I live in Michigan. I bought a Mobile home in 1994. The Mobile home was in a park. I sold the Mobile home in 2006. I have been renting a house since that time. I now want to buy a house. Will I be eligible for the tax credit?
Maybe. Manufactured housing counts as a home. You can’t have owned a home for three years, so it would depend on exactly when you sold and exactly when you bought since this is really close to within the three years.
Tags:
Comments
4 Responses to “Will I qualify for the first-time home buyer tax credit?”
I am by no means an expert, however I do know there are two ways to purchase a mobile home; Personal Property loan and Mortgage. Being eligible for a mortgage seems to require that the home was on a permanent foundation on owned land.
If that was not the case, then the mobile home would probably show up as personal property and not a previous home. Check your tax statements for that period and see if you were taxed for personal property or real estate. References : ///
Since the trailer was in a park you will be just fine as the trailer is consider they same class of property as a car and not real estate. References :
Maybe. Manufactured housing counts as a home. You can’t have owned a home for three years, so it would depend on exactly when you sold and exactly when you bought since this is really close to within the three years. References :
Mobile homes qualify for the tax credit when you purchase one so I would assume they would be considered a residence when evaluating whether or not you you owned a home in the last three years.
"Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats." References :
Speak Your Mind
Tell us what you're thinking... and oh, if you want a pic to show with your comment, go get a gravatar!
I am by no means an expert, however I do know there are two ways to purchase a mobile home; Personal Property loan and Mortgage. Being eligible for a mortgage seems to require that the home was on a permanent foundation on owned land.
If that was not the case, then the mobile home would probably show up as personal property and not a previous home. Check your tax statements for that period and see if you were taxed for personal property or real estate.
References :
///
Since the trailer was in a park you will be just fine as the trailer is consider they same class of property as a car and not real estate.
References :
Maybe. Manufactured housing counts as a home. You can’t have owned a home for three years, so it would depend on exactly when you sold and exactly when you bought since this is really close to within the three years.
References :
Mobile homes qualify for the tax credit when you purchase one so I would assume they would be considered a residence when evaluating whether or not you you owned a home in the last three years.
"Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats."
References :