how to calculate income based on business tax return?
how to calculate income based on business tax return?
I'm applying for home mortgage and trying to calculate my income based on corporate tax return... problem is I have too many deductions.. my total income (line 11) is 390 K. but my taxable income (after deduction-- repairs, rents, taxes, licenses, interest, depreciation) is only $ 82 K
So if I apply for loan do they look at total income or income after deduction?? any info would be great..
Answers:
Chosen Answer
Mother Bear: They look at it all, but you have debts almost 75% of your income is going to debts already. Your income/debt ratio is too high.
2008-02-25 17:09:33
Mother Bear: They look at it all, but you have debts almost 75% of your income is going to debts already. Your income/debt ratio is too high.
2008-02-25 17:09:33