Selling Guide

Published December 16, 2020

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What are the documentation requirements for tax returns?

Requirements — Tax Returns

When required, personal federal income tax returns must be copies of the original returns that were filed with the IRS. All supporting schedules must be included. Alternatively, the lender may obtain applicable transcripts of federal income tax returns. See B3-3.1-06, Requirements and Uses of IRS IVES Request for Transcript of Tax Return Form 4506-C

“Most recent” tax return is defined as the last return scheduled to have been filed with the IRS. See B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns.

The information must be complete and legible.

Each tax return must be signed by the borrower unless the lender has obtained one of the following signature alternatives:

  • documentation confirming that the tax returns were filed electronically,
  • a completed IRS Form 4506–C (signed by the borrower) for the year in question, or
  • IRS transcripts that validate the tax return.

For additional information, see B3-3.1-02, Standards for Employment Documentation.

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