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08-17-2008, 11:56 AM #1
Renter
- Join Date
- Aug 2008
- Posts
- 10
Tip Income?
I am looking to buy a second house and renting out my first house. I have a second job where most of my income comes from cash tips. The business makes me report my own tips to the IRS. When I fill out the Form 4137 on my Federal taxes, does that income help me qualify for more?
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08-17-2008, 06:11 PM #2
Fixer Upper
- Join Date
- Aug 2008
- Location
- San Francisco Bay Area
- Posts
- 15
Tip Income
More income the better you qualify for. Unfortunately non-owner occupied (investment) real estate loans are getting more and more due to the morons that got us into this mess. I believe you'll need 30% or more down unless this is going to be your primary residence . . .
Stan Jensen,
JBS Real Estate
www.jbsrealestate.com
Real Estate, SF Bay Area, Pleasanton, Dublin, San Ramon, Danville, Castro Valley, Hayward Hills, CA
jbsrealestate@gmail.com
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08-17-2008, 09:24 PM #3
Renter
- Join Date
- Aug 2008
- Posts
- 10
I plan on moving into the new house and renting out my first house. So as long as I report it on my Federal taxes, this will count as income? I am just wondering since this is income that I say I am making with no real proof other than I am paying taxes on it.
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08-17-2008, 10:00 PM #4
Home Owner
- Join Date
- Apr 2008
- Location
- Houston, Texas
- Posts
- 631
Yes, as long as you have claimed the tip income on your federal income taxes and you have a two year record of earning those tips, they will count as gross income for qualifing for a home.
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