MS Income for big purchase?

Have you used your Mystery Shopping as part of your income on an app for a big purchase?

If so, how did you list it? How do they verify your income? I've got 9 months history of PayPal and bank deposits I could print out, is that enough?

BTW, I probably should have added this to the "Do you feel guilty shopping a car salesman" thread because I'm going to buy a car from a dealer I shopped months ago.

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When I bought my house 4 1/2 years ago I had to because my W2s showed extra earnings. I guess being a teacher and making $2.00 a day, all the extra was questionable.

Claiming self employment income is appropriate, but it would need to be verifiable for most lenders to take it into consideration. A reasonable verification in, for example, a house purchase is that most mortgage lenders want a copy of the last two years of your tax returns. Thus your Schedule C income would be verified that way.

For most of us that would be somewhat of a joke because a major benefit of shopping is the reimbursements, which are not taxable as income. And by the time appropriate deductions are taken for mileage and other allowable expenses, there is very little net income left on paper.

Just use your tax forms for the past two years to show your MS income. As a former real estate agent, I can tell you that this is what the mortgage lenders want to see for ANY self-employment income. If you are not reporting all of your MS income, you make be short-changing yourself when it comes to buying power for large purchases that require a certain level of income. Noy meaning you specifically;just a thought for all shoppers.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

Thanks for the replies. If I had been doing this longer I would have documentation on my tax records, but I haven't and I don't.

I'm wondering if this income will factor in when all I have is 9 months of PayPal monthly statements and the like.

If anyone has any tips I'd love to hear them. Thanks!

I think that depends on the type of purchase you are making. For a mortgage, the lender usually wants to see two years of tax returns for self-employment income, although VA or FHA loan rules may be somewht more flexible. Check with the lender s to what they will want.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

Good point, Flash.

Reimburserments are income only if you did NOT make a purchase as part of the shop. Reimbursements for expended funds are of course a wash as they do not increase net income, which is what is being examined by a lender.

Then again you probably knew that already

Art

Flash Wrote:
-------------------------------------------------------
> Claiming self employment income is appropriate,
> but it would need to be verifiable for most
> lenders to take it into consideration. A
> reasonable verification in, for example, a house
> purchase is that most mortgage lenders want a copy
> of the last two years of your tax returns. Thus
> your Schedule C income would be verified that way.
>
>
> For most of us that would be somewhat of a joke
> because a major benefit of shopping is the
> reimbursements, which are not taxable as income.
> And by the time appropriate deductions are taken
> for mileage and other allowable expenses, there is
> very little net income left on paper.

When I get reimbursed for money I did not spend it will be both a Red Letter Day and time to make a note of it. In all my years of shopping I think only once did I get reimbursed a full $1 for an inside purchase that only came to a few cents less than that. In order to get my spreadsheet to balance it had to be listed as a 'bonus'.

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