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Updated almost 6 years ago,

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13
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Joe Pea
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13
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Mortgage: file all, some, or no business expenses on tax return?

Joe Pea
Posted

I'd like to get my first home maybe within a year. While filing my taxes right now, should I file all, some, or none of the my business expenses? 

I'm curious to know if 1) it is okay to file no expenses, and 2) would the increased taxable income help to better qualify me for a mortgage?

If I file all expenses, which lowers my taxable income, will lenders still look at my monthly debt (bills) relative to my lower income (those bills are my expenses, which I'm debating about reporting)?

Does not reporting the expenses mean I have a higher taxable income from which lenders will subtract my debt?

How should I file my expenses to best qualify for a mortgage?

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