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Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 11710
Experience:  I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
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I am in middle of loan process for FHA mortgage and have a

Resolved Question:

I am in middle of loan process for FHA mortgage and have a few questions

I have turned in tax reports for 2012 and 2011 and submitted 4056T form. I didn't file yet for 2010 and am wondering if it is likely that the lender will request a transcript for that year as well even if they didn't ask me for the return. If they do request it I am wondering what my options are a little freaked out to bring it up now since we are on a tight timeline
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Andrea, Esq. replied 1 year ago.

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 ?

Customer: replied 1 year ago.


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

Expert:  Andrea, Esq. replied 1 year ago.
Are you sure the form is not a 4506 -T because that is the form submitted to the IRS for a transcript of a taxpayer's income tax return
Customer: replied 1 year ago.


That is the form - I transposed numbers

Expert:  Andrea, Esq. replied 1 year ago.

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,

 

 

 

Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 11710
Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
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