Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hi, My name is XXXXX XXXXX my goal is to provide you with Excellent Service
1. How many years of income tax returns did the lender request ?
2. What is your reason for not filing income tax returns for 2010 ?
They requested two years returns which I gave them - they didn't fill in the years on the 4056T form - I believe they use it to verify the years I submitted for income but I don't know if they pull the max years available for transcripts regardless - how common it would be to do that - I think they can pull up to three
Not filing in 2010 I was having serious financial trouble at that time and procrastinated
That is the form - I transposed numbers
Thank you, XXXXX XXXXX clearing that up.
The 4506-T is used to request a transcript of, among other things, the taxpayer's 1040.
It is used by mortgage lenders to cross check sources of income. Since you did not fill in for which years the lender could request a transcript, they could very well add 2010 in also. I am not trying to alarm you, but rather to alert you to this fact so that you can have a responsible reason to give them for not filing a return. If it is at all possible, I would file a tax return for 2010. Since you will eventually have to file one for that year unless you had no income in that year, you might as well file it now.
I realize that this is not exactly the Answer you were hoping for and it would have given me great pleasure to give you the Answer you wanted to hear, but I have an ethical obligation to you to give you only correct Answers and information, so I am respectfully asking that you not hold the law applicable to your situation against me,
Please be kind enough to rate Excellent Service" so that I receive credit for assisting you,
Bonus and Positive Feedback on survey is very much appreciated,
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).