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Updated almost 2 years ago,
I need to show 6k in profit on my 2022 tax returns, how do I go about it?
I need to cash out refi this year, to pay down some hard money loans, my DTI took a beating. My lender wants to see 6k of profit between 3 properties. I asked my CPA, his reply below.
Can you define “profit”? Is that the net number on Schedule E? Or is the net number and adding back depreciation?
I reached out to my lender as well but wanted some more advise. Thanks!