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What else can I help you with?
Is permanent disability income counted when qualifying for a real estate loan?
It can be. It will depend on the judgment a lender makes about the affordability of the mortgage and the borrower's ability to make the payments.
Are child support payments taxable?
No, the money has already been taxed as income, therefore it would not be subject to further taxation. Likewise, the custodial parent or legal guardian of the minor child should not include support payments as being taxable income.
As co-borrowers do both credit scores count?
not always, in most cases whoever makes the most income is the primary borrower on the loan and the co-borrower is usually there for extra income and not their credit score.
Can you provide an example of how a mortgage works?
A mortgage is a loan used to buy a home. The borrower makes monthly payments to the lender, which includes both the loan amount and interest. If the borrower fails to make payments, the lender can take possession of the home through a process called foreclosure.
What is the meaning of a recast mortgage and how does it differ from a traditional mortgage?
A recast mortgage is when the borrower makes a large payment towards the principal balance of the loan, which then reduces the monthly payments. This differs from a traditional mortgage because it allows the borrower to lower their monthly payments without refinancing the entire loan.
If you defer your student loan does it accrue interest while you are at school?
the deferment period is the period when the borrower makes no payments and the loan accrues no interest
What is taxable income?
Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statute. The main questions put by most individuals in any jurisdiction are "what makes up my taxable income" and what tax rates should be applied such that I can work out my tax liability to the state. For example, suppose within a year, one person earned $100,000 from work, made $50,000 profit from selling stock, and won the lottery for $1,000,000. This person has, prima facie, an income of $1,150,000. However, some of this income may be taxed at a lower rate or perhaps not taxable at all. In most western countries, 100% of regular salary (above a certain threshold) is taxable and a portion of Capital Gain (ie profit from selling stock or real estate) is taxable.
List five types of income that are taxable?
Anyone who makes money and is paid above table for it needs to pay taxes on it to avoid trouble with the state and federal governments. The types of income that are taxable include wages, business income, capital gains, income gained from renting property, and any money you make gambling.
What is financing a car and how does it work?
Financing a car means borrowing money from a lender to purchase a vehicle. The lender pays the full cost of the car, and the borrower repays the loan amount plus interest over a set period of time. The borrower typically makes monthly payments until the loan is fully paid off. If the borrower fails to make payments, the lender can repossess the car.
Are payments made to IRS through a chapter 13 bankruptcy deductible?
No. Federal tax due is never tax deductible from taxable income that determines tax due. (That would be circular). How they are made, on time, late, electronically, under protest, under BK makes no difference.
When you are 73 do you have to pay taxes?
Anyone who makes taxable income pays income tax. A 73 year old person in the US living on social security may not have to pay income tax, but will still have to file.
Does co-signing making you responsible for all debt or just co signed item?
Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for thatloan the lender will go after the co-signer who also signed the note promising to pay.Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for that loan the lender will go after the co-signer who also signed the note promising to pay.Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for that loan the lender will go after the co-signer who also signed the note promising to pay.Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for that loan the lender will go after the co-signer who also signed the note promising to pay.
