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

By: Michael

Michael — Tue, 05 Jul 2011 01:01:11 +0000

@Pat: This post pertained to the first time home buyer tax credit. No home purchases have qualified since last year. Sorry.

By: Pat

Pat — Tue, 21 Jun 2011 01:28:11 +0000

Hi, I technically own a house with my former spouse. We divorced due to domestic violence. My spouse has since lived in the house we purchased since the divorce and I have not stepped foot in the house for 5 years. At the time of the divorce I was a homemaker and I could not afford an attorney to settle any of the community property issues. I am now struggling as a single parent, but I would like to pursue a home ownership program designed for individuals with low income.

Is there anyway for me to qualify as a first-time home buyer?

By: Michael

Michael — Sun, 06 Feb 2011 17:33:14 +0000

@chase: If the mobile home you purchased was never your principal residence and you purchased a home before April 30, 2010 and otherwise meet the rules, you’ll qualify.

By: chase

chase — Sat, 05 Feb 2011 20:02:24 +0000

I bought a mobile home in 2008 and paid cash for it. It was not my principal residence and I never got any deductions for it. I later bought a house in 2010. Does the house qualify?

By: Michael

Michael — Fri, 21 Jan 2011 01:12:01 +0000

@felicia: Yes, if you otherwise qualify. Amend your 2008 return or your 2009 return whichever gives you the best outcome. (It probably won’t matter.)

By: felicia

felicia — Wed, 19 Jan 2011 04:33:05 +0000

I paid cash for my trailer in 2008,can I still get the first time homebuyers credit? Which tax return should I amend to get th credit?

By: Michael

Michael — Wed, 28 Apr 2010 14:52:57 +0000

@Matt: Unfortunately, you must purchase a home by April 30, not merely buy land with the intent to subsequently add a home.That’s how I understand it, anyway.

By: Matt

Matt — Wed, 28 Apr 2010 14:42:33 +0000

I am buying land that I want to permanetly affix a travel trailer. I do not have the travel trailer yet but will have a contract signed for the land on April 30 2010. If I buy a travel trailer outright after the 30th will I still qualify for the tax credit,or do I have to own it before the 30th still?

By: Michael

Michael — Fri, 02 Apr 2010 12:44:13 +0000

@All: See my above comment – looks like the IRS is now explicitly permitting current RV owners to qualify for the credit.

By: Michael

Michael — Fri, 02 Apr 2010 12:43:32 +0000

@Vic: The IRS recently added some information to the site which tangently addresses your question:

Q. Is a taxpayer who purchases a mobile home and places the home on leased land eligible for the first-time homebuyer credit?

A. Yes. A mobile home may qualify as a principal residence and it is not necessary that the taxpayer own the land to qualify for the first-time homebuyer credit.

Q. Can a taxpayer who purchases a travel trailer qualify for the credit?

A. A travel trailer that is affixed to land may qualify as a principal residence.

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.

I take the combination of these questions to say no, you won’t qualify, since it’s extremely unlikely your home is affixed to the land.