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Old 01-07-2013, 07:46 PM
 
21 posts, read 79,344 times
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Hi! So I recently learned about the 80/20 housing lottery. I think I fall within the income guidelines, but I am self-employed. I know that for people with normal salaried jobs, the government only looks at your gross income. But for self-employed folks, documentation says that they consider "net business income." Does that mean AGI? Or past AGI, after business deductions? Have any freelancers been through this process? Thanks!
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Old 05-15-2013, 03:03 PM
 
1 posts, read 2,095 times
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Quote:
Originally Posted by stormparade View Post
Hi! So I recently learned about the 80/20 housing lottery. I think I fall within the income guidelines, but I am self-employed. I know that for people with normal salaried jobs, the government only looks at your gross income. But for self-employed folks, documentation says that they consider "net business income." Does that mean AGI? Or past AGI, after business deductions? Have any freelancers been through this process? Thanks!
Anybody have any thoughts on this question? I'd love to know the answer too. Thanks!
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Old 05-22-2013, 07:18 PM
 
7 posts, read 15,427 times
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From my knowledge they take your 2-3 years self employment income (NET meaning the final amount AFTER your schedule C expenses) and averaqe it out. For all 1099s they'll need to see the the schedule Cs because they will also factor this avg amount of expenses to project your future annualized income. Also it must be self employment from conducting the same services/business for at least two years. For ex if you taught music lessons for one year then decided to be a real estate agent the next they wont consider it to combine.
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