Tax questions......... power of BP hopefully has insight.

[Joel Owens]

So long story short I have already talked with my accountant. Just wanting to do more research on an issue.

To buy a property I am having to use 2013 and 2014 income last two years. Taxes are filed electronically in beginning Feb. 2013 already came through and processed with transcript available but not 2014 even though submitted the same time.

Lender will not close without my 4506T. IRS says they do not process return until May because they are doing refunds. I called online payment center to electronic for taxes owed. They sent me to non-streamline department. They were helpful but need to wait to see remnants in system. I am calling back tomorrow now that it is a week later. Talked to taxpayer advocate and no help there.

Mortgage broker is saying if you send partial payment and note it is going to  2014 then IRS has to reconcile so will process the return. Tax guy says it doesn't matter. I am caught in the middle of course. 

All I want is IRS to process so lender can order 4506T for 2014. You talk to IRS and they all give you different answers and move you around. Fannie Mae loan so has to have the transcripts. Said something about salability of the note.