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We require an IRS transcript in addition to the return itself. However, a potential buyer said she just filed her taxes last week and won't be able to get the transcript in time to submit her Board package. Should we accept the return without the transcript?
Join the Conversation Comments (1)Thank you Marty. We're not concerned about the person making enough money but making too much. We are an HDFC and have to make sure they don't make too much money to qualify, especially for 2018. We're sorting it out though.
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I don't know how many years of tax returns you require to be submitted with the application. It's 3 years for us. Based on this criteria, it seems like you have 2 options:
1) Accept the 2018 return and wait for the transcript. In the meantime, review the application without the transcript and tell the buyer that you won't be able to make a final decision until the IRS gets back to you. Both buyer and seller need to agree to this.
2) Have the buyer substitute 2015 for 2018 so they'll be submitting returns for 2015, 2016, and 2017. You can get the IRS to verify 2015 faster than 2018. I assume you also have current employment verification for the buyer so you can see if they're working steadily and earning enough money.
Good luck!
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