Have a Tax Question? Ask a Tax Expert
Q: If I made $75000 in 2015 but only 35000 in 2014 can I average the two and pay on that amount instead of on $75000?
A: Income averaging went by the wayside a long time ago. You are not able to do what you ask.
As for the lender averaging two years of income, that is part of the mortgage guideline. You can refer to the following article for more detailed information regarding that matter.
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