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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