Mobile Home Investors Tax write offs
I own a mobile home park in Texas and am looking to expand the park from 5 units to 7 units. I’m wondering if the purchase of the new units will offset the income I made in 2019?
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#2 Tax, SDIRAs & Cost Segregation Contributor
- CPA, CFP®, PFS
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Originally posted by @Bridget Gilder:I own a mobile home park in Texas and am looking to expand the park from 5 units to 7 units. I’m wondering if the purchase of the new units will offset the income I made in 2019?
You will not be able to deduct the purchase of the unit against the income 2019.
You have to depreciate the asset. 2019 depreciation will be for .5 month if you purchase this year.
If purchase was motivated because of tax deduction, then might want to think about that again.
What’s the depreciation schedule for this personal property (MH)? Is there bonus depreciation that can be recaptured in the first year?
