Primary Residence Loan

[30Rock]

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!

[Jim Chad]

FWIW I knew a guy who lived in an RV for 2 years while he and his family built their house.

[austin3515]

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.

[Guest Serena]

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!

[30Rock]

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.

[masteff]

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).