Tax Refund For Down Payment

Tax season is upon us!

Although you can’t “stick it to the man” when it comes to taxes, your refund can provide an opportunity for you to say, “see ya’ later” to your landlord. If you’re planning on house shopping this spring, consider this: your tax refund could serve as a down payment for your own home!

While the tax rate changed in 2018, we’ve had a couple years to gauge a typical refund. If you’re expecting a refund this year, consider filing your taxes early (before the April 15, 2020 deadline). According to Kiplinger, the quicker your file, the quicker you receive your return.

What do I do once I receive my refund?
Our team needs to source all funds for down payment – where they came from, and the amount. Once you receive your refund, we recommend depositing the funds into your bank account. Better yet, select “direct deposit” when filing your taxes for your refund!

Your bank statements will show your IRS refund as the source of your down payment funds…we don’t care about how frequently you shop at Target!

To summarize, if you’re looking to buy a home this spring, consider filing your taxes early for down payment funds! Questions? Our team is ready to help! 410.878.9730

Sources: https://www.kiplinger.com/article/taxes/T056-C005-S001-when-can-i-file-2019-taxes-in-2020.html