This Tax Deduction Can Turn An Approved Loan Into A Denial…

This is a topic I’ve touched on before, but I wanted to address it again here because I just saw it crop up again.

It can be a loan killer…

I wanted to make you aware of certain deductions on your tax return that can hurt you when it comes time to get a loan.

The deductions you take on Schedule A for “unreimbursed job expenses” will come out of your adjusted gross income as a direct deduction of your income.

This deduction would be things like job travel expenses, union dues, job education, etc.

I’ve seen some rather large deductions in this category over the years – and sometimes it’s meant the difference between loan approval and denial.

So, if you know you will be applying for a loan in the next couple of years – be aware of how this “unreimbursed job expenses” deduction will impact your overall income.

That’s it for today!