This tax deduction can hurt you when it comes time 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
USDA is a 100% government insured loan. Low rates, and no down payment. However, there…
The bad news is that according to Redfin, 38% of U.S. renters don’t believe they’ll…
In Texas we have some unusual rules when it comes to getting cash out of…
If you pay your property taxes apart from your mortgage payment, and you didn’t get…
If you purchased a home using your own cash, and now would like to pull…
Did you realize that when buying a house from an immediate family member – the…
