Discussion:Travel trailer former residence for FTHBC

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Revision as of 22:37, 4 November 2009
Perrycpa (Talk | contribs)
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{{ForumNewPost|UserID=Perrycpa|Date=4 November 2009|Text=I am trying to figure out if this taxpayer qualifies for the first time home buyers credit. I have an older couple for clients who for the past 5 years have lived in a travel trailer. They had it tied down and skirted for insurance purposes. Now they have purchased a home (regular house on cement foundation) and want to amend their 2008 tax return to claim the first time home buyers credit. Based off everything I have read on the IRS website, other websites, and this forum, I am inclined to say they do not qualify because they do own the travel trailer (they had it financed through a bank) and they were treating it as their primary residence...your thoughts are appreciated.}} {{ForumNewPost|UserID=Perrycpa|Date=4 November 2009|Text=I am trying to figure out if this taxpayer qualifies for the first time home buyers credit. I have an older couple for clients who for the past 5 years have lived in a travel trailer. They had it tied down and skirted for insurance purposes. Now they have purchased a home (regular house on cement foundation) and want to amend their 2008 tax return to claim the first time home buyers credit. Based off everything I have read on the IRS website, other websites, and this forum, I am inclined to say they do not qualify because they do own the travel trailer (they had it financed through a bank) and they were treating it as their primary residence...your thoughts are appreciated.}}
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 +{{ForumReplyPost|UserID=Death&Taxes|Date=4 November 2009|Text="Q. Can an individual who has lived in an RV qualify for the credit?
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 +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."
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 +http://www.irs.gov/newsroom/article/0,,id=206291,00.html
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 +There is a lot of debate about this issue and whether that travel trailer would qualify for the 121 Exclusion. You might use the yellow search box again.
 +
 +}}

Current revision

Discussion Forum Index --> Advanced Tax Questions --> Travel trailer former residence for FTHBC
Discussion Forum Index --> Tax Questions --> Travel trailer former residence for FTHBC

Perrycpa (talk|edits) said:

4 November 2009
I am trying to figure out if this taxpayer qualifies for the first time home buyers credit. I have an older couple for clients who for the past 5 years have lived in a travel trailer. They had it tied down and skirted for insurance purposes. Now they have purchased a home (regular house on cement foundation) and want to amend their 2008 tax return to claim the first time home buyers credit. Based off everything I have read on the IRS website, other websites, and this forum, I am inclined to say they do not qualify because they do own the travel trailer (they had it financed through a bank) and they were treating it as their primary residence...your thoughts are appreciated.

Death&Taxes (talk|edits) said:

4 November 2009
"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."

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

There is a lot of debate about this issue and whether that travel trailer would qualify for the 121 Exclusion. You might use the yellow search box again.

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