No, I've only looked at Florida.
Well, I did run across this:
The cases I have seen indicates that some states may
But that's my point. The OP, and others with similar situations, ought to check the rules in their own states.
The Florida cases I found indicate that if a mobile home has its wheels taken off and it hooks up to underground utilities, it becomes a "fixture."
I'll certainly agree with that.
Stu
Here are some rules:
(and if married, such individual's spouse) had no present ownership interest
in a principal residence during the 3-year period ending on the date of the
purchase of the principal residence to which this section applies.
acquiring such property, and
acquiring such property is not determined?
of such property in the hands of the person from whom acquired, or
I understand all of the above but what I am trying to find is an IRS definition of "principal residence" with respect to a trailor that is not permanetlly attached to the ground on wich it rests. Is this an exception to the general rule?
George Anthony
See page 3 of
For sure a houseboat is not permanently attached to the ground.
Now if I could find something that said "principal residence" instead of "main home". I know this is trivial but it is also the IRS that is doing the defining.
George Anthony
if the state you reside in recognizes it as real property, I would say you're out of luck.
I also believe that the IRS would challenge anyone who, within the last three years, owned an interest in a "residence" that would qualify for the first- time homebuyers credit from taking the credit. So you might want to approach it from the standpoint of Form 5405--if you had just purchased the trailer and planned to live in it as your main home for at least 36 months, would you qualify for the credit? Do you think the IRS is going to let you exclude a gain on a sale under Section 121 and still take a credit as a first-time homebuyer?
I would add that it doesn't mean someone who owned, under local law, personal property wouldn't be taking a reasonable position that they were now entitled to the credit. Bear in mind that this is just a personal opinion on the matter.
Brew1 wrote: Do you think the IRS is going to let you
Since the definitions in Sec 121 apply to both the exclusion of the gain and the eligibility for the credit, there shouldn't be a conflict. Also, it's doubtful that the sale of a 15 year old personal property mobile home would generate a gain.
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