Originally Posted by
LiquidMovz
I understand what draw vs. income is...I am currently taking income of $9K/mo as of Jan. 1...fully documented and run through my personal personal accounts.
My intent for reaching out on my post was not tax or corporate structure advice, but anyone having experience in dealing with AMEX in a FR with providing alternate documentation...
I have run my own LLC's and Corps for over 30 years, been in Mortgage Financing for over 30 years and understand what it means to "document" income, as well as the ways to qualify for mortgages and financing fully documented.
As stated in my post, I am laying down the history for that as of the 1st of the year moving forward...
I appreciate the comments, but they are not addressing my questions in any way...
If anyone has experience or can point me to any data points pertaining to my Q's...I would be grateful.
Discussing my corporate structure and "how to" or "how it should have been done" comments are not what I am looking for...
if you put $NNN,NNN down as income on your application and they are now asking for proof of income, you will need something supporting that you get that income. pulling $$ out of a bank account as a "draw" probably does not count as income. if you have no tax filings, paystubs, etc, you are going to have a problem i think as AMEX will now see that you really do not have any income...