Zillow Advice: Approval Process - Self-employment income http://www.zillow.com/advice-thread/Self-employment-income/404247/ Zillow Advice | Zillow Real Estate Jorabi - you could be in ... http://www.zillow.com/advice-thread/Self-employment-income/404247/ Jorabi - you could be in the process of amending your returns and the bank would have no way to know other then you telling them upfront and providing documentation. They are making sure they have a 100% accurate picture of your financial situation during the loan process. It might be annoying and seem tedious but considering the financial mess the country is, it is necessary. Mon, 20 Jun 2011 21:06:00 GMT http://www.zillow.com/advice-thread/Self-employment-income/404247/ 2011-06-20T21:06:00Z You are making a mountain ... http://www.zillow.com/advice-thread/Self-employment-income/404247/ <p>You are making a mountain out of a mole hill.&nbsp;&nbsp;If you are above board you have nothing to worry about...folks lie and exagerate all the time, lenders want to make sure they have accurate information when making a loan decision.&nbsp;<br/><br/>Your aversion to something that should not be all that difficult to address, would put my antennae up.&nbsp;</p> Mon, 20 Jun 2011 21:31:00 GMT http://www.zillow.com/advice-thread/Self-employment-income/404247/ 2011-06-20T21:31:00Z "Plus, doesn't the IRS place&nbsp;privacy ... http://www.zillow.com/advice-thread/Self-employment-income/404247/ "Plus, doesn't the IRS place&nbsp;privacy restrictions on tax information" - The bank you are applying for the loan with will have you sign a 4506T form which gives them authorization to obtain the tax transcripts from the IRS. <br/><br/>. <br/> Mon, 20 Jun 2011 21:03:00 GMT http://www.zillow.com/advice-thread/Self-employment-income/404247/ 2011-06-20T21:03:00Z Bottom line is, the process ... http://www.zillow.com/advice-thread/Self-employment-income/404247/ Bottom line is, the process would be improved if you just got the info from the IRS.&nbsp; It's airtight and the last word in income.&nbsp; The one and only reason to get it from both places is to try to catch people being&nbsp;dishonest.&nbsp; There wouldn't be any chance for dishonesty to creep in if you did it the above way.<br/><br/>You're comment about the task being quick and easy is ridiculous and off point.&nbsp; That's irrelevant to this discussion. Mon, 20 Jun 2011 21:02:00 GMT http://www.zillow.com/advice-thread/Self-employment-income/404247/ 2011-06-20T21:02:00Z What does trust have to do ... http://www.zillow.com/advice-thread/Self-employment-income/404247/ What does trust have to do with getting a loan.&nbsp; you need to prove to the bank you are credit worthy.&nbsp; The transcripts are to ensure you have filed the same returns you are providing the lender.&nbsp;<br/><br/>I had a borrower recently provide returns but had failed to file for the past 3 years... Mon, 20 Jun 2011 20:49:00 GMT http://www.zillow.com/advice-thread/Self-employment-income/404247/ 2011-06-20T20:49:00Z So I am going to give the ... http://www.zillow.com/advice-thread/Self-employment-income/404247/ So I am going to give the lender a copy of my tax return, then they are going to request the same thing from the IRS and check the two to make sure they match?&nbsp;What are the lenders up to?&nbsp;Are they that paranoid that they don't trust me and are trying to catch me in a lie?<br/><br/>Plus, doesn't the IRS place&nbsp;privacy restrictions on tax information? Mon, 20 Jun 2011 20:44:00 GMT http://www.zillow.com/advice-thread/Self-employment-income/404247/ 2011-06-20T20:44:00Z They are going to do that ... http://www.zillow.com/advice-thread/Self-employment-income/404247/ They are going to do that too.<br/><br/>Is providing copies of the returns you filed, all that daunting a task?&nbsp; These days most folks have copies of the retuns in PDF format.&nbsp; It usually takes all of about 3 minutes time if you are organized. Mon, 20 Jun 2011 20:31:00 GMT http://www.zillow.com/advice-thread/Self-employment-income/404247/ 2011-06-20T20:31:00Z