Can i file my 1099s on my own and show that as proof as income to banks for a home

[Jimmy Rojas]

I found out there is software/apps that you can use to do your taxes on 1099, can i file my 1099's myself and use that as proof of income to banks?

[Ashish Acharya]

@Jimmy Rojas Yes, you can file your own 1099s using tax software or online services, but simply filing a 1099 doesn’t automatically prove income for a mortgage. Lenders typically look at your full tax return (Form 1040) with Schedule C (for self-employment income) or Schedule E (for rental income) to verify income.

To qualify for a home loan, banks generally require:

• At least two years of reported self-employment income.
• Tax returns, bank statements, and possibly profit & loss statements.
• A solid debt-to-income (DTI) ratio to ensure you can handle mortgage payments.

If you’re newly self-employed and don’t have two years of tax returns, you may need to look into bank statement loans, which some lenders offer based on income deposits instead of tax returns. Always check with a mortgage lender about their specific documentation requirements.

This post does not create a CPA-Client relationship. The information contained in this post is not to be relied upon. Readers should seek professional advice.