Prop trader, employed or self employed?

[dafugginman]

any help here? i'm now self employed and trade through an LLC i created, but worked for ETG for 3.5 years. when i go to get a home loan, can i say i've been self employed for 4 years, or only .5 years? you are a limited partner, and don't get a W2, so maybe that can be considered self employment.

it's really screwing things up, as they won't look at self employment income unless greater than 2 years.

 

[hopback]

I guess it depends on your contract.
Mine states that I'm a self-employed independent contractor.

 

[TruthTeller]

Quote from dafugginman:

any help here? i'm now self employed and trade through an LLC i created, but worked for ETG for 3.5 years. when i go to get a home loan, can i say i've been self employed for 4 years, or only .5 years? you are a limited partner, and don't get a W2, so maybe that can be considered self employment.

it's really screwing things up, as they won't look at self employment income unless greater than 2 years.

Unfortunately, if you list yourself as self-employed, your lender is likely to ask for verification that you have generated self-employment income for two yearss. Often they will ask for a note from your CPA. They may ask for this even if you file for a no-doc loan. Can't blame them really. They want verification of your claims.

 

[RNRBAND]

yep 2 years
by then you'll buy it much cheaper anyways

 

[late apex]

Consider a no-income-verification loan. Slightly less attractive terms, a lot less hassle.