Since we are fast approaching tax season I wanted to make you aware of a deduction that can be problematic if you are trying to get a mortgage.
If you have a W-2 job, and you are considering getting a mortgage here’s something to keep in mind as tax season approaches…
The deductions you take on Schedule A for “unreimbursed job expenses” will come out of your adjusted gross income as a direct deduction off your income.
This deduction would be things like job travel expenses, union dues, job education, etc.
I’ve seen some rather large deductions in this category over the years – and sometimes it’s meant the difference between loan approval and denial.
So, if you know you will be applying for a loan in the next couple of years – be aware of how this “unreimbursed job expenses” deduction will impact your overall income.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
