Qualify for a loan with Debt the Income Ratio –

Hello,

I’m currently going over our taxes, and I am pondering if I should take as many deductions as our tax prep system recommends. We are moving out of our home (20% equity) to a different city, and if we like it there, I would like to eventually purchase a home. We would be leaving one self employed income, and one small business. Our income will greatly decrease next year as my wife leaves a Salon she created, to go back to a commission based.

With our deductions it takes our income down 40%. This is great but I have a feeling this will harm us when we go to repurchase. If it makes sense we could refinance, and use the cash to put a down payment on a new property.

Any advice? Take those deductions?

submitted by /u/Double_jn_it
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Hello, I’m currently going over our taxes, and I am pondering if I should take as many deductions as our tax prep system recommends. We are moving out of our home (20% equity) to a different city, and if we like it there, I would like to eventually purchase a home. We would be leaving one self employed income, and one small business. Our income will greatly decrease next year as my wife leaves a Salon she created, to go back to a commission based. ​ With our deductions it takes our income down 40%. This is great but I have a feeling this will harm us when we go to repurchase. If it makes sense we could refinance, and use the cash to put a down payment on a new property. ​ Any advice? Take those deductions? submitted by /u/Double_jn_it [link] [comments]

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