Comments on: We bought a mobile home for cash. Will we qualify for this years homeowner tax deduction? http://fromhomecash.com/we-bought-a-mobile-home-for-cash-will-we-qualify-for-this-years-homeowner-tax-deduction/ Sat, 22 Oct 2011 07:40:02 +0000 hourly 1 http://wordpress.org/?v=3.1 By: hrblockerrolquinn http://fromhomecash.com/we-bought-a-mobile-home-for-cash-will-we-qualify-for-this-years-homeowner-tax-deduction/#comment-356 hrblockerrolquinn Wed, 18 Aug 2010 19:09:32 +0000 http://fromhomecash.com/we-bought-a-mobile-home-for-cash-will-we-qualify-for-this-years-homeowner-tax-deduction/#comment-356 Dear B: There are other qualifications that you must meet. Have not owned a primary residence in the past 3 years. Did not purchase it from a close relative and the credit is 10% of the purchase price not to exceed $8000. You must also have a receipt of sale. It is not a tax deduction it is a refundable credit and yes you seem to meet the qualification with the mobile home. You can either claim it on your '09 taxes or amend your '08 taxes. Form 5405 is the reporting form and include a receipt of sale to save time. Currently the processing time is over 4 months. This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Dear B: There are other qualifications that you must meet. Have not owned a primary residence in the past 3 years. Did not purchase it from a close relative and the credit is 10% of the purchase price not to exceed $8000. You must also have a receipt of sale.

It is not a tax deduction it is a refundable credit and yes you seem to meet the qualification with the mobile home. You can either claim it on your ’09 taxes or amend your ’08 taxes. Form 5405 is the reporting form and include a receipt of sale to save time. Currently the processing time is over 4 months.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

]]> By: Ryan M http://fromhomecash.com/we-bought-a-mobile-home-for-cash-will-we-qualify-for-this-years-homeowner-tax-deduction/#comment-357 Ryan M Wed, 18 Aug 2010 19:09:32 +0000 http://fromhomecash.com/we-bought-a-mobile-home-for-cash-will-we-qualify-for-this-years-homeowner-tax-deduction/#comment-357 Yes. How you actually buy the home is irrelevant, as long as you meet the other requirements. Yes. How you actually buy the home is irrelevant, as long as you meet the other requirements.

]]> By: Judy http://fromhomecash.com/we-bought-a-mobile-home-for-cash-will-we-qualify-for-this-years-homeowner-tax-deduction/#comment-358 Judy Wed, 18 Aug 2010 19:09:32 +0000 http://fromhomecash.com/we-bought-a-mobile-home-for-cash-will-we-qualify-for-this-years-homeowner-tax-deduction/#comment-358 Paying cash doesn't disqualify you if you meet all of the requirements. Paying cash doesn’t disqualify you if you meet all of the requirements.

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