Can you claim the first time home buyer tax credit if you owned a mobile home that was in a trailer park?
Manufactured Homes October 16th, 2009I had a mobile home that cost about 00 in a trailer park which I still had to pay rent on. Since it wasn’t really a homestead, can I still claim the tax credit when I purchase an actual home? I hadn’t taken a mortgage or anything out for the trailer.
October 16th, 2009 at 3:38 pm
In most states mobile homes have titles and not deeds, at a price of $5000 your mobile home was probably an older one. Since it was located in a park, you owned no actual real estate so you would probably be able to take the credit. You may want to call the IRS @ 800-829-1040 (you don’t have to give any identifying information) and ask to be sure.
I will tell you that unless the tax credit gets extended, you are running extremely short on time. To qualify for the credit the sale must be CLOSED before Dec 1, 2009 which is a pretty small window of time since it is already Oct 6.
October 16th, 2009 at 3:38 pm
if you were paying rent, you did not own it. if you purchased it and paid a mortgage and it was the first home you ever purchased, then yes you can get the tax credit if you claim it on your taxes when you do your 2009 taxes next year. or if you bought it in 2008, you’d have to put it on your taxes when you do them this year but I imagine the deadline for 2008 has already passed- check irs.gov.
October 16th, 2009 at 3:38 pm
If it was a deed , no.
If you had a DMV title, yes.
October 16th, 2009 at 3:38 pm
Most probably not. Mobile home purchases are allowed for the first time home buyer credit currently offered. Thusly, they are also disallowed if you have owned one in the previous three years. Contact the IRS for proper clarification
October 16th, 2009 at 3:38 pm
Mobile homes located in parks are considered a home. Yes, you lease the land but the home is yours. If you owned the home within 3 years, you do not qualify for the Tax Credit. Many Realtors are telling people that mobile and manufactured homes do not count as a home, this is not true and could get prospective home buyers in trouble with the IRS.
For accurate information, go to:
http://www.chattelmortgage.net/tax_credit.html