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Old 08-13-2009, 07:09 PM
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Unhappy First time home buyer + 1970 trailer home

If someone owns a 1970 trailer home, that is not up to code and cannot be brought up to code, does it disqualify them.

Hud says they are not disqualified. I believe there is a Federal law that says they cannot be disqualifiedl

The IRS is unclear. Please answer, as my child wants to purchase home soon.

Thank you



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Old 08-15-2009, 12:17 AM
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The IRS states that, "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." I am assuming a trailer home would be considered a manufactured home as well!

Thus, if your son meets the defiinition of a first-time home buyer and the income limits for claiming the tax credit and purchases a home that will be used as a principal residence, he should generally qualify for the First Time Home Owners Credit for a home purchased during the qualifying period.

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Old 08-15-2009, 12:50 AM
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Quote:
Originally Posted by TaxGuru View Post
The IRS states that, "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." I am assuming a trailer home would be considered a manufactured home as well!

Thus, if your son meets the defiinition of a first-time home buyer and the income limits for claiming the tax credit and purchases a home that will be used as a principal residence, he should generally qualify for the First Time Home Owners Credit for a home purchased during the qualifying period.
I think you misunderstood my question. He already owns the trailer. It is registered with the DMV and sits on a rented lot in a trailer park. Again this trailer is not up to code. My question is does owning this trailer disqualify him from the credit if he is to buy a HOUSE. Thank you in advance for any help you can give me. Wendy Walsh



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