All Forum Posts by: Joseph Palmiero

You may qualify for a partial exclusion of the gain if you sold because of a change in employment, health reason, or unforeseen circumstance. Another idea to offset the taxes from the gain is to make a deductible contribution to a traditional IRA, if you are eligible.

Yes, I consider capex as part of the equation. This gives the true return of all of your own cash you put into the deal.

Great post!  Thank you for taking the time to write and share!

You will need file a Ohio tax return to report and pay tax on that rental income.  Then you will receive a credit for that tax on your New York income tax return.

I just happened to see it on Craigslist.  Here are some other ways to find parks for sale:  There are a few websites that have lists of mobile home parks for sale.  There are also Facebook groups that owners and brokers post parks for sale.  Another way is to make a list of the parks in your area and start mailing to them.  Hope this helps.

In some scenarios, high income taxpayers may want to consider being taxed as a C Corporation in order to take advantage of the 21% corporate tax rate.  

Not worth it unless you are also planning to sell another property with a gain.

Another strategy would be to setup a Solo 401k for a small business and roll over $100k from your IRA. Then you could borrow $50,000 from the plan tax free.

I purchased a 26 pad park about 5 years ago.  You will have to look at zoning in your area to see if they allow a MHP.  You can also look into getting a zoning variance. Local municipalities usually aren't too excited about them.  It might be a heavy lift to start one from the ground up for your first deal.  You may want to look into purchasing an existing park to get started and to learn the ropes of operating a park. 

One thing to consider before looking into the cost segregation is to see if you would be able to use the loss generated on your tax return.  Depending on your income you might qualify for the "Small Landlord Exception" to take the loss.  You also can take the loss if you have other passive income or if you (or your spouse, if married) work in a real property trade or business and you materially participate in the rental.