Thursday, July 14, 2011
Can we buy an RV and live in it 100% of the time and claim it as our first home on taxes?
My wife and I just fond out that we need to move, in two (2) months, out of the home we've been renting for 3 yrs because the owners main house is bring foreclosed upon and they want to move in to the one we are in. We have been getting our finances and credit in order to buy a first home of our own this year but wont be ready for another 6month or so. We have been considering strongly of buying an RV as our first home in the interim, and living in it at a local trailer park until we can buy a permanent home. With the added financial liability this puts on my credit, I assume that it will extend the amount of time it will take us to purchase a home.. my question is: Can the RV be our 1st home (tax question) and the space rental payments deducted somehow? ... and the permanent home we purchase (hopefully before the end of this year) be our second home in regards to tax purposes? (we are trying minimize the # of times we move and since we want an RV anyway, our thought is that this would be an easier process... Any opinions/suggestions would be appreciated.
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