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Ive been through and approved for the low income apt and they will ask about the deposits that have a name attached to it. Like so and so deposit this amount on this date. They will question why this person is giving you money. If it just says deposit they will not ask, because that can be you depositing the money
Interesting, I would think they would ask about deposits with no name attached, because that could be cash deposits which can be very shady. I guess it varies from property to property.
Anyway, does anyone know if they ask for credit card statements?
What I don't understand is how the people who run these things find out about people's assets. Obviously people will try to hide their assets in bank accounts that aren't reported. Or just cash under the mattress.
Interesting, I would think they would ask about deposits with no name attached, because that could be cash deposits which can be very shady. I guess it varies from property to property.
Anyway, does anyone know if they ask for credit card statements?
Usually, all deposits that are not directly tied to income from employment, pension, disability, or SSA retirement will be questioned and you will be asked for an explanation for such deposits.
And as I might have said before, assets and income from them are on your taxes -- your bank and brokerage sends these these statements to the IRS, so if you don't report them, you'll have some bigger problems later. Unreported income is biggest red flag for an audit.
What I don't understand is how the people who run these things find out about people's assets. Obviously people will try to hide their assets in bank accounts that aren't reported. Or just cash under the mattress.
You can't hide money in "bank accounts that aren't reported ". Every bank account has a social security account number attached to it...and it takes them a fraction of a second pull up a list of all bank accounts anywhere in the country attached to any social security number.
You can't hide money in "bank accounts that aren't reported ". Every bank account has a social security account number attached to it...and it takes them a fraction of a second pull up a list of all bank accounts anywhere in the country attached to any social security number.
I'm not sure... bank accounts aren't reported to the credit bureaus, and they aren't reported to the IRS unless they are earning a certain amount of interest/dividends... not sure how they would find this out.
Checking accounts that pay no interest, or pay minuscule interest, are not reported. So yes, I guess you could hide money in a secondary checking account that you don't mention, although hiding assets to get an apt one wouldn't otherwise qualify for would be morally reprehensible, and might keep one awake at night.
No, and they don't pay much attention to what you spend your money on either. That's not what they care about. Have a lot of charges at the wine store? They don't care.
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