ASSETS FOR C1R?

[Thomas&Ammy 1]

Will NVC accept car & semi truck as assets? i a o/o and my semi is worth around 50,000 and my vibe car is around 10,000.

Please let me know thanks oh and do they know they must recount depreciation back in to gross net income on tax form 1099? for someone that owns a business?

[Anh map 2,098]

Your primary vehicle (car) will not be considered. If you have a second car then it could be used as an asset.

If you are an owner/operator they are not likely to accept your rig. Reason being that if you were required to liquidate the asset you would face considerable hardship as it is your method of earning a living.

For a self employed person the income number used is line 22 of your most recent tax return. No recalculation is done.

[Thomas&Ammy 1]

Your primary vehicle (car) will not be considered. If you have a second car then it could be used as an asset.

If you are an owner/operator they are not likely to accept your rig. Reason being that if you were required to liquidate the asset you would face considerable hardship as it is your method of earning a living.

For a self employed person the income number used is line 22 of your most recent tax return. No recalculation is done.

Thanks for the info,but i hope i be fine! i make way over the poverty line! its just hard to show on net income because we allowed to write off so much in this line of work!

so i better send a letter explaining the depreciation of equipment and how its by IRS law to recount this as income! i was worried they might not know about this

[Anh map 2,098]

Thanks for the info,but i hope i be fine! i make way over the poverty line! its just hard to show on net income because we allowed to write off so much in this line of work!

so i better send a letter explaining the depreciation of equipment and how its by IRS law to recount this as income! i was worried they might not know about this

Look at your 2010 tax return, line 22. That is the income that will be used regardless of your letter. This is a fairly common issue for self employed petitioners.

Two most common choices are:

1- Refile 2010 (form 1040X) and eliminate deductions to have line 22 meet the requirement. This may result in you paying additional taxes.

2 - If the interview will not be until next year, make sure that your 2011 form1040 shows sufficient income on line 22. This may result in you forgoing allowable deductions.