Re: Moving to Las Vegas
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Not to completely hijacked this hijacked thread... but how does buying a house/renting a condo/etc work when you have no documented income (aka a poker pro or even a dealer working for tips mainly)?
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What's not documented about it? You DO report all of your income to the government, don't you? Tips and gambling income? If so, you show your 1040 to the bank along withe the last two or three monthly bank statements which should show money coming in and expenses going out. The loan officer snaps to attention and says "yes sir, that $200K poker income you show each of the last 3 years will do nicely".
A year or two ago I happened on a letter written to a financial columnist asking almost the same thing. It was something like "my husband makes over $80,000/yr but about $50,000 of that is tips so we don't report it--now the bank won't give us a loan and I don't think this is fair."
That couple needs to pray the bank doesn't report 'em to the IRS for coming in claiming to have $50,000/yr in unreported income. If you're cheating me, the honest taxpayer, by not reporting your actual income, I'm not really too worried about how you can document said unreported income so you can get a mortgage.
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