In general, a borrower is self-employed when she/he has an ownership interest of 25% or more in a business
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- Richard Banks
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2 Who is Self-Employed? In general, a borrower is self-employed when she/he has an ownership interest of 25% or more in a business Independent contractor Commissions are 25% or more of total income
3 Length of Self-Employment Two years or more Less than two years if: º Minimum one year of documented self-employment º In same line of work at least two years º Is income stable and market shows demand?
4 Determining Income Stability Length of self-employment Type of business structure Viability of the business
5 Business Structure Commissioned Borrowers Sole Proprietor Partnership S Corporation Corporation
6 Commissioned Borrowers Required documentation 2 years complete 1040 s, Schedule A with 2106 Employee Business Expense
7 Sole Proprietorship One owner 100% ownership Unlimited personal liability for business debts Income is taxed at individual rates Owner has complete control over business
8 Sole Proprietorship Required documentation 2 years complete 1040 s with Schedule C YTD Profit & Loss (audited if the income is declining or using as qualifying income)
9 Partnership Two or more partners Percentage of ownership varies Pays no taxes, income is passed to partners based on percentage of ownership Limited partnerships not full liability General partnerships full liability
10 Partnership Required documentation 2 years complete 1040 s with Schedule E 2 years complete 1065 s 2 years complete K-1 s YTD Profit & Loss (audited if the income is declining or using as qualifying income)
11 S Corporation Up to 75 shareholders Percentage of ownership varies Pays no taxes on income at corporate level Income is passed on to shareholders on bases of percentage of ownership
12 S Corporation Required documentation 2 years complete 1040 s with Schedule E 2 years complete 1120S s 2 years complete K-1 s YTD Profit & Loss (audited if the income is declining or using for qualifying income)
13 Corporation Percentage of ownership varies No limit on number of shareholders Pays taxes on profits at corporate rate
14 Corporation Required documentation 2 years complete 1040 s 2 years complete 1120 s YTD Profit & Loss (audited if the income is declining or using for qualifying income)
15 Form 1040 Page 1 Line 12 Business Income or (Loss) Sole Proprietorship Line 17 Rental, partnership, S Corp income
16 Schedule A Line 21 Unreimbursed Employee Expenses Deduct from income
17 Form 2106 Page 1 Line 10 Meals & Entertainment Deduct from income
18 Form 2106 Page 2 Line 28 Depreciation for auto mileage for business use Add to income The portion of the business standard mileage rate treated as depreciation is 22 cents per mile for 2011, 23 cents per mile for 2012, 23 cents per mile for 2013, and 22 cents per mile for 2014.
19 Form 2106-EZ Page 1 Line 5 Meals & entertainment Deduct from income Unable to add any mileage depreciation back when using 2106-EZ
20 Schedule C Page 1 Line 31 (1) Total Net Income/Loss Line 6 (2) Not ongoing income Deduct from income Line 12 & 13 (3) Depletion & depreciation Add to income Line 24b (4) Meals & entertainment Deduct from income Line 30 (5) Business use of home Add to income Cannot be added back for FHA or VA
21 Schedule C Page 2 Line 44a Depreciation for auto mileage for business use Add to income
22 Schedule C-EZ Page 1 Line 3 Part II (1) Net income/loss Line 2 Part II (2) If able to clearly identify as depreciation Add to income Unable to add any mileage depreciation back when using Sch C-EZ 2 1
23 Schedule C-EZ Page 2 Line G (1) Meals & entertainment Deduct from income 1
24 Schedule E Page 2 Line 28 Each line represents a different business entity Need K-1 s for each
25 Schedule K-1 Form 1065 Verify Borrower is listed in box F (1) Ownership interest (2) Lines 1, 2, 3, 4 & 11 Income/loss, rental income, other income, guaranteed payments Should be total income on Sch E 1 2
26 Schedule K-1 Form 1120S Verify Borrower is listed in box E (1) Ownership interest (2) Lines 1, 2, 3 & 10 Income/loss, rental income, other income, guaranteed payments Should be total income on Sch E 1 2
27 Form 1065 Page 1 Line 16c & 17 (2) Depletion & depreciation Add to income 2 Amounts reported are for all partners. Multiply the totals by the percentage of partner s ownership interest.
28 Form 1065 Page 5 Line 16d Sch L (1) Short term debts due in less than 1 year Deduct from income 1 Amounts reported are for all partners. Multiply the totals by the percentage of partner s ownership interest.
29 Form 1120S Page 1 Line 14 & 15 (2) Depletion & depreciation Add to income 2 Amounts reported are for all partners. Multiply the totals by the percentage of partner s ownership interest.
30 Form 1120S Page 4 Line 17 Sch L (1) Short term debts due in less than 1 year Deduct from income 1 Amounts reported are for all partners. Multiply the totals by the percentage of partner s ownership interest.
31 Form 1120 Page 1 Line 30 (1) Taxable income Add to income Line 31 (2) Total Tax Add to income Line 20 & 21 (3) Depletion & depreciation Add to income Amounts reported are for all partners. Multiply the totals by the percentage of partner s ownership interest.
32 Form 1120 Page 4 Line 5 a & b Indicates stock ownership & percentage owned Amounts reported are for all partners. Multiply the totals by the percentage of partner s ownership interest.
33 Form 1120 Page 5 Line 17 Sch L (1) Short term debts due in less than 1 year Deduct from income 1 Amounts reported are for all partners. Multiply the totals by the percentage of partner s ownership interest.
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