Tax Question: Anyone pumped up AGI for a Re-Fi and later ammend??

[Sean Ruggiero]

Hi, I am trying to refinance out of a bridge loan and am pushing to meet the mark on income. My CPA suggested I use my W2 and my Rental Income and basically not claim much if any of the tens of thousands in expenses that I incurred in the Rehab process.

He says I will have to pay Uncle Sam a pretty penny up front, but that I can then take my 2 years of tax statements and get the refinance done. After the refinance is approved I can ammend the taxes to reflect my original rehab expenses (repairs etc.) and get a lot of my tax money back.

Does anyone know about this strategy? My family says it sounds like a questionable way to operate, and I agree it's not ideal for the long-term, but I just got started 2 years ago and need to find-or-figure a way out of this bridge loan. Any thoughts, comments, experiences??

You guys are the best!!!!