefits and loan approvals?