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Updated over 8 years ago,
What is the best way to file taxes to obtain a Mortgage? PLS HELP
Hello BP users... As always I am here for a bit of advice from all of you that know more than me!
I am looking to get a 30 year fixed mortgage shortly (construction to perm to be exact.) and am trying to find out the best way to file 2016 taxes to increase chances of approval. I am a full time real estate investor, and so far have only dealt with properties in my personal name (no LLC or company.) When I took my tax returns to a CPA last year he filed them all as Capital Gains on a form 1040.
When shopping for a mortgage earlier this year I ran into a couple local banks that wanted 3 years of returns due to the way they were filed. Do any of you guys have a better way I should file my 2016 taxes to look more "legit" to a bank that will make getting a mortgage easier as soon as filing? Any help would be great as I am wanting to get into my own place as soon as possible! Note I will be putting the land as well as cash to equal %20 (or more if required.) in order to get good terms.
Thanks in Advance!