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
One of the most important things you will have to do when you apply for…
I wanted to let you know we have a 2% to 5% downpayment and closing…
If you want to acquire rental properties, but you are having issues proving your income…
Do you need cash out of your home, but you don’t want to refinance the…
In the mortgage world there are rules we have to follow. Such as, rules about…
Do you have investment property, and would like to pull cash out of your property?…
