Sale of Rental Mobile Home

Forum|Forum|11 months ago
April 12, 2025
1 reply
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I own the land that a rental mobile home sits on. I sold the land and mobile home this year. However, when allocating the sales price and expense to the mobile home asset, I noticed on the depreciation schedule there is no cost basis for the land. (I know land isn't depreciable.)

Where can I record the land portion of the sale? I need to edit/enter the cost basis for the land and its percentage of the sales price and expense.

ThomasM125

You enter the cost of land associated with the mobile home when you enter the mobile home asset in TurboTax, on the screen that says Tell Us About This Rental Asset:

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WaterGal50Author

Thank you for the reply as I appreciate the help.

I was unable to do this for the property (but had successfully done it like you suggested for another sold property, a SFR). I believe it was because the type of asset (Mobile Home) was not coded as either a single family residence (SFR) or multi family, etc rather as OTHER. OTHER only presented the asset portion with no Land field.

In the end, I deleted the asset and re-entered it, not selecting the OTHER description, and filled in the appropriate fields for the Mobile Home and Land. Then, I went back and selected OTHER and the program retained the both fields, in this case Mobile Home and Land.

Additionally, as another asset ($1000 cost, 50% depreciated) associated with the Mobile Home sale was destroyed by a hurricane, it is appropriate to allocate $0 asset sales price and $0 asset sales expense to the asset?
Also, how is this handled in the Casualty section later?

PatriciaV

Since the other asset was destroyed in a natural disaster, you would enter all the information as a qualified casualty loss in TurboTax:

Open or continue your return.
Navigate to the casualty loss section:
- TurboTax Online/Mobile: Go to casualty loss.
- TurboTax Desktop: Search for casualty loss and select the Jump to link.
Select Yes on the Did you have anything damaged or stolen in 2024? screen.
Answer the questions about your event, entering your Description in the following format: State, Disaster (for example, California, Wildfires).