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Filing taxes and buying a house

I just received my income tax organizer from my accountant and I was reminded of a challenge that some buyers may face this time of year.

I know you’re thinking “Really?? I just managed to get through the holidays and I don’t even want to think of filing taxes yet”.  But, if you’re one of the buyers hoping to beat the rush by entering the market in the spring you need to add one more task to your ever-growing to-do list. 

So, what does the filing of taxes have to do with all of this?  If you’re making offers on homes, and your closing could be on or around April 15th, you need to contact your mortgage professional to discuss when you should file your taxes. This can help you avoid any last minute issues with your transaction.

Things to consider:

  1. If you’re already in the process:  Contact your lender to see what deadlines they may have regarding a requirement for a transcript of your taxes.  Most buyers that are “W-2” employees should file as soon as they receive their W-2’s from their employer. Which is very soon!
  2. For self-employed folks, who may be considering filing an extension, you need to know that any money that you owe to the IRS will either need to be paid (or a payment plan established) PRIOR to closing on your home.
  3. If you’ve just started the process and are thinking of reaching out to a lender to get pre-approved be sure to ask about ANY tax filing deadlines.
  4. If you’re still on the fence about entering the market contact me and we can discuss what is best for your situation.

As a real estate professional I want my clients to be aware of any possible stumbling blocks that could derail a transaction.  My goal is for you to make great decisions with great information. 

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