gfizer Posted February 27, 2010 Report Share Posted February 27, 2010 My taxpayer lived in a 1970's model single wide mobile home which was located on a farm which he and his dad bought as partners 6 years ago. The single wide mobile home was not titled in my taxpayers name, but he lived there rent free and was responsible for one-half of the mortgage payment on the underlying real estate. My guy has since married and this year purchased a new doublewide home which he had setup on the same piece of jointly owned farmland. Question 1: Would he qualify for first time homebuyer credit or long time resident credit? Question #2: The doublewide cost $40,000 but he also paid another $30,000 in setup expenses. Would only the cost of the home itself be considered for the credit or the total with setup expenses? Thanks for your help. Quote Link to comment Share on other sites More sharing options...
MargaretMort Posted February 27, 2010 Report Share Posted February 27, 2010 My taxpayer lived in a 1970's model single wide mobile home which was located on a farm which he and his dad bought as partners 6 years ago. The single wide mobile home was not titled in my taxpayers name, but he lived there rent free and was responsible for one-half of the mortgage payment on the underlying real estate. My guy has since married and this year purchased a new doublewide home which he had setup on the same piece of jointly owned farmland. Question 1: Would he qualify for first time homebuyer credit or long time resident credit? Question #2: The doublewide cost $40,000 but he also paid another $30,000 in setup expenses. Would only the cost of the home itself be considered for the credit or the total with setup expenses? Thanks for your help. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 27, 2010 Report Share Posted February 27, 2010 Sounds like he would qualify for the FTHBC, since he did not own the previous home. And the total cost of the home should include the cost to get it set up, as well as the purchase price. If he did not have it set up by the company that sold it, he needs to get detailed receipt from the folks that set it up, to document not only what was done, but the location, date, etc. Quote Link to comment Share on other sites More sharing options...
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