Posts

Please Don’t File Your Taxes – If…

/in ,
TAX DEADLINE = MAY 17th B/c of COVID, the filing deadline for income taxes was extended from April 15th to May 17th this year, as most everyone knows. We typically send out this reminder in March, but I waited this year until now b/c of the deadline extension. WHEN BUYERS SHOULD NOT FILE TAXES We […]Read More

Interest Rates/Mortgage Industry Update; When NOT to File Taxes

/in , ,
Interest rates have come back down but they are still about 1/4% to 3/8% higher than where they were when they bottomed out on March 9th. This is because the mortgage industry is still trying to fend off excess volume brought on by low rates and a surge of refis. And – it is also […]Read More

Three Important Tax Filing Tips for Homebuyers

/in ,
With Tax Season upon us, I want to share a few reminders: If income is lower this year, self-employed borrowers might want to file an extension instead of filing tax returns. This is because lenders will often correlate to the most recent year only if income is declining, and that will of course adversely impact […]Read More

When Buyers Need to File Taxes Early?

/in ,
In Monday’s Blog, I explained why buyers often do not need to file 2018 tax returns until October. But there is one case when buyers should file taxes as soon as possible. Self-employed buyers should definitely file ASAP if their 2018 income was higher than 2017’s (if they want to qualify for a larger loan […]Read More

When Do Buyers Need to File 2018 Tax Returns?

/in ,
Lenders don’t actually need 2018 tax returns until October in most cases, as October 15th is the final deadline for filing. After April 15th, lenders will require 2018 tax returns OR a copy of the request for an extension that was sent to the IRS. If buyers provide a copy of their extension request, they […]Read More

Deadline to File Returns Approaching; Advice to Borrowers Making Offers

/in ,
It’s that time of the year again! We are approaching October 15th, which is the deadline to file 2016 taxes with the IRS if you previously requested an extension. This affects many of our pre-approved borrowers who are making offers, as we will need to verify one way or another that their tax returns have […]Read More

Do NOT File Your 2014 Tax Returns, If…You Are Making Offers Now

/in ,
We pre-approved about 7 million buyers over the last few weeks (I exaggerate a little but 2015 looks very promising). And, about 4 million of those buyers (slight exaggeration) want to make offers immediately AND close in 14 days AND file their income tax returns…AND they can’t. If a buyer files his tax returns, lenders […]Read More