Quote:
Originally posted by slapass
If it is true then what is the down side? They ask and you prove it.
You asked about geting a loan a while ago and that migth suck if you income is negative.
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The income isn't negative though. The loan I am working on is a non-stated income loan with 100% financing. The only requirement is that I have 6 months of mortgage in my savings, which I definitly have.
Thanks for the post bcooter. I've heard that as well, and I see numerous people on this board saying that you should never pay taxes if you have a good CPA. I'm assuming that this is what they are referring to.
Is there anybody else who has done this? It seems strange to me, but I've heard people with quite a savings say that they always write off more than they make, with no audits having been done.