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Husband is a pipeline welder and operates his own rig truck. He receives pay for him and his truck. It comes on one paycheck but the truck pay, which is usually about $16/hour is non taxable and often not even included on the w-2 form. So my question is, should we include that pay when reporting our income? It will show on bank deposits but not entirely on our tax returns. We don't really need the truck income since the person pay is enough on it's own (or at least I would think) but I'm not sure how to report our household income since the truck pay is on the paycheck.
I'm really dreading doing a mortgage. Our credit scores are in the 800's. We will be looking to buy near the $300K range and will be putting down about $210K, or possibly more. His pay (not including truck) is over 100K per year. No problems getting this loan?
I think you should include it since it appears on your bank statements. I closed last month and most bank underwriters look at your bank statements and tax returns very closely including withdrawals and deposits over a specific percentage or amount. If they don't match up they will question it if the situation wasn't disclosed. But you can always ask the loan officer as well.
It's hard to say without reviewing your tax return. Is the truck pay a reimbursement for expenses he incurs? Yes, you will have to explain the deposits, but they aren't necessarily income. Income is reported on a W2 form or a 1099 form.
Take a look at your taxes. Is there anything listed on Schedule A, Line 21? This amount is deducted from his W2 income.
Do you see a form 2106 in the return? This is also deducted (and many time listed on Schedule A on line 21 - but not always).
If you are saying your husband earns about the same as what you wish to borrow (without the other pay), then its a no-brainer - you qualify.
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