Filing Your Taxes If Youre Thinking About Purchasing A Home This Year

Filing Your Taxes If Youre Thinking About Purchasing A Home This Year

If you're thinking about purchasing this year and plan on getting a loan, there are some things you should know before you file them.

The first thing that is important is the timing of filing your taxes. If you're planning on closing before April 15th or around that time, then you may want to file an extension. Current processing time for the IRS is about 6-8 weeks and most lenders require them to have been processed....if you've filed them...before you close. So you could be delaying your closing if you file in the middle of your transaction.

The next thing that is important to keep in mind, especially if you’re self-employed, is limiting your deductions. Lenders can only use your net income after deductions. So if you right off a ton of things you may not qualify for the home you want. You can have your lender look over your taxes PRIOR to filing them. This could save you a ton of work later if you need to go fix them.

If you have any concerns about your taxes please feel free to contact us and we would be happy to help!


Sarah Rowan Headshot
Author:
Phone: 970-397-5774
Dated: February 16th 2015
Views: 372
About Sarah: Sarah was a licensed real estate agent for 10 years before transitioning into the mortgage industry ...

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