mdc623 Posted August 30, 2018 Report Share Posted August 30, 2018 Hi I was just wondering if anyone has experience buying a rental property while being a cg. If you claim the income on your tax return I’m assuming a bank will deny you for a rental property loan since they won’t even let you keep the cash in their bank. Am I correct in this assumption? Any experience or input would be helpful, thanks. Quote Link to comment Share on other sites More sharing options...
Kingdiamond Posted August 31, 2018 Report Share Posted August 31, 2018 I have never claimed any of my caregiver proceeds on any tax return its confidential and isnt mandated as far as I know? Quote Link to comment Share on other sites More sharing options...
t-pain Posted August 31, 2018 Report Share Posted August 31, 2018 Banks will probably not accept / count caregiver income when deciding to give you a loan. Quote Link to comment Share on other sites More sharing options...
mdc623 Posted August 31, 2018 Author Report Share Posted August 31, 2018 Yea not really worried about using the income to get approved. More worried about getting denied for them seeing an income that is considered federally illegal when they go through my tax returns. Quote Link to comment Share on other sites More sharing options...
Restorium2 Posted August 31, 2018 Report Share Posted August 31, 2018 Bankers do the math. They know that you can only legally have 5 patients. So your caregiver income is only what 5 patients can afford to pay you minus ALL the expenses. Not that much to declare in a legal caregiver scenario. So it's a non issue for income and a big issue if you declare more than what 5 people can afford to pay you minus expenses. In other words, you may be cutting your own throat by saying you make money as a caregiver. Now selling past your 5 might be lucrative but not legal income. Quote Link to comment Share on other sites More sharing options...
mdc623 Posted August 31, 2018 Author Report Share Posted August 31, 2018 (edited) Good point. I personally don’t make a lot from being a cg, just a side thing I enjoy doing but I do have a job. I haven’t ever claimed it on my taxes but I’ve never been sure if I’m supposed to be or not. I was just wondering if I need to be claiming it & how it would effect getting a loan if it was on the return but not trying to use it as income to get approved for a loan. If anyone has ever had an audit or some problems from not claiming cg income please share. Thanks for the feedback so far everyone. Edited August 31, 2018 by mdc623 Quote Link to comment Share on other sites More sharing options...
Restorium2 Posted August 31, 2018 Report Share Posted August 31, 2018 12 minutes ago, mdc623 said: Good point. I personally don’t make a lot from being a cg, just a side thing I enjoy doing but I do have a job. I haven’t ever claimed it on my taxes but I’ve never been sure if I’m supposed to be or not. I was just wondering if I need to be claiming it & how it would effect getting a loan if it was on the return but not trying to use it as income to get approved for a loan. If anyone has ever had an audit or some problems from not claiming cg income please share. Thanks for the feedback so far everyone. The only way anyone is getting audited for caregiver income would be if one of the patients they sold to declared it as an expense on their income tax and included the caregiver's SS number. Or, of course, they tell someone about it when getting a loan or some other official paperwork. You don't want a paper trail and a patient wouldn't either. Quote Link to comment Share on other sites More sharing options...
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