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We have made a large down payment to have a home built by a

Customer Question
national home contractor. The...
We have made a large down payment to have a home built by a national home contractor. The house is complete. They want to close, along with my wife and I
I had to file an extension on April 15th and filed on Oct 15th via Mail to the IRS. I made paid my taxes in full for 2010, which I owed.

The Problem: The Loan we have applied for is a FHA loan and requires an official 2010 transcript from the IRS. I have called the IRS (spent many hours on the phone just on hold) twice over the last two weeks.

First IRS lady told me that the Taxes we stilling being process and at this time couldn't be sent to the department for a claim of hardship to expedite the loan.

The second person a week later said the same thing, but was a bit short with me.

We don't won't to lose this home. I know how slow the IRS moves.....like a snail. In the mean time I we live in an Apt and want to move into our new home. This is the only thing that is holding us up.

Does anyone have any suggestions on what to do? Are there any political folks I could write a letter to that might could help? Yes, we are desperate.

We are stuck on closing because of the IRS and not sure how long the Contractor will hold the home.

Help!
Submitted: 6 years ago.Category: Tax
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Answered in 50 minutes by:
11/1/2011
Tax Professional: Lev, Tax Advisor replied 6 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,159
Experience: Taxes, Immigration, Labor Relations
Verified

Hi and welcome to Just Answer!
If you filed electronically on Oct 15 - you may expect your tax return to be already processed. You may verify your status here - http://www.irs.gov/individuals/article/0,,id=96596,00.html

If you file a paper return - it should be processed in 6-8 weeks after accept date.

If your tax return was selected for verification - the process time might be longer.

There is no way to could speed up the processing time.


You may order tax transcript - including information about your income - even your tax return was not processed.

You need to use the form www.irs.gov/pub/irs-pdf/f4506t.pdf to obtain your tax account transcript.

Please be sure to check

box 6b - Account Transcript, which contains information on the financial status of the account, such as payments made on the account, penalty assessments, and adjustments made by you or the IRS after the return was filed.

box 8 - to include information about your income.

 

Generally - for the loan application - you only need to confirm your income.

The IRS doesn't issue certified transcripts or anything that makes transcripts "official" documents.
However - you may request the transcript to be mailed to a third party directly.

Let me know if that is acceptable.

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Customer reply replied 6 years ago

Yes, they do issue official transcripts and FHA loan requirs it. Afther the housing crash two years ago it changed everything.

I am looking for suggestions how to get the IRS to process my application more quickly due to a hardship that it is causing us.

Customer reply replied 6 years ago
Relist: Inaccurate answer.
Customer reply replied 6 years ago
Relist: Inaccurate answer.
Tax Professional: Lev, Tax Advisor replied 6 years ago
Unfortunately - there is no way to force the IRS processing - regardless of hardship or other possible reasons.
You might like the answer or not - but that doesn't mean the answer is incorrect or it is "inaccurate answer."

If you simply do not like the answer or the answer has no value for you - you may just ignore it.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,159
Experience: Taxes, Immigration, Labor Relations
Verified
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Category: Tax
Satisfied Customers: 30,159
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