P&L for sub contractor

[jenndoglady]

Novice here, so please bear with me. I hope this is the right sub to post in.
My husband is a sub-contractor. He does truck driving for a trucking company. He does not have any business expenses. He is paid a commission on every load he hauls. The company owns the truck and pays for fuel, repairs etc. We are currently refinancing our house. The mortgage company is asking for a year-to-date profit and loss. The thing is, we don't have one. We have given them all our bank statements, tax documents, investment account statements etc, but they're asking for this P&L and I don't know what to give them. Everything we make is in the accounts. We don't have a detailed document to show exactly what we've made and what we've spent other than our checking account. Can someone help direct me in the right direction? Thank you.

 

[bett]

@jenndoglady You make one yourself.
Type up a sheet that’s says It’s from 1/1/2021 through whichever date you pick, say 10/31.
Then you write total revenues for the exact amount he’s received and then write any expenses (should be consistent with what you claim on your tax returns). Revenues - expense is your profit and loss. Done.

 

[jenndoglady]

@bett This is very helpful. Thank you!

 

[enoch27]

@jenndoglady You have a job and not a business. The bank wants to get a better handle on your income stream.

It really depends on the mortgage company's process of scoring the risk associated with the re-finance.

You could maybe ask your contact at the mortgage company about how they handle non-standard applications.

They will be in a position to make the necessary adjustments to present your income situation.

For example, if you were working for the trucking company, you would probably be covered for health insurance. Not working for the company means that they will look more closely at the increased risk of you being struck by illness and not be able to work... Obviously, it you have health insurance then you should report it as a business expense.

The more elements of risk, the less desirable you become to the mortgage company.