Mobile Home Tax Question

Forum|Forum|2 years ago
March 3, 2024
1 reply
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My wife and I have a rental LLC. We own a property (land) in a mobile home subdivision that her mother rented from us (she owned the mobile home). Last year she moved in with us and sold us the mobile home for $1.00, basically signed the title over to us. We titled the mobile home in the LLC. The mobile home has NOT been de-titled and attached to the land yet. We plan to renovate it and use it as a rental property in the future. How do we (or do we need to) list the mobile home on our business taxes for 2023? It is titled like a vehicle and we will have to pay personal property taxes on it.

TurboTax Business Windows

ThomasM125

You would treat the mobile home as rental real estate and as such it would be depreciated over 27.5 years. You would enter it in TurboTax at it's cost or fair market value, which ever is less, on the date it was available to be rented. The cost of renovations would be added to the cost basis of the home. Enter it as Rental Real Estate Property, and then Residential Rental Real Property. You'll see an option to enter assets for depreciation in the business section of TurboTax, on the screen that says Review your (name of rental) Rental Summary, look for Assets/Depreciation: