Tax season is coming up, and I wanted to make you aware of a deduction that can be problematic if you are trying to get a mortgage.
If you have a W-2 job, and you are considering getting a mortgage here’s something to keep in mind as tax season approaches…
The deductions you take on Schedule A for “unreimbursed job expenses” will come out of your adjusted gross income as a direct deduction off your income.
This deduction would be things like job travel expenses, union dues, job education, etc.
I’ve seen some rather large deductions in this category over the years – and sometimes it’s meant the difference between loan approval and denial.
So, if you know you will be applying for a loan in the next couple of years – be aware of how this “unreimbursed job expenses” deduction will impact your overall income.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
If you are thinking about buying a house, but you aren’t really sure if it’s…
Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional…
Your property tax bill usually comes out in late November, or early December. There are…
If you want to acquire rental properties, but you are having issues proving your income…
If you receive money from the State or a County sponsored organization for providing foster…
FHA gift questions come up often. I wanted to give you the rules on FHA…