Question
Can owed taxes prevent me and my husband from buying our house?
My husband and I just contracted into buying a brand new house from Ryland homes. It is now in the 2nd month of being built, and we have about two months left. We just got our taxes back and we owe roughly $14,000. (My husband went overseas and came back early.) We make pretty good money, about $100,000 a year combined. Could this prevent us from buying our house? We close in August and we have yet to disclose this information to our Ryland salesperson. We both have great credit and we have already set up payments to pay off the tax. We are first-time homebuyers. Thanks if anyone can help out.
5 months ago - 3 answers
Best Answer
Chosen by Asker
No, that will not effect your purchase. You do not have to disclose. If it were property taxes, then it would be different. You should file an extension/extensions and then be put on a repayment schedule. Since you are a first time buyer, you can use the home buyer tax credit to offset the 14k. I will attach a tax credit blog. Good luck!
Source(s)
by Craig B
5 months ago
Asker's Rating: 
Other Answers
You need to alert your mortgage lender immediately. This changes your debt ratio and ability to repay the loan. Get it taken care of now. Do not let the lender find it out themselves.
by sassy2- 5 months ago
Yes, the lender does not want the IRS to take the home for unpaid taxes or place a lean on the property. You will have to pay your back taxes prior to closing
by Leo F- 5 months ago