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Updated about 5 years ago on .
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Business Deductions that don't count against home buying income
I am a self employed sole proprietor. I am looking to buy my first house this year so I am being extra careful with my final tax number and not deducting too much.
However, the SEP tax is really killing me, and I am owing a lot more than I expected. I was hoping to find a way to lower my taxable income without hurting my buying power for a property.
Does anyone know of any deductions that a bank won't count against me when assessing my income for DTI ratio?
I heard that banks don't count certain types of deprecation against income, but I could be wrong. Thanks for the help.