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Need a New Mortgage in 2012: Then File Your 2011 Taxes Early

Posted on March 7, 2012 by Leasa Magnuson in Individual Tax

I applied to refinance a mortgage the other day.   One of the pieces of paperwork I had to fill out was a Form 4506-T.  It is a request for a transcript of my tax return to the IRS.  I asked if I couldn’t just give them a copy of my tax return and they said they had to have an official one from the IRS.  Gone are the days where the copy signed from your CPA is good enough for a mortgage lender.

I was talking to a mortgage broker the other day who told me that one of the reason’s they were so back logged is the time it takes to get an official transcript from the IRS.  In true government fashion it takes 8 to 12 weeks to get the official transcript AFTER you have filed the return.

So to all of you procrastinators out there thinking of refinancing, or purchasing a new home, make an appointment with your CPA now and get your tax return filed early!

 

Mortgage, Self-employed

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I've been using Leasa's accounting services for the past three years for my small business. She is friendly, honest, helpful, very knowledgeable and reasonable in fees. Leasa is always timely in completing the filings. I've been disappointed with some CPA's in the past regarding exorbitant charges, dishonest hourly billing and bad tax advice. Not so with Leasa. I trust her completely and I highly recommend her services.

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4025 Automation Way #D1 (Map), Fort Collins, CO 80525 - Phone: 970-226-4686