RC_LP_U_305.2 Income and Loss on Tax Returns
MBA Member Price: $49.00
Nonmember Price: $79.00Purchase
This is a single-family/residential course.
When a taxpayer files yearly income tax returns, income and losses are reported on a variety of different forms. Form 1040, U.S. Individual Income Tax Return is a summary of those forms and offers an underwriter a starting point to perform a self-employed income analysis.
Income and Loss on Tax Returns provides an overview of Form 1040 and its supporting schedules, with a particular focus on Schedule A (Form 1040), Itemized Deductions; Schedule B (Form 1040), Interest and Ordinary Dividends; and Schedule 1 (Form 1040), Additional Income and Adjustments to Income. The course explains how income reported on these forms should be adjusted using Freddie Mac's Form 91 Income Calculations (Schedule Analysis Method) to determine qualifying income. (The course will refer to this form simply as Form 91.) The course concludes with a case study that gives learners the opportunity to apply what they've learned to a realistic loan transaction.
Seat time approximately one (1) hour.