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capital gains tax on mobile homes on leased land?

Posted by tanama (My Page) on
Sat, Jan 21, 06 at 0:47

Does anyone know the capital gains rules with regards to selling a mobile home that's on leased land - aka a trailer in a trailer park?

Do "primary home" rules apply, or since it isn't real estate, does it get hit just as a regular capital gain?

Follow-Up Postings:

RE: capital gains tax on mobile homes on leased land?

If you have been deducting mortgage interest on your past taxes, you home is probably considered real estate. But, there is an exemption of $250,000 for you and another for your wife if you have lived there at least two years. I find it hard to believe you would owe any taxes on a trailer.

If you haven't been deducting mortgage interest, who knows you have it anyway?

RE: capital gains tax on mobile homes on leased land?

I agree with the above poster. I've never heard of anyone paying capital gains on a mobile home.

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