Posted by JHyre in Ohio on December 15, 2009 at 14:59:16:
A Lonnie Deal counts, meaning if you are selling, this is a source of down payment, and if you are buying/have bought, you are disqualified from the credit on subsequent purchases.
John Hyre
Lonnie Deal = lose 1st time homebuyer status? - Posted by SS
Posted by SS on December 15, 2009 at 11:13:24:
Does anyone know if I do a “Lonnie Deal” and buy/sell a mobile home
and
finance the sale for the new buyer, if that would remove my first time
home
buyer status?
My wife and I are going to buy a home this year and I want to make
sure this
doesn’t disqualify us from first time home buyer incentives.
I live in Minnesota.
Anyone have any experience with this?
Re: Lonnie Deal = lose 1st time homebuyer status? - Posted by PatrickP
Posted by PatrickP on January 04, 2010 at 15:55:47:
As some people already answered your question, no you will not lose the “first time home buyer” status as long as it’s not your primary resident (you don’t live in that MH). Good luck.
NOO SFR would not disqualify - Posted by John Merchant
Posted by John Merchant on December 17, 2009 at 11:22:21:
Only deal that would disqual you would be a HOO deal on a property acquired for your personal residence.
No disqual on a “commercial”* (NOO biz property)
*your state’s stats may contain definition of “commercial” property like WA State does…ANY kind of RE including SFR that’s acquired NOT for OO residential purposes. So check your state’s statutes and see if “commercial property” is defined therein. Probably a quick Google search for “MN legal definition commercial property” would get you an immediate answer.
Re: Lonnie Deal = lose 1st time homebuyer status? - Posted by blake
Posted by blake on December 15, 2009 at 19:34:04:
it doesn’t count unless you lived in the home before
you sold it. you can check out the rules on the irs
website. you’re allowed to have investment properties
etc. and still take advantage of the credit so long as
you didn’t own the home you lived in.
http://www.irs.gov/newsroom/article/0,,id=206294,00.htm
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