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All Forum Posts by: Dennis Mbuthia

Dennis Mbuthia has started 1 posts and replied 1 times.

General Landlording & Rental Properties

Post: House hacking, Schedule E and Buying home #2

Dennis MbuthiaPosted
  • Posts 1
  • Votes 0

I need some help, I just finished house hacking for a year where I lived in a 4 unit condo. I rented out 3 units and resided in one. I am about to file my 2020 taxes on the rental income received. I plan on using Schedule E. I would like my rental income to be considered by my lender so that I can qualify for the next home. I have read the Fannie mae underwriting guidelines and they are very finnicky. I don't want to mess up filing the Schedule E, any advice on whether I should write off a lot of expenses such that I don't pay  TOO much taxes and have my gross income go up? I can probably down the road claim the expenses latter on after home number 4 or something. 

Any advice in general would help.  

0 Votes