If I’m self employed, and am perplexing to get a loan (not settled income), what “income” is a lender going to demeanour at (gross, net, prior to deductions, etc.), and where would I find it on my corner taxation return? Do they only wish my sales prior to any deductions? Thanks so much!!!
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Net from the Schedule C.
They will look at your net – the amount at the bottom of your schedule C – the amount that transfers to the front page of your 1040.
Take a copy of your Schedule C. That’s what they’ll want to look at.
If I were a lender, I would to know gross and net. Net being more important to me, the lender, as in your ability to re-pay it. But with self-employed, I would really want to track your history of income for the last couple of years.