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Mobile Home Park Investing

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Edward Salazar
  • Orlando, FL
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36
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How to Handle My Mobile Homes Rental Income?

Edward Salazar
  • Orlando, FL
Posted Sep 8 2018, 23:24

Hello everyone and thanks for any feedback. This year i bought and renovated a few mobile homes in FL under the same LLC and already rented them out. The income is coming in to the LLC's bank account. My questions are: How would I be taxed on this income? What deductions can I use? The money I used to renovate them and acquire them, was mostly from my own cash (no bank or personal checks to prove amounts), could I use this cash as an expense? Since the mobile homes depreciate, can I use the depreciation against the income? and what would be the best way to get the income out from the LLC?

I appreciate any guidance on this matter

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