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Thread: income verification for apartment

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    Veteran Member lbt's Avatar
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    Default income verification for apartment

    I am moving soon and have found an apartment I really like. They want to verify my income(3X amount of rent which is $2500) and its becoming a problem because I am an independent contractor and get paid cash for both of my jobs so no one can really verify how much I make. The apartments said something about bringing in bank deposit slips but I only deposit enough to cover my car pymnt, insurance and rent. The rest of my bills etc I pay cash. Is there anything I can do to get this all taken care of so I have somewhere to live at the end of the month??

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    God/dess scarlett_vancouver's Avatar
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    Default Re: income verification for apartment

    Your tax return from last year?

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    Senior Member Cupid213's Avatar
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    Default Re: income verification for apartment

    Im Having the same problem But I didnt file taxes from last year.

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    Veteran Member lbt's Avatar
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    Default Re: income verification for apartment

    Tax return from last year will not work. Its a long story.

    Its just frutrating....This is the first lease Im trying to sign on my own without my boyfriend.

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    God/dess Deogol's Avatar
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    Default Re: income verification for apartment

    Quote Originally Posted by lbt
    Tax return from last year will not work. Its a long story.

    Its just frutrating....This is the first lease Im trying to sign on my own without my boyfriend.
    Well, there is your problem - you need a man!


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    Featured Member Hello_Kitty27's Avatar
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    Default Re: income verification for apartment

    Explain your situation and see if you could work something out like give an extra amount of money as a deposit upfront. (If that's doable on your end of course)






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    Veteran Member lbt's Avatar
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    Default Re: income verification for apartment

    Yea, well the reason I am doing this living by myself thing is to prove to myself that I CAN do it on my own. That way Im not feeling like I am relying on him(this is a whole other story). Whats funny is he is the one that has bad credit so they always used my credit and his income.

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    Banned Melonie's Avatar
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    Default Re: income verification for apartment

    You can possibly get away with bank statements showing regular deposits being made over the course of the last couple of years. However, with the IRS's new electronic income verification service, most 'corporate' landlords (as well as most banks and other financial institutions) are expecting to see past years' tax returns as the definitive income verification.

    With every new IRS development (the latest is electronic verification of reported income where the bank / finance company / corporate landlord can get an IRS reply within 48 hours), with every new IRS automatic reporting requirement and stricter business regulation imposed on banks, brokers, investment companies, state motor vehicle title agencies, state property deed agencies, indeed on any large cash transaction, the IRS is 'closing the loop' tighter and tighter in terms of comparing the amount of income that a person has reported (and paid taxes on) versus the amount of money that person is spending. Terrorist anti-money laundering laws are also resulting in increased scrutiny by the IRS as well as gov't agencies other than the IRS when persons are discovered to be spending significant amounts of money that does not appear to have a 'legitimate' official source (i.e. reported as income on a tax return). Thus today's economy is vastly different than the economy of 10 years ago, when a person walking in with cash in hand would have gladly been met by landlords / car salesmen / bankers / brokers who would have gladly accepted that cash no questions asked. Increasingly, walking in with cash in hand today will be met with questions regarding the source of that cash - either immediately during the attempted business transaction or later when the report of the completed business transaction is discovered to be 'out of line' with that person's tax return's reported income level.

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    Last edited by Melonie; 10-24-2006 at 08:59 PM.

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