Posted by Bev/NC on 4/21/08 5:28pm
Msg #244346

Journals

We are not required to keep a journal in NC, however, I do but would like to know how you guys fill in the columns for a closing. Any examples would be appreciated. PM me or fax me or reply to this forum. Thanks, closing is tonight if docs get here. fax 704-454-7209

Reply by Kathy/ID on 4/21/08 5:36pm
Msg #244352

You are not required to keep a journal in Idaho either, I do and if there is any additional info you need you put that in. Anything out of the ordinary for Notarizations I would put in. ie: attorney in fact, poa, witness's and anything like that.

No one is going to fax you a page out of their manual as it is confidential information.

Reply by Bev/NC on 4/21/08 5:41pm
Msg #244356

Not asking for originals, sorry, let me clarify, fax me an example of what you fill out. Do you put the total cost of closing or just the amount you are allowed to charge to notarize? In NC we can only charge 5.00. would you put 5.00 or take how many you notarized and divided by the cost of the closing. I understand the five is not taxed so we deduct each notarization from cost of closing and claim the rest of the fee as taxable income. Sound right to you?

Reply by PAW on 4/21/08 6:06pm
Msg #244368

It's a NOTARY journal

Florida doesn't require journals either, but it is a recommend record keeping tool.

As for what fee you show in your journal, my advice (as I was advised) is to only show what your NOTARY fees would be. If you are allowed $5.00 per notarial act, and you performed 5 notarizations, then the fee in your journal would reflect $25.00. However, the notarial fees cannot exceed the amount you were paid for the assignment. That is, if you were paid $50.00 for the assignment and there were 12 notarizations (at $5.00 each), you could only show $50.00.

Your NOTARY FEES ARE SUBJECT TO INCOME TAX. So everything you make is fully taxable as income. However, the IRS allows you to exempt your notary fee from self employment (SE) tax. This is calculated on Schedule SE when you do your tax return. All income must be reported on Schedule C, then the SE tax is calculated on Schedule SE.

Reply by Bev/NC on 4/21/08 6:09pm
Msg #244369

Re: It's a NOTARY journal

Thank you PAW for the tax info.

Reply by Julie/MI on 4/21/08 8:19pm
Msg #244416

Date
Tally marks for the # of docs notarized for tax purposes
Borrower names/address
mileage
Name of company that hired me
Fee for closing
Tracking number

I don't take the journal with me, as if the mortgage is recorded, their signature is on public record forever.

Reply by snoopdogMs on 4/21/08 5:44pm
Msg #244358

Most of your journals give examples in the front of the journal. Check that out.

Reply by thnotary_NY on 4/22/08 10:24am
Msg #244478

check your PM

Reply by jojo_MN on 4/22/08 10:35am
Msg #244483

Check your P/M n/m