In my state, a mobile home is personal property - not real estate, unless it is set on a permanent foundation. My question is. would a couple who own and live in a mobile home, not on a permanent foundation, qualify for the new $7,500 tax credit?
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Technical Corrections
Don't know, TaxFun, and probably no one else does either at this point.
This is typical of new legislation, impossible to address all the possible scenarios that will arise in the application of new law. Regulations will follow, as well as so-called "technical corrections" that will make their way into taxation in next year or so.
Many "technical corrections" are issued post-passage, and are promulgated by wealthy, influencial constituents who have had their toes stepped on by new laws. It is easier for congressmen to issue "technical corrections" thus leaving the impression that a few details were overlooked in the original passage of the law. Some of these are in fact technical corrections as they say, but many of them are outright retractions under a different name. -
I had the same question
Also, if they purchase the land and home in separate contracts does only the value of the home count toward the credit (probally less than $75,000, reducing the credit to 10% of purchase price). If so, it would much more sense to buy the land and home together in one contract to qualify for the maximum "credit" (I refuse to call this a real credit as it is really just a disguised loan from the gubment).Comment
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