On Form 5405 it says that a First time Homebuyer is anyone who has owned a Main Home whether it be a House, Houseboat, Housetrailer, cooperative apartment, condominium, or other type of residence. Well my client could not qualify credit wise to purchase a home and her uncle purchased a housetrailer ten years ago. Her name and husbands name is on the title along with her uncles. She just purchased a home and qualified as a first time homebuyer financing but what I am reading she does not qualify for this credit because she has owned a home. The housetrailer has been her main home for the last ten years but she qualifies for financing as a first time homebuyer. If she qualifies with government as a financing, can she not take the credit as a first time homebuyer? Confusing?
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I don't see how. If they owned a home they owned a home and aren't first time home buyers.JG -
The first time home buyers tax credit and first-time home-buyers financing follow different rules. A mobile home qualifies for the first-time home-buyer tax credit but a mobile / double-wide on a rented lot is not considered a home for financing purposes. Doesn't make sense but that is the way it is.Comment
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