Taxes

[Anonymous]

I just received a letter from the IRS stating that I omitted some income in 2009 & 2010. I owe $2k and I can set up a payment arrangement. Will this affect my loan app? There aren't any liens or anything and this is the first notification I received.

[Shogun]

If it's not reporting, it's probably not affecting, yet!  Pay that before you get a lien put on you. 

[namvet]

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@Shogun wrote:

If it's not reporting, it's probably not affecting, yet!  Pay that before you get a lien put on you. 

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+1  As long as you are working with the IRS your chances of a lien or negative remarks on your credit files are slim IME.

[Anonymous]

So setting up a payment arrangement shouldn't affect anything?

[rinkgirl2]

We set up payment arrangements with the IRS and after 6 months of payments we have not seen anything reporting to the credit bureaus so I think you will be okay. 

[namvet]

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@rinkgirl2 wrote:

We set up payment arrangements with the IRS and after 6 months of payments we have not seen anything reporting to the credit bureaus so I think you will be okay. 

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YES

[awal]

I've had a payment arrangement with the IRS for about 18 months from some consulting income I had. It has never appeared on any of my credit reports. As long as you are paying them on a consistent basis you will be fine. I suggest you opt for the automatic payments and save yourself a little on the setup fees.

[beb86]

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@rinkgirl2 wrote:

We set up payment arrangements with the IRS and after 6 months of payments we have not seen anything reporting to the credit bureaus so I think you will be okay. 

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Its like a utility bill....you pay on time monthly and nothing happens but you miss some payments and that's when the report IME

[hendersj31]

Ok, I know the amount is small but be sure to check with your lender.  I know for a fact that there are certain cases where you have to have been making payments for 12 months before you will be approved for a mortgage.  I am assuming those are cases where the tax owed is much higher, but wanted to make you aware. 

Of course anyone with better info please respond as I am curious too.