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Updated about 3 years ago,
Why Tax Deduction: Make me look Poor on paper?
I look poor on paper, so how do I purchase if I keep taking tax deduction?
After a few year in real estate in California, making 120k a year, I took all my tax deductions from the real estate office, gas, food etc.. my accountant made all the deduction
and I owed about $6,000 every year for taxes for the $120,000
when i went to get a conventional loan they said I hardly make any money on my taxes,
So how do I qualify for loans using my taxes?
Option I see:
do I pay huge taxes 60k-70k year so I can look good on paper?
Or keep taking deductions and pay $6k-8k year but look poor on paper?
Thank you in advance