Hello all need some help regarding taxes, I’m a real estate agent for 2 years glad to say I’m ready to buy an investment property nothing expensive around $250K in Las Vegas, I’ve never filed taxes before never had to 2018 I made around $110K in my bank on track for a little more this year, thing is I want to buy now can’t wait for 2019 to end please help I’m also wondering what exactly I need to file to qualify for a specific loan thanks for any help.
You have never filed income taxes before, are self-employed and made $110k last year?
If my understanding is correct getting a loan is the least of your worries. I would talk to a tax pro about what it's going to take to get back on track before you even consider buying a rental.
There is no statute of limitations on a return tax year in which the taxpayer failed to file a return. It never closes -- you are wide open from now until the end of time...unless the return is filed. Failure to file penalties and failure to pay penalties can be especially steep if you're self-employed and made no tax payments for the tax year.