Principal Residence

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Subject Author Date Principal Residence George Anthony 06-09-2009  Re: Principal Residence Arthur Kamlet 06-09-2009  Re: Principal Residence paultry 06-09-2009  Re: Principal Residence Stuart A. Bronstein 06-09-2009  Re: Principal Residence Alan 06-09-2009  Re: Principal Residence paultry 06-09-2009  Re: Principal Residence George Anthony 06-09-2009  Re: Principal Residence Wallace 06-09-2009  Re: Principal Residence paultry 06-10-2009  Re: Principal Residence brew.one 06-10-2009  Re: Principal Residence Stuart A. Bronstein 06-10-2009  Re: Principal Residence paultry 06-10-2009  Re: Principal Residence Brew1 06-11-2009  Re: Principal Residence paultry 06-11-2009  Re: Principal Residence Stuart A. Bronstein 06-11-2009  Re: Principal Residence paultry 06-11-2009  Re: Principal Residence Stuart A. Bronstein 06-11-2009  Re: Principal Residence brew.one 06-09-2009  Re: Principal Residence paultry 06-09-2009  Re: Principal Residence brew.one 06-09-2009  Re: Principal Residence Stuart A. Bronstein 06-09-2009  Re: Principal Residence Drew Edmundson 06-09-2009  Re: Principal Residence Igor Taemwar 06-18-2009  Re: Principal Residence George Anthony 06-18-2009  Re: Principal Residence Brew1 06-19-2009  Re: Principal Residence paultry 06-19-2009  Re: Principal Residence Arthur Kamlet 06-18-2009  Re: Principal Residence George Anthony 06-19-2009
Posted by George Anthony on June 9, 2009, 12:47 pm Please log in for more thread options Taxpayer purchased a trailor(mobile home) 15 years ago and placed it on a rented lot in a mobile home park. She has lived there since the purchase and recently closed on a newly constructed ranch type home. Her realtor implied that since she had a "title" and not a "deed" to the mobile home that it would not be considered her principal residence and that she would be eligible for the first time homebuyers credit. I would appreciate your thoughts on this. Thank you, George L Anthony geoanthony@atlanticbb.net -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Arthur Kamlet on June 9, 2009, 12:55 pm Please log in for more thread options >Taxpayer purchased a trailor(mobile home) 15 years ago and placed it on a >rented lot in a mobile home park. She has lived there since the purchase >and recently closed on a newly constructed ranch type home. Her realtor >implied that since she had a "title" and not a "deed" to the mobile home >that it would not be considered her principal residence and that she would >be eligible for the first time homebuyers credit. > >I would appreciate your thoughts on this. I assume her realtor also does root canals on the side? If the trailer was the main residence, and had sleeping quarters, cooking area and bathroom facilities, it sure sounds like a main home to me. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by paultry on June 9, 2009, 1:58 pm Please log in for more thread options Arthur Kamlet wrote: >> Taxpayer purchased a trailor(mobile home) 15 years ago and placed it on a >> rented lot in a mobile home park. She has lived there since the purchase >> and recently closed on a newly constructed ranch type home. Her realtor >> implied that since she had a "title" and not a "deed" to the mobile home >> that it would not be considered her principal residence and that she would >> be eligible for the first time homebuyers credit. >> >> I would appreciate your thoughts on this. > > > I assume her realtor also does root canals on the side? > > > If the trailer was the main residence, and had sleeping > quarters, cooking area and bathroom facilities, it sure > sounds like a main home to me. It's not an issue of "title vs. deed", it's the foundation. From the HUD web site: http://www.hud.gov/offices/hsg/sfh/ref/sfhp3-02.cfm A first-time homebuyer is an individual who meets any one of the following criteria: - An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations. Many mobile home owners qualify as first-time homebuyers. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Stuart A. Bronstein on June 9, 2009, 2:40 pm Please log in for more thread options > Arthur Kamlet wrote: >>> Taxpayer purchased a trailor(mobile home) 15 years ago and >>> placed it on a rented lot in a mobile home park. > >> If the trailer was the main residence, and had sleeping >> quarters, cooking area and bathroom facilities, it sure >> sounds like a main home to me. > > From the HUD web site: > > http://www.hud.gov/offices/hsg/sfh/ref/sfhp3-02.cfm > > A first-time homebuyer is an individual who meets any one of > the following criteria: > > - An individual who has only owned a principal residence not > permanently affixed to a permanent foundation in accordance > with applicable regulations. > > Many mobile home owners qualify as first-time homebuyers. Well, HUD doesn't make the tax rules. Under the implementing statute "principal residence" means the same thing it does under section 121 which is the tax credit for sale of a principal residence. I was not able to find anything in the statute, regulations or tax court cases dealing with whether mobile homes are a "princial residence" for this purpose. Stu -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Alan on June 9, 2009, 3:18 pm Please log in for more thread options Stuart A. Bronstein wrote: >> Arthur Kamlet wrote: > >>>> Taxpayer purchased a trailor(mobile home) 15 years ago and >>>> placed it on a rented lot in a mobile home park. >>> If the trailer was the main residence, and had sleeping >>> quarters, cooking area and bathroom facilities, it sure >>> sounds like a main home to me. >> From the HUD web site: >> >> http://www.hud.gov/offices/hsg/sfh/ref/sfhp3-02.cfm >> >> A first-time homebuyer is an individual who meets any one of >> the following criteria: >> >> - An individual who has only owned a principal residence not >> permanently affixed to a permanent foundation in accordance >> with applicable regulations. >> >> Many mobile home owners qualify as first-time homebuyers. > > Well, HUD doesn't make the tax rules. Under the implementing statute > "principal residence" means the same thing it does under section 121 > which is the tax credit for sale of a principal residence. > > I was not able to find anything in the statute, regulations or tax > court cases dealing with whether mobile homes are a "princial > residence" for this purpose. > > Stu > From Sec. 121 regulations: ================================================================= (b) Residence—(1) In general. Whether property is used by the taxpayer as the taxpayer's residence depends upon all the facts and circumstances. A property used by the taxpayer as the taxpayer's residence may include a houseboat, a house trailer, or the house or apartment that the taxpayer is entitled to occupy as a tenant-stockholder in a cooperative housing corporation (as those terms are defined in section 216(b)(1) and (2)). Property used by the taxpayer as the taxpayer's residence does not include personal property that is not a fixture under local law. ================================================================= It has been well established that taxpayers who live in a mobile home as their main home meet the definition in Sec. 121 for excluding gain on a sale. There is no requirement that the home be permanently fixed. There is no requirement that the taxpayer own the land upon which the home sits. As the taxpayer in question appears to have used the mobile home as his/her main home during the last 3 years, the taxpayer would not qualify for the first-time homebuyer credit. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Maryland Principal tax, residence vs non-residence August 21, 2008, 11:17 am Removing principal from a Roth IRA February 21, 2008, 11:17 pm Re: Confused by not knowing what to put into Schedule C and Principal April 15, 2006, 2:47 am S-Corp with Home as Principal Place of Business April 23, 2006, 3:13 am Re: Confused by not knowing what to put into Schedule C and Principal Business Codes April 17, 2006, 12:05 am Sale of NYC residence June 26, 2008, 9:49 am 401K first residence question October 11, 2007, 10:19 pm How is legal residence determined? 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