Tag: taxes

When Does a Business Loss Need to be Counted?

Question: Are we required to count a business loss against our borrower from their 1120 (C-Corp) schedule? Answer: The answer is yes and no. If the borrower has a full-time job outside of self-employment, then both Fannie and Freddie allow you to disregard a business loss (or income) if they qualify using only non-self-employed income […]

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Tax & Insurance Liability When Client is Named in a Family Trust

Body Question: Our client’s name is on a property that is under a family trust. He is one of three trustees for this property, and it is owned free and clear. How do I handle the tax and insurance liability? Answer: If your client is only on the title, or in this case as trustee […]

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