katie58 Posted June 8, 2015 Posted June 8, 2015 I am curious is anyone has had this question. Would you consider a 5 Wheeler a primary residence under the Safe Harbor Withdrawal guidelines? The vendor is stating it would be a primary residence. I always thought a primary home had to have a physical address. Thanks!
Lou S. Posted June 8, 2015 Posted June 8, 2015 Home is where the heart is. If that's their primary residence, I think it would qualify but I have no specific additional cite to add other than the actual term "primary residence".
shERPA Posted June 8, 2015 Posted June 8, 2015 Code Section 72(t) cross references to Section 121 re the principal residence for purposes of a first time homebuyer exception to the premature distribution penalty from IRAs. That's probably as close to a cite as there is. 121 refers to "property" and "residence", but no where does it refer to "real property". I know for purposes of the mortgage interest deduction for a 2nd home, RVs and boats can qualify if they have facilities for sleeping, food preparation and toilet facilities. So without any specific research I'd say a 5th wheel rig probably could qualify as a primary residence if in fact that is where the participant will live most of the time. I carry stuff uphill for others who get all the glory.
K2retire Posted June 9, 2015 Posted June 9, 2015 As a practical matter I know of people who have lived in their RVs with no other primary residence.
david rigby Posted June 9, 2015 Posted June 9, 2015 OK, I'll show my ignorance. I know what a "4-wheeler" is, what a "fifth wheel" is, but don't know the term "five wheeler". I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
katie58 Posted June 9, 2015 Author Posted June 9, 2015 Apparently, a 5 wheeler camper has the capabilities of being towed by a truck. (I am learning a lot. )
rcline46 Posted June 9, 2015 Posted June 9, 2015 ALL Tractor Trailers you see are known as 5th wheelers. It has to do with the plate on the truck mated with the pin on the trailer. Not a trailer hitch by the bumper, but a plate mounted in the bed of the truck.
GMK Posted June 9, 2015 Posted June 9, 2015 a few examples: http://www.campingworld.com/rvsales/fifth-wheel-trailer/3/ Disclaimer: This is from google. I have no affiliation with campingworld or any fifth wheeler company or dealer. Closest I got was that my sister in law and her husband had one.
ESOP Guy Posted June 9, 2015 Posted June 9, 2015 OK, I'll show my ignorance. I know what a "4-wheeler" is, what a "fifth wheel" is, but don't know the term "five wheeler". I thought the same thing and assumed he used the wrong term. As far as I know there is no such thing as a five wheeler. The correct term is 5th wheel. For those who are interested in a little history the term comes from the horse drawn wagon days http://en.wikipedia.org/wiki/Fifth_wheel_coupling. david rigby 1
QDROphile Posted June 9, 2015 Posted June 9, 2015 Is all this wheely necessary to respond to the question? david rigby 1
ESOP Guy Posted June 10, 2015 Posted June 10, 2015 In my opinion the question was answered by reply #4. The rest is just gravy.
Belgarath Posted June 10, 2015 Posted June 10, 2015 Qdrophile - good one. I can only say that I'm tired of all this. Tread softly.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now