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$8K tax credit - can it be used on mobile/manufactured not on a foundation?

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Real Estate Agent with Progressive Realty (Boise Idaho) www.Progressive-Realty.info DB-17066

I had a consumer email me today asking if they could still qualify for the 2009 Tax Credit for First Time Home Buyers if they purchased a mobile/manufactured home and put it on a lot they would by without having to put it on a permenant foundation.

My gut tells me no since at least in Idaho the home would still be considered personal (not real) property.  What if it is a mobile/manufactured on a rented space?

I don't recall ever seeing this addressed in any of the publication I have read on this topic.  Any assistance would be appreciated since I don't typically deal in these types of properties too often.

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Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

The credit is for purchasing real estate. The mobile home titled is just like an RV. It has to be de-titled to qualify and deemed real property. Thats what my CPA told me.

Jun 02, 2009 10:55 PM
Ron Tiller
Star Referral - Grand rapids MI - Grand Rapids, MI

Can't do it in Michigan. The credit is for a principal residence. The home would have to be permanently placed to get an occupancy permit. No permit, no residence.

Jun 02, 2009 11:15 PM
Jim Valentine
RE/MAX Realty Affiliates - Gardnerville, NV

That question just came up the other day.  Good to get the input.  Thanks.

Jun 03, 2009 03:28 AM
Jim Hale
ACTIONAGENTS.NET - Eugene, OR
Eugene Oregon's Best Home Search Website

If you have owned a mobile home in a park (not real property) in the last three years, does that mean you are ineligible?

That's what a close reading says.

And I think (without checking) that buying such a home in a park would qualify an eligible buyer for the credit....but just for 10% of the purchase price -- probably less than the $8000.

It doesn't matter what state you are in.  This is a federal rule.  So Michican or Not Michigan should not matter.

 

Jun 03, 2009 05:41 AM
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

It appears that it would qualify even if it is a mobile in a park.  The requirement is for "Primary Residence" not Primary Real Property Residence.

Therefore, all the homeless people can go to REI and buy a tent and get 10% back from the feds.    You could even buy a new boat to live on and write off 10% if that is to be your primary residence.

Amazing, but apparently true!

Jim Paulson

Jun 05, 2009 09:28 AM
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Jim Paulson would like to be your Realtor. He is the Past President of the Idaho Chapter of the Council of Residential Specialists (2014) also the Past President of the Ada County Association of Realtors (2010). Jim has nearly 25 years being a licensed Idaho Realtor. Jim Paulson is a member of the Greater Boise Chamber of Commerce and he is the owner and broker of Progressive Realty Corporation which is an A+ accredited business with the Better Business Bureau. Jim is one of the few Realtors in Boise Idaho that has earned the "top producer" designation in excess of ten times in his career so he is a proud to be honored as a Lifetime Member of the Circle of Excellence by the Ada County Association of Realtors. Before you hire a Realtor, be sure to interview Jim Paulson and compare the difference 25 years of experience selling Idaho real estate makes! http://www.IdahoMLStours.com Http://www.Progressive-Realty.info

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