A friend of mine has not filed his taxes in approximately 5 years and is now looking into buying a house. How does he go about filing his past taxes? Can he file his 2007 taxes prior to the other years?
2007-12-10 01:42:00 · 6 answers · asked by nu_girlie 2 in Business & Finance ➔ Taxes ➔ United States
He can file the 2007 return at any time. The IRS may hold any refund until the other tax years are received.
If there is any chance of a refund, start by filing the 2004 return. The deadline for getting a refund for 2004 is 4/15/2008. Then fill in all the other years.
Your friend can use form 4506-T to request his income transcripts for all missing years. The IRS website has the forms for all years back to 1990 (just type the desired year in the search box and follow the links).
As a footnote, has he gotten letters asking him to file? The IRS sends those letters when it appears that someone owes money. Penalties and interest only apply if he owes money. If the earliest years show a refund, file them anyway. He won't get a refund, he won't be penalized, but it will fill in the missing tax year which can be useful.
2007-12-10 01:48:21 · answer #1 · answered by Anonymous · 2⤊ 0⤋
He needs to get the forms for the prior years, gather up all his tax paperwork for those years, and fill out the forms and send them in. If he owes for any of those years, there will be penalties and interest added to the amount he owes.
He doesn't have to wait to file his 2007 taxes until this is done.
2007-12-10 12:52:57 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Prior year tax returns can be downloaded from the IRS website. He can file 2007 before the others.
2007-12-10 01:48:42 · answer #3 · answered by taxreff 7 · 0⤊ 0⤋
Your friend should not be buying a house until he or she gets their taxes file. Your friend may end up owning money plus penalties and interest. Your friend should be talking to the IRS immediately like tomorrow morning and make payment arrangements. There is no statue of limitations of not filing your taxes. If I was a mortgage lender I would not lend a dime to your friend. You friend has a complete lack of financial responsibility and should not be buying a house right now.
2007-12-10 10:07:32 · answer #4 · answered by Gary 5 · 0⤊ 0⤋
Assuming he had income and taxes withheld, he will at the least face penalties for failing to file. If he owes tax from those years, the IRS will apply any refund toward them.
2007-12-10 02:13:22 · answer #5 · answered by Anonymous · 0⤊ 1⤋
I'd say he'll have some trouble buying a house.
2007-12-10 01:45:42 · answer #6 · answered by Griffin 4 · 0⤊ 0⤋