Comments on: Friday Q & A: First Time Home Buyer Tax Credit

By: Michael

Michael — Fri, 12 Feb 2010 17:25:10 +0000

@Patty: No, you don’t qualify because you are considered to have owned a home in the last three years.

By: PATTY

PATTY — Fri, 12 Feb 2010 01:32:49 +0000

I WAS MARRIED ALMOST 3 YEARS, WE FILE TAX TOGHETER BUT HE WAS THE OWNER FOR THE PROPERTY (HOME)AND I NEVER HAD INTERSET IN THE PROPERTY, I BUY A HOUSE IN 2009, NOW I’M DIVORCE CAN I APPLY FOR THE FIRTS TIME HOMEOWNER CREDIT?

By: Michael

Michael — Wed, 14 Oct 2009 20:10:42 +0000

@Lori and anyone who owns a trailer home, mobile home, or lives in an RV and has been asking or wondering about if they’ll qualify for the first time home buyer tax credit if they purchase a home that is permanently fixed to the land: I just found this link at the IRS web site which seems to suggest that those currently living in RVs will qualify (and presumably, as I have suggested, those living in mobile homes and trailer homes without motors will not.)

Here is the relevant Q & A excerpted:

Q. Can an individual who has lived in an RV qualify for the credit?

A. For purposes of the first-time homebuyer credit, an RV with a built-in motor is personal property that is not affixed to land and does not qualify as a principal residence. Accordingly, someone who has owned and lived in an RV within the past three years may still qualify as a first-time homebuyer.

By: Lori

Lori — Wed, 14 Oct 2009 18:19:32 +0000

I own a trailer house on a rental lot now. If I purchase a home would I qualify for the first time home buyer tax credit?

By: Michael

Michael — Thu, 27 Aug 2009 14:32:07 +0000

@Christy: If you Mom co-signs for you, that will not disqualify you from receiving the first time home buyer tax credit. She cannot receive any of the credit and you must live in the home for at least three years.

By: Christy

Christy — Tue, 25 Aug 2009 16:33:19 +0000

I am looking into buying my first home, my mom will be co-signing for me and owns her own home will this disable me from getting the tax credit and anyother first time home buyer perks?

Thanks!

By: Michael

Michael — Wed, 24 Jun 2009 13:29:50 +0000

@Danielle:

Yes, you’ll qualify if you buy a trailer and don’t own one now. Your Mom can co-sign and you can still get the credit. (In fact, you can share the credit anyway you wish, provided she’s also under the income limits). The trailer/home can be new or pre-owned.

Good luck!

By: Danielle

Danielle — Wed, 24 Jun 2009 11:53:55 +0000

If I am going to be buying a trailer but rent the lot will i still qualify for the tax credit. Second question: if my mom is going to be co-signing for me, will that disable me from getting the credit (she hasn’t purchased a home in over 24 years) Third question: Does the home have to be new, or can it be pre-owned?