Question:
My mortgage lender is saying I need the last 3 years of tax returns as proof of income to apply for a mortgage. However, my question is, what happens if you did not work for a year? The lender said I would have to call the IRS and ask them to mail an AGI letter stating that I did not work that specific year. But I wonder if it is that simple or do would they have to actually get some kind of proof that I did not work?
Answers:
Call the IRS at 1-800-829-1040 or 1800-829-0922 Mon- Fri from 7am to 10pm and request a Letter 1721. This letter will detail out 3 years of returns and state that the IRS has no record of a return being filed for the year in question. Also ask for transcripts of the returns that were filed and the income statements for those years. If you have access to a fax machine this can be faxed to you. Otherwise you will have to allow 7 to 10 days for mailing
Do you have the social security statement that the SSA mails out every year? If you didnt work, you didnt work. The IRS may not give them the info, but they may give it to you.
I don't think that there will be anything else that they need to require. The IRS knows all of the legitimate income that a person has so that is the best proof of unemployment there is.
I think all the IRS could give you would be a letter saying that they have no return for you for that year. Your best bet would be to get a statement of earnings from social security as to what wages/self-employment income was earned by you for the years that you need. By the way, I would think that not having worked for a year would work against you with a lender.
were you sick or just did not work = if you worked under the table i sure would not involve the IRS. i think you best bet is go to SS and get for past earning record from them.
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