1099 Florida Mortgage Lenders With No Tax Returns
Obtaining a Florida mortgage as a self-employed 1099 person can seem overwhelming when your tax returns show no income, but qualifying can be easier than you think if you break it down into manageable steps. Lucky for you, you found Florida mortgage lenders .com which specializes in helping the self-employed get a mortgage with 1099s and no tax returns.
How can I buy a house using a 1099 for income?
Yes, 1099 self-employed contractors and other commission earners can use the last 2 years 1099 tax statements or bank statements to qualify for a Florida mortgage loan. This loan option helps those who cannot show enough income based on tax returns to purchase the home of their choice. Typically 1099 mortgage lenders require the most recent year-to-date income statements to verify the continuation of income.
1099 Florida Self-Employed Mortgage Lenders
Whether your 1099 borrowers have complex business expenses or no expenses at all
- Contractors
- No Business Expenses
- No Expense Factor Applied
- Full Doc Solution
- No Minimum History as a 1099 Employee Required
- Great Option for Anyone Who Recently Switched from W-2
- Contractors with
- Business Expenses
- Standard 10% Expense Factor
- Alt Doc Solution
- 2 Years Self Employment History Required
- As Little as 1 Year in Some Scenarios
- Great for Contractors or Freelancers with Expenses
- Help contractors, freelancers, or gig workers qualify for their next home loan with up to 90% LTV on purchases!
Full Doc – 1 or 2 years 1099 Self-Employed Florida Mortgage Lenders
1. VOE completed in full by employer verifying most recent two (2) years (Verbal verification of employment required) and current year-to-date earnings on a current pay stub OR
2. 1099 for most recent two (2) years & current pay stub reflecting year-to-date earnings OR
3. Signed 1040’s for most recent two (2) years & current pay stub reflecting year-to-date earnings.
Note: For self-employed Florida mortgage applicants who have been receiving a 1099 or have recently transitioned from a W2 to a 1099 yet are still in the same position doing the same functions, a 1099 can be used in lieu of a W2 or 1040. Full amount of the payout listed on the 1099 can be used to qualify if it is supported by YTD pay stubs, pay vouchers WVOE, etc. and the loan file contains information from the employer that there are no job related expenses or a 10% expense factor will be applied.
Full Doc – 1 year Florida 1099 Florida Mortgage Lenders (Wage Earner)
1. VOE completed in full by the employer verifying most recent one (1) year (Verbal verification of employment required) and current year-to-date
earnings on a current pay stub OR
2. W-2 for most recent one (1) year & current pay stub reflecting year-to-date earnings OR
3. Signed 1040s for most recent (1) year & current pay stub reflecting year-to-date earnings
Note: When using the most recent tax return, the tax return may not be on extension.
Note: For self-employed Florida mortgage applicants who have been receiving a 1099 or have recently transitioned from a W2 to a 1099 yet are still in the same position doing the same functions, a 1099 can be used in lieu of a W2 or 1040. The full amount of the payout listed on the 1099 can be used to qualify if it is supported by YTD pay stubs, pay vouchers WVOE, etc. and the
loan file contains information from the employer that there are no job-related expenses or a 10% expense factor will be applied.
1099 Retirement and Pension Evidence of Receipt
Copy off the original agreement showing the length of time the borrower is eligible to receive payments, & a personal bank statement verifying receipt of payment AND
• Signed 1040’s for most recent one (1) or two (2) years OR
• 1099 for most recent one (1) or two (2) years
1099 Guaranteed Income (Annuity, Lottery)
Copy off the original agreement showing the length of time the borrower is eligible to receive payments, & a personal bank statement verifying receipt of payment AND
• Signed 1040’s for most recent one (1) or two (2) years OR
• 1099 for most recent one (1) or two (2) years
1099 Social Security Income
• Current Award letter; AND
• Most recent bank statement showing automatic deposit (deposit must specifically reference the source of the deposit); OR
• 1099 for the most recent year
Use verified current monthly income
1099 Supplemental (Dependent’s) Social Security
- 3 Years Evidence of Receipt
- Current Award letter; AND
- Most recent bank statement showing automatic deposit (deposit must specifically reference the source of the
deposit); OR - • 1099 for the most recent year
- Use verified current monthly income Dependent’s age must be disclosed on 1003 and proof of the dependent’s age will be required.
1099 Temporary Florida Employment
- 2 Years Likely to Continue
- VOE verifying earnings for most recent two (2) years through current YTD & current pay stub OR
W-2 or 1099 for most recent two (2) years, & current pay stub reflecting year-to-date earnings - Average of income for most recent two (2) years and current year-to-date earnings
(two (2) year history must be uninterrupted). (Only used on 2-year full doc program)
1099 Florida Mortgage Lenders Income Types
1099 guidance for recipients from IRS
Reporting payments to independent contractors
If you pay independent contractors, you may have to file Form 1099-NEC, Nonemployee Compensation, to report payments for services performed for your trade or Florida business.
If the following four conditions are met, you must generally report a payment as nonemployee compensation.
- You made the payment to someone who is not your employee;
- You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);
- You made the payment to an individual, partnership, estate, or in some cases, a corporation; and
- You made payments to the payee of at least $600 during the year.
Beginning with payments made in Tax Year 2020, you must use Form 1099-NEC, Nonemployee Compensation, to report payments of nonemployee compensation (NEC) previously reported in box 7 on Form 1099-MISC. The separate instructions for filers/issuers for Form 1099-NEC are available in the Instructions for Forms 1099-MISC and 1099-NEC.
If you file Forms 1099-NEC on paper you must submit them with Form 1096, Annual Summary and Transmittal of U.S. Information Returns. If you file more than one type of information return on paper — for example, 1099-NEC, 1099-MISC, 1099-K, etc. — you must prepare a separate Form 1096 for each type of information return. Form 1096 is not required for filing electronically.
For more information refer to Instructions for Forms 1099-MISC and 1099-NEC PDF PDF, General Instructions for Forms 1099, 1098, 5498, and W-2G PDF PDF, and Publication 1220, Specifications for Filing Form 1098, 1099, 5498 and W-2G Magnetically or Electronically PDF.
Nonemployee compensation paid to nonresident aliens is reported on Form 1042-S, Foreign Persons’ U.S. Source Income Subject to Withholding. Withholding may be required on these payments. A Form 1042-T, Annual Summary and Transmittal of Forms 1042-S, is used to transmit paper Forms 1042-S to the Internal Revenue Service.
Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, must be filed if Form 1042-S is required. For more information on withholding on payments to nonresident aliens, see Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities and Publication 901, U.S. Tax Treaties.
1099-C: Cancellation of debt Florida Mortgage Lenders
Generally, if a debt you owe is canceled or forgiven, you must include the amount as income.
Common types of canceled or forgiven debt include:
- Credit cards
- Mortgage
- Personal loans
How to report
Federal return
Generally, an individual reports the canceled debt on the Other Income line of the federal return.
Visit IRS’s Canceled Debts, Foreclosures, Repossessions, and Abandonments (IRS Publication 4681) for more information.
Florida return
This income may be included in your federal adjusted gross income, which you report to California. Visit Publication 1001 (coming soon), for more information.
1099-DIV: Dividend income Florida Mortgage Lenders
A dividend is an amount paid by a company based on your ownership of stock.
You received a 1099-DIV to let you know how much dividend income you received in the last calendar year.
California does not have a lower rate for qualified dividends. All dividends are taxed as ordinary income.
Federal return
Report the dividend amount as income when you file your federal return.
1099-G: Certain government payments Florida Mortgage Lenders
Refer to the Tax News Flash for additional information on incorrect 1099-G issued for tax year 2024.
We use 1099-G to report amounts:
- Refunded to you by direct deposit or check
- Offset against other liabilities, such as:
- Tax
- Penalties
- Interest
- Credited toward estimated tax payments
- Applied to a Use Tax payment
- Intercepted by other state or county agencies or the IRS
Why you received a 1099-G
You received this form because both of the following happened:
- You claimed state income tax payments as an itemized deduction on Schedule A of your Federal Income Tax Return for the tax year listed in Box 3
- You received a refund, credit, or offset of $10 or more
1099-G is not a:
- Bill
- Notice of an additional refund
If you did not itemize or used the general sales tax deduction on your Federal Income Tax Return for the tax year indicated on Box 3, you do not need to claim the amount on the 1099-G.
You may need to report this amount on your federal return. Visit IRS’s Instructions for Form 1099-G if you need more information.
1099-INT: Interest income Florida Mortgage Lenders
1099-INT states how much interest you received in the last calendar year.
1099-INT is not a:
- Bill
- Notice of an additional refund
Types of interest income
You may have earned interest on:
- Savings accounts
- Mortgage escrow accounts
- Money market accounts
- Refunds, offsets, credits
- Out-of-state municipal bonds
How to report
Federal return
Report the taxable interest amount as income when you file your federal return.
1099-K: Payment Card and Third Party Network Transactions
What’s new this year
On November 26, 2024, the Internal Revenue Service issued Notice 2024-85 (coming soon), providing guidance on transitional reporting thresholds, for third party settlement organizations for tax years 2024, 2025, and 2026. Generally, information return reporters should file with us the same Form 1099-K that they are required to file with the IRS.
For tax year 2024, third party settlement organizations will be required to report transacts when the amount of total payments for those transactions is more than $5,000, regardless of the number of transactions.
For tax year 2025, the threshold is $2,500, regardless of the number of transactions.
For tax year 2026 and after, the threshold is $600, regardless of the number of transactions.
For tax years 2023 and before, third party settlement organizations that issued Forms1099-K were required to report transactions when gross payments (for goods or services) exceed $20,000 and there are more than 200 transactions.
Please be advised that this delay of the implementation of the new reporting requirements does not impact the requirement to issue a Form 1099-K for payments in settlement of third-party network transactions to app-based drivers for California purposes; the $600 threshold still applies to those payments.
For returns for calendar year 2025, you may receive a 1099-K if you received payments:
- From payment card transactions (e.g., debit, credit, or stored-value cards).
- In settlement of third-party payment network transactions above the minimum reporting threshold of $5,000 in annual gross payments, regardless of the number of transactions.
- In settlement of third-party payment network transactions above the minimum reporting threshold of $600 in annual gross payments.
As of January 1, 2021, you may receive a 1099-K if you receive annual gross payments of $600 or more in settlement of third-party payment network transactions and are an app-based driver, regardless of the number of transactions.
How to report 1099 Income?
Report the amount indicated on the form as income when you file your federal return.
1099-NEC: Nonemployee compensation Florida Mortgage Lenders
You may receive a 1099-NEC if you received at least $600 for the following:
- Nonemployee services
- Payments to an attorney
How to report
Federal return
Report the amount indicated on the form as income when you file your federal return.
1099-MISC: Miscellaneous Florida Mortgage Lenders
You may receive a 1099-MISC if you received at least $600 for the following:
- Rents
- Services you performed
- Prizes and awards
- Other income payments
How to report
Federal return
Report the amount indicated on the form as income when you file your federal return.
1099-B: Proceeds from broker and barter exchange transactions
You may receive a 1099-B if you sold stock. Visit Capital gains and losses for more information.
How to report
Federal return
Report the gains or loss from stock transactions on Capital Gains and Losses, Schedule D (IRS Form 1040) of your Federal Income Tax Return.
1099-S: Proceeds from Florida real estate mortgage lenders
Generally, net proceeds from real estate transactions are taxable.
You received Form 1099-S that reports proceeds from the sale or exchange of real estate.
How to report
Federal return
Report your income when you file your federal return.
1099 Florida Excludable income Mortgage Lenders
Foster care payments (personal income tax only)
You can exclude qualified foster care payments from your gross income if you are paid by one the following:
- A state or local government
- A licensed child placement agency
This includes foster care individuals regardless of the individual’s age at the time of placement.
