First-time home buyer - tax return question

[sonnygill]

Hi - first time home buyer here and going through the loan process on a quick close, which has me a little stressed to get all appropriate documents as fast as possible.

In that, I got my tax returns from the past 2 years to provide our mortgage banker. He said there should be more pages to the federal tax returns, as I provided him with about 4 for each year.

Confused as to what more he needs? He said in original email all pages and schedules, but don't have any further pages from our accountant. Is this something I'd have to request from the IRS? Please help.

[scorch]

I don't remember needing tax returns when I bought my home. Everything was done pretty much over the phone and by mail. lol But he or she should be able to tell you what the hell they need.

[andydallas]

don't ask the IRS, it will take forever to get anything, ask your accountant to send over those years tax returns,,,what he sends should be everything

[DallasLoanGuy]

just ask accountant to send over the rest

[liverichly]

If you are pretty sure you provided them all, then just get your own transcript from http://www.irs.gov/Individuals/Get-Transcript and provide it to your loan officer so he can see that all schedules were provided.

 

When I only get a few pages of a tax return, and I believe there are more, then I will let my client know why I think that... i.e. "you claimed more than the standard deduction, so there should be a Schedule A", etc... The first 2 pages (Form 1040) are an overview of what the remainder of the tax return will contain, so you can look it over yourself and see if there are any additional schedules or forms that it references.

[luckydriver]

have rules changed in the past few years. i swear i had to sign a form letting the mortgage guy get 2 years of returns and they HAD to be from the IRS directly

[liverichly]

have rules changed in the past few years. i swear i had to sign a form letting the mortgage guy get 2 years of returns and they HAD to be from the IRS directly

 

Most lenders require the 4506t form to be signed, so transcripts can be obtained directly from the IRS. However as a borrower, you can still provide your transcripts to the LO so they can see they have all of the schedules from the tax return. Some loan officers don't know how to review tax returns, and if only a few pages are provided, may think there are more when there really aren't.

[scorch]

Yea I only had to provide transcripts when I bought my home.