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Old 02-10-2009, 09:25 AM   #1
Tiffany0614
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Join Date: Feb 2009
Posts: 1
Do I qualify for the $7500 tax loan?

My husband and I currently own a mobile home. It is not on a foundation and we do not own the land it sits on (it's in a mobile home park). We also do not have a mortgage on it. I believe it was a vehicle loan. We are getting ready to buy a house and I can't find any info on whether we would be a first time home buyer because of our mobile home. We've been told by an HR Block employee that we would qualify but I wanted to see if there was any info our there on this. I believe we would qualify in all other aspects.

Thanks!
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Old 02-10-2009, 01:52 PM   #2
clydewolf
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Join Date: Oct 2001
Posts: 1,586
Tiffany0614,

Your present home would qualify for the tax credit if you were renting and purchased your home between April 8,2008 and June 30, 2009. The type of homes that do qualify are: Single family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes), and houseboats.

Because you currently own a mobile home as your main home, you would not qualify for the credit.

I copied this from the IRS:
Q. Who cannot take the credit?

A. If any of the following describe you, you cannot take the credit, even if you buy a main home:

Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You stop using your home as your main home.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year.
Your home financing comes from tax-exempt mortgage revenue bonds.
You owned another main home at any time during the three years prior to the date of purchase. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another main home at any time from July 2, 2005, through July 1, 2008.

Don't feel badly aabout missing this opportunity. The tax credit must be paid back in equal installments over fifteen years starting with your 2010 tax return.
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