Co-Op New Home Credit?

[Possi]

My client is purchasing her first home and it is a "co-op."

Is there any reason this would NOT qualify for the first time home buyer's credit?

While I am here, does property tax paid on a mobile home (permanently parked house) qualify as real estate tax for the above-line deduction?

thanks!

[BP.]

does property tax paid on a mobile home (permanently parked house) qualify as real estate tax for the above-line deduction?

Hope so, as I've already done a couple of these. I just make sure client is distinguishing between the property taxes & the ground rent. Having the paid tax bills helps with that distinction.

[Larmil]

Hope so, as I've already done a couple of these. I just make sure client is distinguishing between the property taxes & the ground rent. Having the paid tax bills helps with that distinction.

Is the bill for real estate tax or personal property tax? In MO mobile homes are generally taxed as personal property. I would think the actual billing would be the deciding factor.

[tilt53]

In Oregon you can have a mobile "delisted" or something like that and it becomes 100% personal property.

[BP.]

Is the bill for real estate tax or personal property tax? In MO mobile homes are generally taxed as personal property. I would think the actual billing would be the deciding factor.

PA- no personal property tax.

[oceanlovin'ea]

own property?

If they own the property that the mobile home is siting on, they would be paying real estate taxes.

Some states or counties also charge a personal property tax on the structures added to a mobile home, such as utility rooms and screened rooms. But this is usually on mobile homes that are in parks where rent is paid and the land is not owned.

Linda F

[BP.]

If they own the property that the mobile home is siting on, they would be paying real estate taxes.

In our area, mobile home owners will be paying real estate taxes to the county, the school district and the municipality (for such local jurisdictions that levy a real estate tax) even if they don't own the land the home is on. But as noted, the tax bills are proof.

[Possi]

tax bill

The tax bill for the mobile home is probably listed as personal property tax. I listed it on the Sch A as real estate tax and it carried to the 1040 when the Sch A did not kick in. I noticed it and let it stay. It was just over $400, and my sister's return. If I get popped in it, I'll cover her.
Next time I will not do that.

The co-op purchase... did we determine it is indeed qualifying as a first home purchase?

c'mon.... make momma happy!

=)

[Possi]

we got off topic... still looking for an answer.

My client is purchasing her first home and it is a "co-op."

Is there any reason this would NOT qualify for the first time home buyer's credit?


thanks!

We kind of got off the original question. I'm re-posting just this question.
Thanks!