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1 Connect with us. Twitter: mgic.com/twitter MGIC Connects Blog: mgic-connects.com LinkedIn: mgic.com/linkedin YouTube: mgic.com/youtube Facebook: mgic.com/facebook 1!
2 Evaluating the Self-Employed Borrower and other sources of income 2017 TAX YEAR Analyzing Personal Tax Returns 2!
3 Legal Disclaimer The materials included in this presentation are intended for general information only. This presentation is not intended to be complete or all inclusive regarding the matters discussed herein, and nothing contained in this presentation is intended, or should be relied upon, as legal, accounting, compliance or other professional advice. Although MGIC believes the information set forth in this publication is generally accurate, the information may be outdated due to the rapidly changing nature of the residential mortgage industry, and MGIC does not warrant the accuracy, reliability or completeness of any information contained in this publication. The information in this publication is culled from a variety of business and mortgage industry sources. Attribution is given where deemed necessary. Opinions and insights expressed herein do not necessarily represent the views of MGIC. 3!
4 Objectives Introduce cash flow analysis concepts Convert tax entries into cash flow: x Review 1040s Rental income analysis Complete SAM Cash Flow Analysis and Rental Income Worksheets using personal tax returns 4!
5 Tax Returns- Six Facts to Successfully Interpret Tax Returns & Convert to Cash Flow.! 1. Tax Returns are tax documents, not Mortgage documents.! 2. As Mortgage Professionals we re interpreting a story already written e.g., tax docs have been filed and submitted to the IRS when we review them.! 3. The income reported on the tax return may not exist today. Shows last year s income.! 4. Tax Schedules run from A to F, not all tax payers file all schedules..! 5. Ask the customer at point of sale, out of all incomes reported on the tax return, which source(s) will be used repay the loan?! 6. Document the income used for qualifying accordingly based on investor/ agency guidelines to show proof it exist today.! 5!
6 FNMA & FHLMC definition of income! Stable Do borrowers have history of earning income? Predictable Has borrowers income been stable during the past 2 years? Continuous Will borrowers income continue in the future? 6!
7 Taxable Income Page 1 of 1040 Cash Flow 1040 Schedules 7!
8 Form 1040 Road Map Case Study Page 3 Manual Page !
9 Form 1040 page 2 Case Study pg. 4 Manual pg T to validate income via the IRS 9!
10 Schedule A Case Study pg.5 Manual pg !
11 Name (3) non-cash expenses. How does it impacts cash flow? 11!
12 Noncash Expense Manual pg. 7 Expenses deducted from taxable income not requiring actual cash payment Common types of noncash expenses Depreciation Depletion Amortization Can be added back to cash flow if included in total expenses Form 2106, Schedule C, E, F & business returns 12!
13 Meal and Entertainment Manual pg. 7 Impacts borrower's qualifying income Business expense with an element of personal expense IRS Rules limits the write off of this real expense to 50%. Subtract the excluded amount from the borrower s qualifying income. IRS Forms and Schedules impacted by this limitation inlcude Form 2106, Schedules C, F and all business returns. 13!
14 Manual pg. 7-8 Recurring! Income & Expense Income:! Expected to continue 3 or more years! Expense:! Day-to-day cost of business operations 14!
15 15!
16 Noncash Expense Manual pg. 8 Other noncash expenses Casualty Loss (Manual pg. 8) Business Use of Home (see Schedules C & F) Net Operating Loss Carry Over (See Reg Corp Return) Can be added back to cash flow if included in total expenses Schedule C, E, F & business returns 16!
17 Interpreting the W-2 Case Study pg. 1-2 What types of W-2 income must be average? Self- employed Commission Which box on the W-2 reflects gross income? 17!
18 Form W-2 Case Study pg. 1 Manual pg. 13 Note: Self-employed Confirm income in Box 5 to: 1120 and /or 1120S Compensation to Officers 18!
19 Form W-2 Case Study pg. 2 Manual pg. 13 Part-time Commission 19!
20 Cash Flow Worksheets Tools to show investor, underwriter calculation of qualifying income Supported with documentation based on investor guidelines 20!
21 SAM Schedule Analysis Method NEED HELP? Line-by-line instructions link to SEB manual 21!
22 SAM Schedule Analysis Method Cash Flow Analysis Summary Comments/ Notes 22!
23 Rental Income Worksheet 23!
24 Whose Guidelines? 24!
25 Business Structures Sole Proprietorship Schedule C! Note: In some instances an LLC may be filed with Schedule C Partnership! 1065! General,! Limited! Limited Liability Company! 1065-K1! Corporations! 1120S & 1120! 1120S! 1120s-k1! and/or W-2!! Reg Corporation! 1120! W-2! *Paid via W-2 only)! 25!
26 John & Ginny Borrower 1003 Summary Case Study Cover Page Jointly John Ginny Married with no dependents Own three rental properties Sole proprietor of Tech in a Sec 20% partner in Tanglewood Realty 50% shareholder of Digital Network Systems, an S Corporation Part-time sales rep for Creative Greetings Cards; 40% of earnings are commission 50% partner in Westchester Development, LLC 100% owner of Interior Innovations, Inc. 26!
27 John & Ginny Borrower 1003 Summary Case Study Cover Page Jointly Married with no dependents Own three rental properties Schedule E John Sole proprietor of Tech in a Sec Schedule C Ginny Part-time sales rep for Creative Greetings Cards; 40% of earnings are commission W-2 income and Form % owner of Interior Innovations, Inc. SEB W-2 Income 27!
28 Form 1040 Case Study pg. 3 28!
29 Effect on Cash Flow Analysis Case Study pg. 1 & 2 29!
30 Form 1040 Case Study pg. 3 Manual pg !
31 Form W-2 Case Study pg. 1 Manual pg. 13 Self-employed 31!
32 Form W-2 Case Study pg. 2 Manual pg. 13 Part-time, commission 32!
33 Effect on Cash Flow Analysis 33!
34 Form 2106 Case Study Pg. 6 Manual Pg. 18 Fannie: Unreimbursed expenses must be deducted when commission income is > 25% of income from total employment income (employment = base salary from employer and/or self-employment). Freddie: Unreimbursed expenses must be deducted when commission income is > 25% of income from the commissioned employment. NOTE (confirmed 3/15/18): 34!
35 Form 2106 Case Study pg. 6 Manual pg $6,120! 35!
36 Form page 2 Case Study pg. 7 Manual pg. 21 Business miles (Line 13) x Mileage rate Actual depreciation expense 36!
37 Effect on Cash Flow Analysis Case Study Page 6-7 Page !
38 Schedule C Case Study pg. 8; Manual pg !
39 Schedule C Case Study pg. 8; Manual pg !
40 Schedule C Case Study pg. 8; Manual pg. 25 & 27 40!
41 Schedule C - page 2 Case Study pg. 9; Manual pg. 29 Business miles x Depreciation factor 41!
42 Effect on Cash Flow Analysis Case Study pg. 8; Manual pg !
43 Rental Income- Documentation Long-term rental property - Most recent tax return required Schedule E - Analyze one property at a time - Use PITIA method - If property recently sold: Do not analyze Obtain proof of sale
44 Rental Income Newly acquired rental property - Purchased just this year - Lease agreement (use 75%) - Current market rent schedule 1007/1025 (use 75%) - Operating Income Statement Form 998
45 Rental Income Examples Short-term rental property - Lease is not used - 2-year rental history required - Documented on Schedule E AirBnB VRBO 45!
46 Schedule E PITIA Calculation Case Study pg. 13; Manual pg !
47 Schedule E PITIA Calculation Case Study pg. 13; Manual pg. 43 $6,050/12 mos. = $504 mo. Verify mortgage payment: credit report monthly or year-end statement Verify HOA dues, flood insurance, etc with statements 47!
48 Effect on Cash Flow Analysis 48!
49 Purpose of Cash Flow Analysis Verify qualifying income that is: ü ü 49!
50 Thank You for choosing MGIC mgic.com 50!
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