RC_LP_U_305.2 Income and Loss on Tax Returns
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| Option | Price |
| Member | $50.00 |
| Non-Member | $100.00 |
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 Fannie Mae's Cash Flow Analysis (Form 1084) to determine qualifying income. The course concludes with a case study that gives learners the opportunity to apply what they've learned to a realistic loan transaction.
This is a single-family/residential course.
Topics:
Seat time approximately 30 minutes.
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