self employed,.. looking to buy 1st home,.. how much does the IRS need to know?

[Kev5n24]

Thanks again for the information VictorBurek, and if my bank gives me the loan with only one year info ill be sure to PM you.

[Green Irish Eyes]

I'd like to remind everyone that the OP's question was simply how much income he needed to show. Any comments not relating to that question are off-topic. Judgmental comments, especially, are not necessary.

Thanks.

[rjrcm]

Originally Posted by Kev5n24

...bottom line I'm wondering how much of that income I need to show the IRS...

Trick question? All of it.

[sskkc]

Call a mortgage broker for the answer to that question. We're going through something similar, though we've been self employed longer than 2 years. We take a lot of deductions. I laughed out loud when the broker told me what our monthly income comes out to.

For an estimate based on what we've been told so far, you would probably need to show 13-20k per year, after deductions for a 50-60k home.