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80/20 Housing

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80/20 Housing

Postby Thorn » Thu Sep 16, 2010 8:47 pm

I would like to know if anyone knows how your self employment income is calculated, for the approval of 80/20 housing . If you have earned both employment from wages and self employment income, but are no longer at the job, that you received wages from will those wages be calculated into your income earnings.
Is the standard 3years of income tax or five years, divided by number or years.
I was informed that If you lost money in a business and although you have income from wages. your wages are not factored in because they solely look at income from the business income for self-employed individuals. only the net is calculated located on the Schedule C.

please respond if familiar with 80/20 program
Last edited by Thorn on Fri Sep 17, 2010 12:24 am, edited 2 times in total.
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Postby TenantNet » Thu Sep 16, 2010 11:20 pm

This is off-topic and the poster should seek advice from the IRS.
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80/20 Housing

Postby Thorn » Fri Sep 17, 2010 12:11 am

let me clarify, this is regarding the approval process of 80/20 apartments in NYC, the Low Income Housing Tax Credit Program. if anyone is familiar with the process of calculating income please respond.
thanks
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