RC_LP_U_305.1 Tax Return Basics

MBA Member Price: $49.00

Nonmember Price: $79.00


This is a single-family/residential module.

Reviewing a borrower's personal tax return can be a daunting task. Forms and schedules abound, each one connected to the other, with numbers that are counted as income, losses, exemptions, and deductions. It is easy to become overwhelmed! In the Tax Return Basics course, participants learn when it is necessary to request borrower tax returns, become familiar with the various IRS schedules, and gain an understanding of how a borrower's income "flows" through the tax returns. This course also includes an overview of basic business structures, in which participants learn how business income is taken from business returns and added to personal tax returns. While this course provides an overview of business types, analyzing business tax returns is not covered as part of this course.

Tax Return Basics begins with an overview of investor documentation requirements for self-employed borrowers. It then introduces individual income tax return forms, including the 1040 and associated schedules. Next, it provides an overview of business structures. The course concludes with a discussion of the methods used by the industry to analyze personal tax returns, discusses related definitions, and provides learners the opportunity to apply the concepts they've learned to a case study.


  • Documentation Requirements
  • The U.S. Individual Tax Return
  • Business Structures
  • Methods of Analyzing Tax Returns
  • Definitions
  • Form 1040 Schedules Case Study - The Llama Loan

    Seat time approximately one (1) hour.

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