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KristianaD
Level 2
August 31, 2022

Sale of Mobile Home

  • August 31, 2022
  • 3 replies
  • 9 views

I am seeing mixed advice out there so I wanted to ask - is a mobile home always considered a capital asset? Or does it have the opportunity to quality for the home sale exclusion if its the primary home, lived in 2+ years, etc. 

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    3 replies

    BobKamman
    BobKamman
    Level 15
    August 31, 2022

    If you are seeing mixed advice, maybe you should consider cataract surgery.  

     

      qbteachmt
      qbteachmt
      Level 15
      August 31, 2022

      I would look at what the IRS tells you; it's in Pub 523. I googled this for you:

      does mobile home qualify for primary residence tax exemption

      "Finally, the exclusion can apply to many different types of housing facilities. A single-family home, a condominium, a cooperative apartment, a mobile home, and a houseboat each may be a main home and therefore qualify for the exclusion."

      Don't yell at us; we're volunteers
        sjrcpa
        sjrcpa
        Level 15
        August 31, 2022

        FYI -  a home is a capital asset.

        The more I know the more I don’t know.
          sjrcpa
          sjrcpa
          Level 15
          August 31, 2022

          Your client is having  a gain on the sale of a mobile home? That doesn't happen very often.

          The more I know the more I don’t know.
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