Tag Archives: unreimbursed business expenses

Self-Employed, Business Mileage and Mortgages

When tax time comes around, we get a ton of self-employed tax questions regarding how different scenarios impact getting approved for a loan. We wanted to summarize how the deduction for mileage is viewed through the eyes of lending.

Please consult a tax professional with tax preparation questions.

Automobiles used for business purposes have an option to deduct expenses based on actual business miles driven. This lowers tax liabilities by decreasing stated profit, which can affect the loan amount for which a person can get approved. Continue reading Self-Employed, Business Mileage and Mortgages

Unreimbursed Business Expenses, Mortgage

When qualifying for a mortgage in recent years, many borrowers who received commissions took a hit against their qualifying income if they had unreimbursed expenses on their tax returns. That is no longer the case for some borrowers. Continue reading Unreimbursed Business Expenses, Mortgage