Is there a way to help a person to apply for mortgage?

Forum|Forum|4 years ago
February 11, 2022
3 replies
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Not A Product Question

macuser_22

Ask the lender.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

SweetieJean

You are posting on an income tax forum. And this sounds like a homework or exam question.

AmeliesUncle

@VAer wrote:
Let us say, Jennifer works as a restaurant waiter, quite a portion of income is tip (cash), and people getting cash income tends not report whole amount of income,

So you are saying that Jennifer is committing Tax Fraud, right? And you are posting this on a public forum?

VAerAuthor

It is just technical question.

The fact is: how is it possible for everyone to report all cash income? This is just the fact, there are many people making cash income, like waiter, market stall, etc. Many people just make some living, that is all. Life is already tough, how can you expect people to report all cash income.

This is not stealing, not robbery, if you are really serious about tax, I am speechless. Rich people pay little tax due to tax loopholes, many big corporations pay little tax, they have lobbying. Now you want going after little guys making little money? Technically, it is also impossible, there are tons of people making cash income, 99.99% (if not all) do not report all cash income. If your income is cash, are you going to report all the income? If you sell flowers at metro station on Valentine's Day and make $200, are you going to report that income to IRS? Come on, don't be serious, the top 20% of Americans owned 86% of the country's wealth and the bottom 80% of the population owned 14%, why focusing on people at the bottom, as long as they work and contribute to society, it is not big deal. Life of people at the bottom is already tough.

AmeliesUncle

Wow.

You are publicly advocating Tax Fraud. Wow.

Carl11_2

That's why banks and other lending institutions have loan officers. That's what they're for. Talk with a lender. If you're a first time home buyer their may be special programs out there you could qualify for. But you won't know until you talk with a professional and ask.