Home Buying in 07728>Question Details

Edward Bonfo…, Home Seller in 11204

Should I file for taxes?

Asked by Edward Bonforti, 11204 Thu Apr 5, 2012

I started the process for my FHA loan it's with the underwriter at the moment ...I have to file my taxes before April 17 this year I have to pay because they made a mistake in my employment and they didn't charge local taxes anyhow if I ask for an extention to pay that will that effect my loan? Or should I just pay ...I'm trying to hold on to my cash till I close?

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Answers

5
You can file an extension on your tax return, the underwriter will need a copy of the extension. And the lender will need a copy of your w2 for last year and your tax returns for 2009 and 2010. If those three items are similar it shouldn’t be a problem.

Even if you filed your taxes today the IRS won’t have the return in the system in time for the transcripts to get back to the lender in time to close the loan

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time.
Web Reference: http://jamessimms.com/
1 vote Thank Flag Link Thu Apr 5, 2012
"MEETING YOUR NEEDS AND EXCEEDING YOUR DREAMS!"

It really depends on whether or not your lender uncovers the mishap. If you are still behind on taxes for 2012 I woudl keep those fingers crossed tightly. I have had many lenders overlook or never uncover these things. When is your estimated closing. If you make it through underwritting you'll be good to go.

Keller Williams Realty
3xUS Army Veteran
Joseph Fernandez
cell: (817)975-7258
off: (817)635-1157
website: http://www.blissful-estates.com
0 votes Thank Flag Link Tue Dec 4, 2012
Elenie,

I'm a little confused. ARe u asking if you should file for a reduction on the taxes on a new home purchase. If this is the question, then I have to tell u that u missed the boat as the deadline date was 4/1/2012. U can file in 2013, but that doesn't help your current loan situation.

If am correct in perceiving that a property tax appeal is what u seek, let me know as I've been working on same for the past year. In fact, over 100 homes in my devellopmenmt jumped on board with a project I spearheaded and we expect a $1000 to $1500k redution in the coming year

Sincerely,
Francesca Patrizio, Broker Sales Associate, ePro, SRES
Francesca@PatrizioRE.com
732.606.2931 (24.7)
http://www.PatrizioRE.com
0 votes Thank Flag Link Fri Apr 6, 2012
No my work taxes
Flag Sat Apr 7, 2012
Considering you are obtaining a government loan, it would be in your best interest to file your taxes. Lenders are now requiring a 4506T (income tax transcript from internal revenue) prior to closing and if you do not file they may require you to file your taxes but then you would have to wait a minimum of 4 weeks for the return of the 4506. It will delay your closing and if you have a rate lock you may lose the lock.

Camille Marotta
Branch Manager
First Alliance Home Mortgage
732-539-9300
0 votes Thank Flag Link Thu Apr 5, 2012
Hello Elenie,

FHA loans can take time.
You can set up a re-payment plan with IRS before April 17, and start paying a certain amount per month, trying to hold on to your cash till you close. IRS charges interest rate though, around 7% or so...hopefully you can push your loan officer to close quicker...

Irina Karan, CDPE
IrinaKaran@gmail.com
Beachfront Realty, Inc.
0 votes Thank Flag Link Thu Apr 5, 2012
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