ask matt cpa we are free agents nation …

Question: Can i be considered first home buyers if we owned a mobile home, but not the land the mobile home was on, we didn’t claim homestate exception, nor did we claim any interest on loan.

Answer:

A primary residence can be a house, condominium, co-operative apartment, houseboat, or mobile home.  Credit will be given to purchase for any of such properties, on the same token, owning such property before will be counted as home ownership. 

The keyword is primary residence, so even if you own a vacation home or rental property before and it is not your primary residence for at least three years preceding the purchase of the new home, you are in.

If you take the position that you never claimed any deduction related to the home before, so you could fall under the radar and pass the test.  That position can not hold water when under question.

Another thing to consider: if you have owned your home for consecutive 5 years in the last 8 years, you may qualify for a $6,500 credit.

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