Panther

On a boat???

No thank you....you'll be upside down in that loan/boat faster than you can drive away from the showroom floor.

Friend of mine did something like that with a Formula PC...he couldn't sell the boat without forking over tons of cash....he lost his down payment and still had to pay like $10K to get out from under the boat 5 yrs later.

Chris Sunkin

How does one have "undocumented income"? Garage sale proceeds? We used to call that "beer money".

I would think if it's undocumented, i.e., not shown on your federal tax return, why would a lender consider it income. What am I missing?

PJDiesel

Just speaking from my own experience, NO doc usually includes people that get 1099'd. Like my business, where there are dozens of different "expenses" that add up to a whole lot of money coming off my income. Looking at my tax returns makes me look like a poor fella. Most of us probably have trucks, cars, equipment that is owned by business(s) and make up part of our "income".

At least, that is why I have the need for low and no document loans.

ENFORCER24

soo because my employer chooses to give me my bonus's and commisions in cash (more then half my income) i should not be able to finance a boat?
it happens in the mortgage world every day , i'm as patriotic as the next guy but for some reason our government chooses to tax extra income(bonus's and commisions) at about 35 percent. i think its a little steep and my employer does too

PJDiesel

Like, as in, my 2 vehicles, one truck one beater Honda. Both of them are written off (interest on loans, maintenance, fuel) So, at some point I am not paying for my ride, on the other hand, it is still coming directly off of taxable income in the way of a business expense.
Home office the same thing, it helps the heat bill, electric, taxes, maintenance, etc.

Chris Sunkin

So then what you're saying is that "undocumented income" is a polite euphamism for "felony tax evasion"?

No wonder the mortgage industry is dragging our economy down.

Panther

at the end of the year you get that back.

Not paying taxes is why I won't have social security when I retire.

Can't get a loan because you can't show the paper, go see someone in the mafia....

Expensive Date

Sometimes I can't believe what is talked about on here its a good thing no one from the IRS has a fast boat.

Chris Sunkin

They don't need to look at Internet forums to find this sort of stuff out. I've known more than a few "smarter-that-they-are" guys that got clipped. They have their ways. Filing a fraudulent tax return is serious stuff. Getting a couple of questionable deductions bounced from your return might cost you taxes & interest- maybe a penalty. Hiding more than 1/2 your income is a different story. I can't understand why the employer would do that anyway- unless the money came to him under the table as well. Unless I miss my guess, that makes it a criminal conspiracy- even worse.

Chris Sunkin

Is that really why? I thought it's because the vault had already been robbed