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INCOME SOURCE: BORROWER: USING ALTERNATE INCOME? YES NO BORROWER: YES NO CASH TO CLOSE SOURCE MONTHS OF RESERVES: (if applicable) RESERVES SOURCE: (if applicable) Cherry Creek MortgageWholesale Division
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How to fill out income source using alternate:

01
Begin by accessing the appropriate form or document required to report your income source. This could be an employment application, tax form, or any other relevant document.
02
Look for the section or field designated for reporting your income source. This may vary depending on the form you are filling, but it is usually labeled clearly.
03
In the designated section, specify the type of alternate income source you receive. This could include freelance work, rental income, investments, or any other type of non-conventional income.
04
Provide detailed information regarding your alternate income source. This may include the name of the company or individual who provides the income, the nature of the work or investment, and the frequency or amount of income you receive from it.
05
If necessary, attach any supporting documents or proof of your alternate income source. This could include contracts, pay stubs, bank statements, or any other relevant evidence to validate your claims.

Who needs income source using alternate?

01
Individuals with multiple sources of income: Those who earn income from various sources such as part-time jobs, freelance work, or rental properties may need to report their alternate income sources to ensure accurate financial disclosures.
02
Self-employed individuals: Entrepreneurs, freelancers, and independent contractors who are their own bosses typically have alternate income sources that need to be reported. This ensures compliance with tax laws and proper financial documentation.
03
Investors: Individuals who generate income through investments, such as stocks, mutual funds, real estate, or dividends, will need to report their alternate income sources for tax purposes or other financial obligations.
04
Gig economy workers: With the rise of the gig economy, individuals who work through platforms like Uber, Airbnb, or TaskRabbit often have alternate income sources that need to be reported.
05
Those receiving social benefits or government assistance: Individuals who receive social benefits or government assistance may also have to disclose their alternate income sources to ensure accurate eligibility determinations and compliance with program requirements.
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Income source using alternate refers to any sources of income that are not traditional, such as freelance work, rental income, investment dividends, etc.
Individuals who have income from alternate sources are required to report it when filing their taxes.
Income from alternate sources should be reported on the appropriate tax form provided by the tax authority, along with any supporting documentation.
The purpose of reporting income from alternate sources is to ensure that individuals are paying the correct amount of taxes on all of their income.
The type of income, amount earned, and any relevant expenses or deductions related to the alternate income source must be reported.
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