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QUESTION DETAIL

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I have a 33 year old mobile home (manufactured home) on a lot at the beach. I have leased the lot for the past 2.5 years and I am now selling the mobile home where it will remain on the leased lot. Can I deduct the lease payments to reduce the profit and


ANSWER


The BIDaWIZ Team's Answer:

yes; include the lease payments as part of the basis in the mobile home; provided,

that you did not already deduct the lease payments, in prior tax years.

The BIDaWIZ Team

 

 

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