When applying for a mortgage, can I include my ebay sales/income?
Posted by Reviews on April 4, 2009 · 3 Comments
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My husband and I have a little ebay store. When we apply for a mortgage, can we include that as income?
Yeah you can, you will normally have to show that you have made income from it for over 2 years. And you will have to provide your schedule C on your tax returns showing you are paying taxes on that income.
If you are not showing it on your taxes no lender is going to let you claim it. So if you show you made 10K a year great. But really if you can qualify without the income no need to disclose it. Just more paperwork you have to prove. Your loan officer will basically tell you if you need that income or not to qualify.
Yeah you can, you will normally have to show that you have made income from it for over 2 years. And you will have to provide your schedule C on your tax returns showing you are paying taxes on that income.
If you are not showing it on your taxes no lender is going to let you claim it. So if you show you made 10K a year great. But really if you can qualify without the income no need to disclose it. Just more paperwork you have to prove. Your loan officer will basically tell you if you need that income or not to qualify.
References :
16 years mortgage real estate exp.
As long as you have kept records on sales and costs, and have paid taxes each year on that money from ebay.
If you havent told the IRS about you income on the side, it will do you no good to disclose it now.
Good Luck
Jackie b
References :
Sure
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