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Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Back in May I won a travel trailer home from a drawing that

Customer Question

Back in May I won a travel trailer home from a drawing that cost me $400.00. I had to put an extra $1,000.00 to it to get the trailer I wanted not to mention paying almost $11,000.00 in taxes before it could be moved off the lot. My question is: Can I claim this as a first time home buyer credit? I would really appreciate some help and thank you for your time. Misty Rhone
Submitted: 6 years ago.
Category: Tax
Expert:  Merlo replied 6 years ago.

Hello Misty,

 

Unfortunately this would not qualify for the first time homebuyers credit. In order to qualify for this credit, you must actually purchase the home. It cannot be acquired through inheritance, or as a gift or any other means other than an actual purchase. The money you paid to have the trailer moved and the cost of the raffle ticket and the taxes you paid on the prize would not constitute a purchase.

 

The other requirement of this credit is that the home which is purchased must be used as your primary residence, meaning you must actually live in that home all of the time and use it as your main residence, and I am assuming this is not the case with the travel trailer home that you won. But even if it were, it would not qualify since the trailer was not obtained through an actual purchase.

 

You could sell the trailer and then use the sale proceeds to put down on the purchase of a home, and then that subsequent purchase would qualify, as long as you meet all of the other requirements.

 

If this was helpful please press the Accept button.

 

Thank you Misty

 

 

 

 

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