Question: A mother and daughter owned a company at 50/50 for years. Earlier this year, the mother retired and sold her portion of the business to her daughter (the other 50%). The daughter’s obligation is to pay the mother $1,000/month for 15 years and we do have a note for this. I’m wondering if I […]
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Answer: Personal tax returns will verify that the borrower is not an owner of the family-owned business. The 2016 and 2017 taxes will be required. The qualifying income will be calculated per the guideline below. Reference: 4000.1, II, A, 4, c viii. Employed by Family-Owned Business (TOTAL) (A) Definition: Family-Owned Business Income refers to Employment Income […]
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