Can owing the IRS prevent you from buying a home?
827585
Only if they've levied a tax lien.If the IRS have not reported this to your credit bureaus by way of a lien,then no.If they have issued a lien that can even effect your bank account.Unpaid tax liens stay on your reports longer than even bankruptcy.Unpaid tax liens are up to 15 years where as most debts are only 7.If you do settle the lien make sure you get copies of all three of your bureau reports and dispute them,as the creditor doesn't always remove them.\nhttp://finance.yahoo.com/creditreports
179524
I think you are in Canada. If that's the case, IRS.com will be of no use.\n\nIf you have a Registered Retirement Savings Plan (RRSP) you can withdraw money from it up to $20,000 (if you have a spouse, he/she can withdraw the same amount) without any withholding tax being applied to the withdrawal. You have to meet the definition of a first time homebuyer however. Then, you pay back your RRSP 1/15th of the borrowed amount each year until it is paid back.\n\nFor more information see the source below.\n\nIn addition, I believe you can apply to be exempt from land transfer tax as a first time homebuyer if the house or condo is new.
887319
In my county, they hold a tax sale on a certain date after the last tax payment is due (usually it's a month after the 2nd installment was due)...and...you have 3 years to redeem your taxes (plus interest plus fees, it's not too much actually)---if in that 3 years you do NOT redeem your taxes, then the creep that "bought" your taxes PAYS your taxes and THEY OWN YOUR PROPERTY!\nWord from the wise: DO NOT fall for any "we'll pay your taxes for you" mortages, or services, etc. These are all scams. If it sounds too good to be true..>IT IS<!!!
948547
It's important to pay your taxes on time, but if you don't the IRS will assess a late payment penalty of 1/2 of 1 percent per month, up to 25% of the amount of unpaid balance, plus interest per month which has ranged between 4% - 9% in the last few years.\n\nhttp://www.irs.gov/businesses/small/article/0,,id=108330,00.html\n\nPenalties and interest apply to years when money is owed.  If you get a refund next year, the IRS will withhold it, and apply it to your balance due.  You can contact the IRS and ask to see your tax account.  They will also send you an account statement showing your current balance owed, if you ask for it. \n\nThe interest charged by a bank or credit card is often lower than what is accruing on your account at the IRS.  It sometimes makes sense to borrow money from another source in order to pay off your balance owed to the IRS. \n\nThe same is generally true for state taxes as well.  Contact the Department of Taxation to see your state income tax account, and to request a statement.\n\nThe overtime you worked bumped you up into a higher tax bracket and increased your percentage owed.  If you couldn't pay your taxes because you had a family emergency, or other reasonable cause, the IRS has the ability to reduce the penalties they've assessed.  You must contact them by calling or writing to your taxpayer advocate listed on your Notice of Tax Due.\n\nhttp://www.irs.gov/individuals/article/0,,id=123423,00.html
173431
no. they come off the value of your house when you go to sell it. meaning less profit for the you to show the irs.
321840
more than you want to think about.\njust call the IRS, they'll be glad to inform you. Of course, the IRS advice is wrong 1/3 of the time.
495186
You CAN do anything you want. Just don't let the IRS catch you doing that. And werent taxes due like a month ago?
666713
Your income plays a part in this as well.  If they feel you don't make enough to handle the mortgage, plus the utilities, plus property taxes, plus homeowners insurance, plus your outstanding loan.  If I were you I would pull my credit report & make sure there was nothing showing that wasn't mine.  Also, the county or state may have some 1st time homebuyer programs available.
203687
depending whether it is federal or state...you can call the appropiate irs office.....they will help you make a payment plan that you can live with... peace
31142
You do not need an attorney.  But do go to a cpa.  Not everyone is required to file.  If the IRS has not contacted you about this then you most likely get a notice from them regarding interest and penalties.   The penalties are based upon the amount owed and time frame.  A CPA will work to push the income to later years so that the penalties and interest will be lower.\n\nA CPA may even be able to get the penalties waive, but not interest.  THis alone is worth it 10 times over.
812162
Yes you will have to pay. It is not your primary residence. However, you could defer the taxes through a 1031 exchange and purchase a similar property and not pay taxes right away. This probably won't help you because you want to pay down your mortgage though.
834020
I think the form you're being asked to sign is one that gives a bank auditor permission to pull your tax returns if the lender gets audited.  It's usually to show that the tax returns used to secure the loan were really what the IRS had also. Since you didn't show your returns, I wouldn't expect them to be pulled.  \n\n"Stated income" type loans, although probably over used to get people into houses that they cannot afford, are supposed to be within "reasonable range" for amount of income for your type of work.
1113697
Maybe not, depending on how much you sold it for.  The law changed a few years back - until then, answer would have been yes.\n\nAssuming you owned and lived in the home for at least two years out of the five years before you sold the house, and you didn't exclude gain from another house in the 2 years before the sale, you can exclude up to $250,000 of the gain.  If you're married and file a joint return for the year of the sale, either you or your spouse owned the house for 2 years out of the 5 before the sale, both of you lived in the house for two of the five years before the sale, and neither of you excluded gain from another house within  2 years before the sale of this one, you can exclude $500,000 of the gain.\n\nIt doesn't matter anymore for tax purposes whether you invested the gain in another home.
96578
You will always have to file income taxes even if you do not owe our government money.  Sorry!
780558
You can but why would you want to?  You'll end up owing the mortgage company money.
465575
Typically income source cannot be a reason for a lenders denial of credit.\n\nGenerally this type of income requires a history of receipt, a recent award letter and a bank stmt or two to show the direct deposit.  You may also be required to show a likely hood of 2 years continuance.  All these guidelines vary from lender to lender.  I might suggest you contact a loan officer in your area that represents several lenders. This knowledgeable individual can review your entire purchasing power and find a lender that will work for you. If you are working with a Realtor he/she can also assist in directing you.\n\nRead all documents.  I cannot emphasize that enough.  You don't want any surprises when you payments coupons arrive in the mail.
1174807
You pay tax in the state that you realized the gain.  So the answer is yes, you can avoid CA tax.  Yes, you can keep your house.  Your state of resedency doesn't depend on non-primary living places.