Preparing a Profit/Loss statement as self-employed person (real estate, lender, interest)

[oboe6127]

I am a real estate agent in NJ that has a S Corp. Currently I am completing the mortgage process for a new home. The lender has asked for a profit and loss statement. Sounds like I can possibly prepare one myself but am wondering if anyone has done this before? Is it a pretty straightforward process? I would rather not get into paying my CPA a ton of money to prepare one.

[MrRational]

Originally Posted by oboe6127

I am a real estate agent in NJ that has a S Corp. Currently I am completing the mortgage process for a new home. The lender has asked for a profit and loss statement. Sounds like I can possibly prepare one myself but am wondering if anyone has done this before? Is it a pretty straightforward process? I would rather not get into paying my CPA a ton of money to prepare one.

https://profit-and-loss-template.pdffiller.com/

[evening sun]

Do you have your previous tax return, it shows income & expenses. Use it as a base.

[rrah]

During some mortgage process in the past decade or so my husband had to have his accountant sign off on the profit/loss statement he (husband) prepared. It was more difficult to get the accountant signature than it was to prepare it. I think he simply used Quickbooks as he uses that to track income/expenses, etc.

[Jimmyp25]

Its pretty simple . I logged into quickbooks and press print. They just want to make sure covid did not destroy your business. I just had to send mine for a mortgage

[NORTY FLATZ]

It's always best to have a 3rd party generate a "P & L."

Eliminates conflict of interest...