I've been living abroad for many years, and now I plan to return to the US. I have just filed tax returns for the past 3 years, and I'm in the process of paying some back taxes plus penalties. Will this hurt my credit rating? I plan to buy a house soon in the US, and I'm wondering how this will effect me, if at all. Thanks!
Answer:
If you haven't paid your taxes, the government has most likely has filed a judgment against you, which will show up on your credit report. Once you've all your taxes and penalties, make sure the government issues you a Satisfaction Letter and make sure they change the status of the judgment to Released on your credit report.
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