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Webinar: What Is That Personal Tax Return Telling Me? Part 2: Schedules E & F

 

Wednesday, February 26, 2014

2:00 - 3:30 pm CST

 

Speaker: Tim Harrington, CPA, TEAM Resources

 

About the Program

In this webinar, lenders will learn about replacing taxable incomes (which don’t pay you back) with cash flows (which do). The incomes reported on Page 1 of the Form 1040 will be briefly addressed, including certain kinds of interest income and income from divorces, retirements, and other sources. Our focus, however, will be on how to obtain verifiable income from rental and royalty property (Schedule E Page 1), from partnerships and S corporations (Schedule E Page 2), and from farms (Schedule F). In addition, determining cash flow for consumer and commercial lending and compliance with the new income verification rules for qualified mortgages will be covered.

 

Why must we dissect all this? Because tax returns don’t show cash flow. They show the IRS a taxpayer’s taxable incomes and allowable deductions. Those items are often quite different from cash flow. Decoding the tax forms will help you find positive cash flows, remove phantom expenses, and replace them with real, negative cash flows.

 

HIGHLIGHTS

  • Schedule E, Page 1: Rental and Royalty Income – Calculate real cash flow from rental and royalty properties
  • Schedule E, Page 1: Rental and Royalty Income for Qualified Mortgages – What you can and cannot consider as qualifying income under the new qualified mortgages rules
  • Schedule E, Page 2: Partnerships and S Corporations – What income can be relied upon and what should be ignored as phantom income
  • Schedule E, Page 2: Qualified Income Rules for Partnerships and S Corps – The qualified mortgage rules limit what can be used to qualify these incomes
  • Schedule F: Farm Income – Know how to identify hidden in come from farm tax returns


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