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Old 07-13-2016, 08:16 PM
 
207 posts, read 267,568 times
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Question ::: I am self employed and do not have 2013 and 2014 tax returns as I did not file at the time due to not having work. I only have my 2015 tax returns and I'm within the income bracket + community board. Will this disqualify me ? I gave them all the paperwork except the returns that I dont have.
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Old 07-13-2016, 08:54 PM
 
Location: Eric Forman's basement
1,958 posts, read 2,077,840 times
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I think for self-employed people, they do need to see a work history that's fairly steady.

From the marketing guidelines:

At least the most recent two years of tax returns must document that the applicant’s income has come from self-employment in the same line of work. Applicants who do not meet this ―time test‖ have not established a suitable income-earning history through their self-employment, and there is insufficient data to accurately evaluate their income.
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Old 07-13-2016, 08:56 PM
 
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Thanks, I also sent them a letter from my CPA that my income will be the same this year. Hopefully this will help .
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Old 07-14-2016, 02:29 AM
 
6,364 posts, read 5,843,571 times
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Quote:
Originally Posted by ladygaga1 View Post
Question ::: I am self employed and do not have 2013 and 2014 tax returns as I did not file at the time due to not having work. I only have my 2015 tax returns and I'm within the income bracket + community board. Will this disqualify me ? I gave them all the paperwork except the returns that I dont have.
You need last 3 years even if self employed. I think you will most likely be disqualified.
Could you report back whatever happens?
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Old 07-14-2016, 08:01 AM
 
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When someone is self-employed even if they don't make a profit during a particular year, that person can still file taxes. Especially, a new business is almost expected to suffer a net loss or have very little profit during the first couple years. If you're actually working in the business, attempting to make a profit but didn't, that's one thing, not working in the business during those years is something entirely different.


For example, lets say I design t-shirts. In 2013 and 2014 I buy material, I make shirts but I can't get my product into any store or maybe just 1 store, then I am operating at a loss and its totally fine to claim a loss on my taxes. Thus, I still documented my "income" or lack of income for that year and is part of my tax history.


On the other hand, if I don't make any shirts, don't buy material to design shirts, don't advertise, and not actively doing things to make the business profitable, then I'm not putting "anything" into the business and can't claim a loss even though I may have ideas. To be a business, the owner is required to at least attempt to execute these ideas and actually make moves, "work", and attempt to make a profit. If that is not done, you're not working and the business is on hiatus.
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Old 07-14-2016, 02:40 PM
 
207 posts, read 267,568 times
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It's not that I did not make a profit, I was not employed . Hopefully I will still be in the running.. I will definitely keep you guys posted !!
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Old 07-15-2016, 06:41 AM
 
107 posts, read 206,672 times
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Quote:
Originally Posted by ladygaga1 View Post
Question ::: I am self employed and do not have 2013 and 2014 tax returns as I did not file at the time due to not having work. I only have my 2015 tax returns and I'm within the income bracket + community board. Will this disqualify me ? I gave them all the paperwork except the returns that I dont have.
You need last 3 years even if self employed and you will need to submit all invoices / expenses
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Old 07-15-2016, 06:46 AM
 
107 posts, read 206,672 times
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Quote:
Originally Posted by livingsinglenyc View Post
NYCHH I thought I recalled you being in an 80/20 building. Am I mistaken?

Yes I am in 80/20 building
Since then we had a child, place is kind of tight. My building refuse to add us to a waiting list (the developer rule), before we moved in to 80/20 building they told us differently we would have never went through all the process if we knew we canot get an upgrade when we have a baby we did tell then we are planing of having a baby
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Old 07-15-2016, 02:06 PM
 
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Quote:
Originally Posted by nychh View Post
Yes I am in 80/20 building
Since then we had a child, place is kind of tight. My building refuse to add us to a waiting list (the developer rule), before we moved in to 80/20 building they told us differently we would have never went through all the process if we knew we canot get an upgrade when we have a baby we did tell then we are planing of having a baby
Oh that makes sense. I was just curious and thought maybe the building you are currently in was no good.
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Old 07-16-2016, 07:25 AM
 
107 posts, read 206,672 times
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Quote:
Originally Posted by livingsinglenyc View Post
Oh that makes sense. I was just curious and thought maybe the building you are currently in was no good.
oh no, We love the place we live and we feel blessed , we wish we could get an upgrade
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