Schedule E

[jcweb]

What is the name of your state?IL We are refinancing our rental property that we have owned since 2003, when we filed our taxes last year, we did not include a Schedule E-or our accountant did not include the Schedule E, and we need this to close...we closed on the house in 01/03 and I ran a daycare out of there for 4 months and then we rented it out....is a Schedule E required on all investment property? And I wonder why our accountant did not include this....please advise...thanks

 

[MortgageGuru]

Get a letter from your accountant stating that it wasn't filed. If one is going to be filed then include a copy of it along with a letter of explanation.

 

[jcweb]

Ok, here is the thing...remember I am the wife and am clueless....we did not file a Schedule E because we were renting out to a friend of my husbands and collecting under the table...now, I have NO problem filing a 1040X/Schedule E with the IRS tomorrow....but, from the lenders standpoint...he needs a Schedule E...my broker said we need a schedule E OR a corrected 1040X...can't I just give him copy of what I am going to file? IRS said it will take 8-12 weeks to process...we NEED to close on this--our lock expires in a week....

 

[MortgageGuru]

Then have your accountant file it and get a letter from him saying he did so. The Underwriter can work off of that.