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Scenario My wife is the sole-proprietor (w/ EIN) of our Indiana…

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Scenario: My wife is the...
Scenario: My wife is the sole-proprietor (w/ EIN) of our Indiana State licensed home child daycare (both our names are XXXXX XXXXX license). She shows all the income as the sole-proprietor although I work equally in the business (as free service). We have a first and second mortgage and want to refinance. The lender will not accept my wife’s credit score because she filled Chapter 7 a year ago. My credit scores are good enough to process the loan. Questions: 1). Is it possible to file amendments to our 08/09 taxes indicating I’m the business owner or will this create a red flag for the IRS? Our tax bracket would not change nor will anything else, other than indicating to the lender that I’m the sole-proprietor. 2). If applied, how long would it take the IRS to recognize this change, 30/60/90 days (concerned with the 4506-T). Please advise, thank you. Mike
Submitted: 8 years ago.Category: Legal
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Answered in 7 minutes by:
6/22/2010
Lawyer: Law Pro, Attorney replied 8 years ago
Law Pro
Law Pro, Attorney
Category: Legal
Satisfied Customers: 24,870
Experience: 20 years legal practitioner: real estate, collections, estate, civil, business, and criminal law
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You asked:

Questions: 1). Is it possible to file amendments to our 08/09 taxes indicating I’m the business owner or will this create a red flag for the IRS? Our tax bracket would not change nor will anything else, other than indicating to the lender that I’m the sole-proprietor.


Yes, it's certainly possible to amend the tax filings back 3 years without a problem - it will just cost you the time and effort to amend the tax filings.


2). If applied, how long would it take the IRS to recognize this change, 30/60/90 days (concerned with the 4506-T).

It usually takes them 90 days to respond. However, you can use the filings (what you filed - the amendments) immediately for purposes of obtaining a loan.





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