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Fees for veterans
Posted by Beverly/CA of CA on 1/28/15 12:33pm Msg #523267
This may be helpful to any newbies out there.. you seasoned vets are all probably well aware of this....

My eyes were recently opened to the fact that we are not to charge US veterans for signing fees for signing their pension applications, etc or "any other veterans benefits" (GC 8211f) .. which I understand would include a VA loan.

I called the SOS for validation of my understanding. They could not interpret the law for me, but if that is how I interpret it (her personal interpretation was the same as mine), then I could not charge the vet for my services. When asked how I should note that in my journal.. she suggested I note the code 8211 or write VA or something to distinguish that I did not charge them.

In the loan example, I asked if I could charge for the non-vet spouse's signature. She asked me to think of it this way... how would I charge them if there was no vet issue... answer: $10 & $10. Therefore, I could list the spouse's charge as $10.

There are 2 main reasons why any of this matters to me:
1) I want to do things right and follow the law as I promised I would.
2) Signature fees are not federally taxable so I track them as a separate portion of the loan signing fee.

So the loan signing I just completed for not one, but two vets will all be taxable!! No worries.. just glad to have my eyes opened.
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Messages in this Thread
 Fees for veterans - Beverly/CA on 1/28/15 12:33pm
 Re: Fees for veterans -  jojo_MN on 1/28/15 12:51pm
 Re: Fees for veterans - Beverly/CA on 1/28/15 12:58pm
 Okay...no....it's only exempt from Self Employment tax -  Linda_H/FL on 1/28/15 12:59pm
 Thank you, Linda. That is what I was trying to say. n/m -  jojo_MN on 1/28/15 1:08pm
 Re: Okay...no....it -  sueharke on 1/28/15 9:50pm
 Re: Fees for veterans -  VT_Syrup on 1/28/15 12:57pm
 Re: Fees for veterans -  JanetK_CA on 1/28/15 2:23pm
 w/you JanetK CA--if OP wants to be a charity, go - Darlin_AL on 1/28/15 9:52pm
 Re: Fees for veterans - CH2inCA on 1/28/15 1:36pm
 agree with CH2in CA... - Luckydog on 1/28/15 3:00pm
 Yes, but..... -  Marian_in_CA on 1/28/15 3:07pm
 I agree but - CH2inCA on 1/28/15 4:22pm
 Re: I agree but -  Marian_in_CA on 1/28/15 4:31pm
 Not taxable....? WHOA! -  Marian_in_CA on 1/28/15 2:36pm
 Re: Not taxable....? WHOA! -  sueharke on 1/28/15 9:55pm
 Re: Not taxable....? WHOA! -  Marian_in_CA on 1/29/15 12:40am
 Re: Fees for veterans - Rick Ary on 1/28/15 9:17pm
 I agree with Rick. According to the handbook: - linda/ca on 1/29/15 2:39am
 Re: I agree with Rick. According to the handbook: - ArtG/KS on 1/29/15 10:37am
 Re: I agree with Rick. According to the handbook: -  VT_Syrup on 1/29/15 11:47am
 Re: I agree with Rick. According to the handbook: -  JanetK_CA on 1/29/15 1:22pm



 
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