Late Taxes

LookingUp · Joined: 18 Feb 2010 Posts: 1

I'm sick over this and hope this won't cause problems - hope someone has an answer to this.

My husband & I got a pre-approval for FHA and plan to go house shopping. Just found out that last year he forgot to file his taxes for 2008 - he started them, put it aside & just forgot (he was single at the time). I did the forms and he owes about $700. We have an IRS office close by and I was going to bring the forms in with a check and try to see if they can answer what will be owed for penalties/interest.

Is this going to affect getting final approval for the loan? Will there be a delay in the IRS having it listed on the transcripts? We figure we'll be going through underwriting in about a month. Will that be enough time?

Thanks for any comments.

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

As long as you provide a copy of his 2008 filed tax returns, that is all that matters. The bank will not check to see whether the IRS has done anything with it yet. I can provide you with a FREE RATE QUOTE for your FHA loan.

joe1 · Joined: 11 Nov 2008 Posts: 20 Location: California

Take care of the tax return as soon as possible. Remember, it will take about 6 - 8 weeks for the tax return to be entered into the IRS system, and the majority of home loans will pull require a 4506 transcript of the tax returns from the IRS, so the sooner you get it done, the better.