Manufacured Home Depreciation/Tax Deduction?
My wife and I purchased a manufactured (mobile) home when we first married in 1991. We will be purchasing a new one to be placed on the same lot in a community (chattel) in the next few months. We paid $30K, and the new one will be in the area of $60-65K.
Are we entitled to deduct any depreciation or capital losses on our income taxes? If so, how much and where on the formS9)?
Thanks all in advance!
Most Popular Reply
Ashish Acharya
#2 Real Estate Success Stories Contributor
Tax & Financial Services
Pro Member
#2 Real Estate Success Stories Contributor
- CPA, CFP®, PFS
- FL
- 3,648
- Votes |
- 5,179
- Posts
Ashish Acharya
#2 Real Estate Success Stories Contributor
Tax & Financial Services
Pro Member
#2 Real Estate Success Stories Contributor
- CPA, CFP®, PFS
- FL
Is this rental? Depreciation only comes in play if it was rented.
Same with the loss, you can deduct the loss if it was rental. not if it was a personal asset where you lived in.
- Ashish Acharya
- [email protected]
- 941-914-7779
INVESTOR FRIENDLY CPA®
242 Reviews
5.0 stars
TaxMD™ | AI-Powered Tax Planning