Posted on: 09th Oct, 2009 03:08 pm
Hello is this info still correct that these deductions can be added back into the AGI??
Here are a few of the most common deductions you may add back into your net income total:
* business use of home (such as a home office)
* business vehicle mileage
* depreciation
* depletion (this is not a common write-off and most will not have this)
* casualty losses dues to theft, fire or natural disasters
* losses carried over from prior years (since the loss was in a prior year, it will not be counted against your qualifying income)
* one-time extraordinary expenses
it came from a florida home buyers website
Here are a few of the most common deductions you may add back into your net income total:
* business use of home (such as a home office)
* business vehicle mileage
* depreciation
* depletion (this is not a common write-off and most will not have this)
* casualty losses dues to theft, fire or natural disasters
* losses carried over from prior years (since the loss was in a prior year, it will not be counted against your qualifying income)
* one-time extraordinary expenses
it came from a florida home buyers website
Here is what underwriters use to determine qualifying income of self-employed applicants.
https://www.efanniemae.com/sf/formsdocs/forms/1084.jsp
Here is what FHA says about analyizing self-employed tax returns (1040's):
The following provides additional information on analyzing tax returns:
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https://www.efanniemae.com/sf/formsdocs/forms/1084.jsp
Here is what FHA says about analyizing self-employed tax returns (1040's):
The following provides additional information on analyzing tax returns:
[System detected duplicate content; converted into image. Thanks.]
so those items i listed in my 1st post are not valid to be added back into the AGI?
Looks like you can still use the business income or loss