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Old 01-04-2010, 03:45 PM
 
32 posts, read 84,577 times
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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.

Last edited by Green Irish Eyes; 01-04-2010 at 06:01 PM.. Reason: Deleted rude comments
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Old 01-04-2010, 06:03 PM
 
11,149 posts, read 15,285,689 times
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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.
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Old 01-06-2010, 04:28 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,074,067 times
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Quote:
Originally Posted by Kev5n24 View Post
...bottom line I'm wondering how much of that income I need to show the IRS...
Trick question? All of it.
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Old 01-07-2010, 07:50 AM
 
3,645 posts, read 10,572,285 times
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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.
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