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Do all self employed borrowers need their most current year's taxes processed by IRS to close?

We are trying to close on a house but one of the conditions is that the bank gets a "fully-executed 4506T" of our 2010 taxes. We need that income from 2010 in order to close - my husband is self-employed. We e-filed our taxes March 2nd, but there was a balance due (which we paid Apr. 17). So the taxes are not processed by the IRS yet, even though they confirm they have received them and also our payment. It seems unbelievable that the CPA-prepared tax return for 2010 is not enough proof!  Iis this crazy or what?

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May 04 2011 - US
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Answers (4)

The other thing you can do is get a CPA to review the financial statements and certify that they are true and correct....

I just had a borrower that his 4506T cleared on Fri 5/8 so it does usually take 4-8 weeks to clear.....
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May 08 2011
This seems to come up a lot. If your CPA or Tax Preparer e-filed your 1040s then they should show up with 2-4 days. Why they are not showing up now is beyond me. Like my colleague below stated, we lenders except IRS Stamped copies of your taxes. I've had many client walk them in. But you must have another set that can be stamp and one that will be turned in. Make sure your lender will except these if not, better look for another lender who will.

Best of Luck!
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May 04 2011
you can go to the IRS and obtain a copy of your tax returns get them stamped and the underwriter should accept this with no problems.

Also have the IRS provide you a confirmation that you made the payment to them for the balance due, to be safe i would even supply my loan office with a printout from your bank account showing the balance paid to the irs or a copy of the check.
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May 04 2011
This is a battle all mortgage lenders are fighting right now.  Depending on the investor, yes they want a transcript from the IRS on 2010.  I can understand that you filed early, but especially now, after April 15, most lenders must have filed returns. 
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May 04 2011
 
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