Tag Archive for: Taxes

$120 For A Piece of Fruit? Capital Gains Changes Could Spark MORE Selling; Why You Can’t Catch An Uber

/in ,
BIDDING WAR FOR AN APPLE This very short TikTok video went viral last week, as it well should have b/c it is both so illustrative and entertaining. I had to […]Read More

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 […]Read More

Tax Implications From Refinancing; Cash Out ≠ Income

/in ,
Borrowers are often far too worried about tax implications from refinancing – b/c they are usually negligible.  APPRAISALS & PROPERTY TAXES No matter how high someone’s appraisal comes in (over […]Read More

Six Home Loan Tips For The Self-Employed

/in , ,
There was a time when lenders would accept whatever income you put on your application as accurate and true. These were called “stated income” loans; for many obvious reasons, they no longer exist. There were also loan programs where the lender would accept a record of your bank deposits as documentation of income.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 […]Read More

Capital Gains Taxes On Real Estate

/in ,
CAPITAL GAINS 101 The IRS and many states collect capital gains taxes on the difference between what someone pays for an asset (their “basis”) vs what they sell it for. […]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 […]Read More

What Does “PITI” Mean for California Borrowers

/in , ,
Lots of borrowers are unsure what “PITI” means when it comes to their home loan. PITI is a common term used within the mortgage industry to describe the four factors that impact a loan. PITI (pronounced “pity”) stands for:Read More

If You Owe Income Taxes, Can You Get a Mortgage? Yes!

/in ,
Income Taxes Owed Income tax liabilities are a frequent issue during tax season, and worthy of addressing again. Borrowers can get mortgage financing if they owe income taxes, in most […]Read More

Must Prove Taxes Are Paid; Payment Plan

/in ,
We collect the last two years of filed tax returns from almost every borrower, as required for almost every loan program. If the tax returns indicate that income taxes are […]Read More

Tax Transcripts; Proof Taxes Were Filed; 4506-T; How It Works

/in , ,
Every lender is required to get the last two years of tax returns from every borrower for almost every loan. We then have to prove that the tax returns are authentic and that they were actually filed with the IRS.Read More

Income Taxes Owed Is OK; Tax Liens Must Be Paid Though

/in , ,
This is a quick reminder that borrowers can still obtain mortgage financing even if they owe income taxes.  But, a payment plan with the IRS must be in place. For FHA, […]Read More