Analyzing Personal Tax Returns Focus on Schedule C and Schedule F
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1 1/23/214 Analyzing Personal Tax Returns Focus on Schedule C and Schedule F Fast Facts Who is Self-Employed? according to the industry definition. Page 1 1
2 1/23/214 Fannie Mae Freddie Mac 2
3 1/23/214 Fast Facts The Need for 14 Page 2 Types of Self-Employed Borrowers Sole Proprietorship Partnership Limited Liability Company S-Corporation Corporation Page 2 3
4 1/23/214 Fast Facts Allowable Add-Backs:» All non-cash expenses» Some cash expenses Non-Cash Expenses Depreciation Depletion Amortization Page 3 4
5 1/23/214 Cash Expenses Casualty Losses Loss Carryovers Business Use of Home Other Cash Expenses Page 3 ADD IT BACK? The dollar amount is significant. The Borrower s ability to qualify may be impacted. True False The expense is one-time or extraordinary Fully Analyzed Expenses May be Added Back True The expense does not fall under the umbrella of day to day business operating costs False Do Not Add Back These Expenses True False Page 4 5
6 1/23/214 Case Study Please pull out your scenario for Bill Borrower on page 5 Navigate the Worksheet 6
7 1/23/214 Resources Resources 7
8 1/23/214 Scenario page 5 in manual Self-Employment W-2 Income 8
9 1/23/214 W2 5 Medicare wages and tips 75,. Page 6 W2 5 Medicare wages and tips 6,. Page 7 9
10 1/23/214 W2 Income , Tips & Hints 1
11 1/23/ Page 1 Page 9 14 Page 1 What if IRA Distributions were reported? If it is recurring, it can be used for qualification! Page 9 11
12 1/23/ Page 1 Additionally, you can gross up the portion of the amount received that is Non-Taxable 33, 26, 1. 33, 26, = 7, 2. 7, x 125% = 8, , + 8,75 = 34,75 Page 9 14 Page 1 Page 9 12
13 1/23/214 Other Income , SECTION 3 Form 216 Form 216 is where employee Business expenses are claimed 13
14 1/23/214 Form 216 (page 1) Page 12 Form 216 (page 1) Page 12 14
15 1/23/214 Form 216 (page 1) Page 12 Total Unreimbursed Expenses 28,325 15
16 1/23/214 Form 216 (page 2) Page 13 Form 216 (page 2) If Line 22 is complete, the Standard Mileage Rate was claimed If Line 22 is blank, Actual Expenses were claimed Page 13 16
17 1/23/214 Calculating Depreciation Actual Expenses Depreciation = Actual Expense Depreciation Line 28, Vehicle 1 + Vehicle 2 $7,4 + $5,81 = $12,85 Page 13 17
18 1/23/214 Depreciation 28,325 12,85 Standard Mileage Rate Depreciation = Business Miles x IRS Depreciation Rate Business Miles, Line 13 54, x $.23 = $12,42 3,51 18
19 1/23/214 Calculating Depreciation Dividend 28,325 12,85 19
20 1/23/214 SECTION 3 Schedule C Schedule C is for Sole Proprietorship Income Page 15 Schedule C Page 15 2
21 1/23/214 Schedule C Page 15 Net Profit or Loss 28,325 12,
22 1/23/214 Schedule C Page 15 Nonrecurring Other Income/Loss 28,325 12,
23 1/23/214 Schedule C Page 15 Depletion 28,325 12,
24 1/23/214 Schedule C Page 15 Depreciation 28,325 12, ,5 24
25 1/23/214 Schedule C Page 15 Meal & Entertainment Exclusion 28,325 12, ,
26 1/23/214 Schedule C Imagine $1,1 Total Expenses Page 15 Schedule C Page 15 26
27 1/23/214 Business Use of Home 28,325 12, ,5 55 Schedule C (page 2) Page 16 27
28 1/23/214 Amortization/Casualty Loss 28,325 12, ,5 55 Standard Mileage Rate Depreciation = Business Miles x IRS Depreciation Rate Business Miles Line 44a 3,7 x $.23 = $76.1 Page 16 28
29 1/23/214 Mileage Depreciation 28,325 12, , SECTION 3 Schedule E Schedule E is for Rent and Royalty Income 29
30 1/23/214 Schedule E Income Calculator for Non-Owner Occupied Properties A value must be entered in each cell to correctly calculate income. If there is no value related to a specific cell, enter "". Place the cursor on the red triangle in the upper right hand corner of the cell for more information and instructions For complete Essent underwriting guidelines, go to Consult your program/product guidelines to determine qualifying income eligibility. I 2 2 INVESTMENT PROPERTY - NON OWNER OCCUPIED PROPERTY It is recommended you complete a separate calculator for each property. Property Address: 1 Gross Rent Received 2 Total Expenses ( $. $. ) ( $. $. ) 3 Depreciation Expense 4 Amortization/Casualty Loss/One-Time Expense 5 Insurance 6 Mortgage Interest 7 Taxes 8 Total Adjusted Gross $. $. $. $. $. $. $. $. $. $. $. $. 9 Total Adjusted Gross Income (Loss) Both Years 1 # of Months Rental Income/Expenses Reviewed 11 Subtotal Average Income (Loss) for this Property 12 Subtract Full PITI Payments for this Property ( $. #DIV/! $. ) 13 Average monthly Income (Loss) for this Property #DIV/! II v1. (8/14) SECTION 3 Schedule F Schedule F is for Farming Income 3
31 1/23/214 Schedule F Page 23 Schedule F Page 23 31
32 1/23/214 Net Profit or Loss 45,8 Schedule F Add Back the Non-Taxable Portion (the difference between the total and the taxable) Page 23 32
33 1/23/214 Non-Tax Portion of Coop & CCC Line 2 Non-Tax Portion of Coop & CCC 45,8 Schedule F Page 23 33
34 1/23/214 Other Income or Loss 45,8 Schedule F Page 23 34
35 1/23/214 Depreciation 45,8 4, Schedule F Page 23 35
36 1/23/214 Business Use of Home 45,8 4, 36
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