Does a the purchase of a mobile home (trailer) qualify for the first-time homebuyer credit?
Yes, both manufactured and mobile homes qualify for the credit. For a manufactured home that is permanently affixed to the land, the credit is 10% of the combined cost of the house and the land. For a mobile home, more commonly known as a trailer, the credit is 10% of the cost of the home, as long as it is your principal residence. By the way, even a travel trailer qualifies, as long as it is affixed to the ground. But RV’s with built-in motors are viewed as personal property. And since these rolling homes are not affixed to the land, they don’t qualify as a personal residence. But the good news is that anyone who has owned and been living in one of these babies for the last three years may qualify as a first-time buyer. Q: I purchased a home in Illinois in 1993 jointly with another person. We are both on the mortgage. This March, I purchased a home in Arizona all by myself. Since this home is in my name only, do I qualify for the $8,000 first-time buyer tax credit? A: That depends on
Related Questions
- How does the allocation provision work when unmarried taxpayers purchase a home together and both qualify for the first-time homebuyer credit under different tests?
- Can a taxpayer claim the first-time homebuyer credit after entering into a contract for the purchase of a residence but before closing on the purchase?
- I live in the District of Columbia. If I qualify as a first-time homebuyer, can I use both the $5,000 DC credit and the $8,000 credit?
