Updated about 5 years ago on .
Adding Back in Mileage Deduction for qualification
Hey All, when qualifying for a loan, with using a rental property as income for example, You use rents received and subtract all the expenses, but you ADD BACK Mortgage interest, taxes, Insurance and depreciation. You come to a total monthly figure and then subtract out your entire monthly payment to your bank to get a monthly number to add into someone's qualifying income... (I believe)... My question is, do you do the same thing with the vehicle mileage deduction. If I deduct 8K in Mileage, do you add that back in to the income from the corporation? A lender (whom I cannot get in touch with) stated "You do on the schedule C" but I file as an S-Corp so it has form 1120-S.... any guidance? Thanks