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CandyMan
266 Posts |
 Posted - 05/22/2008 : 1:00:07 PM
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What is the correct way to calculate income for self employed borrowers? Do you use their taxable income (line 43 on the 1040), or AGI, or is there another way to calculate it? From my understanding, you need to use the taxable income on line 43, but I just want to make sure.
thanks,
Chad
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cvm2
242 Posts |
Posted - 05/22/2008 : 1:12:29 PM
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I like the sam method
download the program on MGIC's website, it is on the blue box in the middle
I will fax the forms I received in their class
The forms have the line numbers, it makes it easier to fill out
Take the class when it is avaiable online
it is more than just line 43
The agi method is also on the download
give me you fax number and I will send it to you |
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lucky1s
3640 Posts |
Posted - 05/22/2008 : 1:14:46 PM
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Would you mind faxing it to me as well?
707-566-3987
I really appreciate and would be happy to return the favor. |
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CandyMan
266 Posts |
Posted - 05/22/2008 : 1:15:48 PM
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thanks.
quote:
Originally posted by cvm2
I like the sam method
download the program on MGIC's website, it is on the blue box in the middle
I will fax the forms I received in their class
The forms have the line numbers, it makes it easier to fill out
Take the class when it is avaiable online
it is more than just line 43
The agi method is also on the download
give me you fax number and I will send it to you
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loancloser1342
496 Posts |
Posted - 05/22/2008 : 1:18:33 PM
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| Schedule C net income plus depreciation plus any expenses incurred from business use of the home divided by 12. |
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lucky1s
3640 Posts |
Posted - 05/22/2008 : 1:23:55 PM
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| I downloaded the program, that is pretty cool. |
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yanmink
277 Posts |
Posted - 05/22/2008 : 1:29:16 PM
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| What is the program name? I would like to download it as well |
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lucky1s
3640 Posts |
Posted - 05/22/2008 : 1:31:27 PM
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Go to mgic.com
There is a 45 page manual that goes with it.
I assume it's for the 2 hour training session but I havent gotten that far yet.
Im seriously get more helpful information here then anywhere I have ever worked.
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cvm2
242 Posts |
Posted - 05/22/2008 : 1:32:17 PM
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I faxed it to both
have a good day
I have to go play nine |
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cvm2
242 Posts |
Posted - 05/22/2008 : 1:35:36 PM
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2 books closer to 150 pages
you just need the forms that have the line numbers of the tax returns to be able to fill it out the computer program
they make it way easier |
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yanmink
277 Posts |
Posted - 05/22/2008 : 1:37:09 PM
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You should go for the full 18 its a nice day.quote:
Originally posted by cvm2
I faxed it to both
have a good day
I have to go play nine
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lucky1s
3640 Posts |
Posted - 05/22/2008 : 1:57:15 PM
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| That was very generous of you, thanks!!! |
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yanmink
277 Posts |
Posted - 05/22/2008 : 2:03:09 PM
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| when you got to go you got to go un fortunately I'm still here trying to place this and a couple of more loans but none the less when i finish i will go and hit a couple myself. |
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