Selling a mobile home
Posted date : May 14, 2019.
My wife and I own a mobile home in a resident-owned park in Florida. We own a share plus a home. It now looks as if our park is being sold to a private owner. Our park was a not-for-profit association. If the sale happens, we will be receiving money for our bought-out share. Do we need to report this capital gain to the IRS and, if so, does anybody know at what percentage the taxation rate will be?
Perry Lalonde
Ontario
Response :
Ed.: Yes; Wallace Weylie, CSA’s legal advisor, says that any capital gain would have to be reported to the IRS. Probably, the gain could be divided by two, one half to each owner, and they would be able to take two exemptions, which this year was $4,050 each. The tax rate is 20% of the taxable gain.
