Asked by Pibs, 03054 • Thu Jan 26, 2012
I am currently renting a large horse farm. I no longer wish to teach riding lessons so I am in the process of purchasing a house and will leave the rental property once I can secure a home. I have a full time job outside of the riding lesson business and I am only using the normal job to qualify for the loan. However, my taxes, of course, show a loss from the business for last two years. The underwriter wants proof of dissolution or they will add on my business loss to my salary and I will no longer qualify for the loan. The business was a sole proprietorship. I do not see any tangible way to show dissolution of a sole proprietorship. I sold off my asserts (the horses) and showed bill of sales and finances going into my bank for the sales of these horses. I have no outstanding debts I am carrying forward with me from the business. I did not have any licenses or permits to operate the horse business. What can I do to prove to the bank that I am not going to continue business?
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