30Rock Posted July 24, 2010 Share Posted July 24, 2010 Participant has requested primary residence loan to purchase an RV. Repayment period is 20 years It is possible someone could live in his RV, but what documentation does plan administrator ask for? He may use a PO Box as his mailing address. Need some type os proof that RV is really his primary residence Any help is appreciated! Link to comment Share on other sites More sharing options...
Jim Chad Posted July 25, 2010 Share Posted July 25, 2010 FWIW I knew a guy who lived in an RV for 2 years while he and his family built their house. Link to comment Share on other sites More sharing options...
austin3515 Posted July 26, 2010 Share Posted July 26, 2010 How about the rental plot at the camp ground or trailer park? Chances are you wouldn't pay for that just to store an empty rv. In addition, I would think it would be reasonable to rely on written representations. Austin Powers, CPA, QPA, ERPA Link to comment Share on other sites More sharing options...
Guest Serena Posted July 26, 2010 Share Posted July 26, 2010 What if they move from camp to camp? Also they could be telecommuting, and working from a different lake each day!! This may not be a bad idea! Link to comment Share on other sites More sharing options...
30Rock Posted July 26, 2010 Author Share Posted July 26, 2010 I got an answer from TAG DATA I wanted to share - ANSWER 1) If permitted by the loan policy, such a loan may be allowed, because "residence" has been defined in the regulations to include houseboats and house trailers. See below. §1.121-1 Exclusion of gain from sale or exchange of a principal residence. (b) Residence--(1) In general. Whether property is used by the taxpayer as the taxpayer’s residence depends upon all the facts and circumstances. A property used by the taxpayer as the taxpayer’s residence may include a houseboat, a house trailer, or the house or apartment that the taxpayer is entitled to occupy as a tenant-stockholder in a cooperative housing corporation (as those terms are defined in section 216(b)(1) and (2)). Property used by the taxpayer as the taxpayer’s residence does not include personal property that is not a fixture under local law. Link to comment Share on other sites More sharing options...
masteff Posted July 26, 2010 Share Posted July 26, 2010 IRS Pub 936 "Home Mortgage Interest Deduction", page 2, "Qualified Home" - "A home includes a .... house trailer ... or similar property that has sleeping, cooking and toilet facilities." That last bit used as a key test for many sorts of nontraditional dwellings (think tree houses, caves, missle silos, etc). Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra Link to comment Share on other sites More sharing options...
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