Unlocking Loan Solutions with Radian: Business Mileage Deductions

This episode is a part of Unlocking Loan Solutions with Radian, a micro-learning series for mortgage & real estate professionals, with video, audio, and job aid for each topic. Choose your preferred learning style and take your learning experience to a new level.

Download the Job Aid: https://www.radian.com/-/media/Files/Enterprise/Training/QRG/ULS%20Job%20Aid%20Biz%20Mileage%20Deductions?utm_source=training&utm_medium=video-description&utm_campaign=uls-irs-mileage
All episodes: https://www.radian.com/news-and-knowledge/training/unlocking-loan-solutions?utm_source=training&utm_medium=video-description&utm_campaign=uls-irs-mileage

In this episode, we explore the intricacies of business automobile mileage deductions as defined by the IRS and how these deductions impact the qualifying income calculations of a Schedule C Sole Proprietor Self-Employed borrower:

- What are business mileage deductions?
- Impact of vehicle depreciation on effective income
- Key factors affecting allowable depreciation
- Influence of mileage deductions on loan qualification
- Document requirements for loan qualification

Resources:

Internal Revenue Bulletin: 2023-3: https://www.irs.gov/irb/2023-03_IRB
Fannie Mae Selling Guide: B3-3.1-09, Other Sources of Income: https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B3-Underwriting-Borrowers/Chapter-B3-3-Income-Assessment/Section-B3-3-1-Employment-and-Other-Sources-of-Income/1035647451/B3-3-1-09-Other-Sources-of-Income-12-14-2022.htm
Freddie Mac Selling Guide: 5304.1, Stable monthly income and documentation requirements for self-employed Borrowers: https://guide.freddiemac.com/app/guide/section/5304.1
Radian's Self-Employed Cash Flow Analysis Calculator: https://www.radian.com/tools-and-technologies/tools/self-employed-cash-flow-calculator?utm_source=training&utm_medium=video-description&utm_campaign=uls-irs-mileage

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