Are gains on a mobile home taxable? the title of a mobile home. I have never lived in the property, and the home was the

Hello! My name is ***** ***** I am an attorney. I am happy to assist you! I am reviewing your question and will be providing a response momentarily.

You said your name is ***** ***** title also. Is it the only name? And if so, did you purchase or inherit it?

I see. So, the stepdaughter never took your name off the title. Does that mean that you will also get your share of the profit?

I understand. And it could be a possibility you would be responsible for your share of the gains because there could be capital gains and those would be taxed. Almost everything you own and use for personal or investment purposes is a capital asset. Examples include a home, personal-use items like household furnishings, and stocks or bonds held as investments, even a car or mobile home. And it does not matter if it is real property or personal property. It sounds like your home is personal property However, manufactured or mobile homes will be valued and classified as real property when the home meets all of the following guidelines:

(a) the running gear is removed; and

(b) the manufactured or mobile home is attached to a permanent foundation, which cannot feasibly be relocated. Two possible foundation types exist:

(i) a concrete, concrete block, or wood perimeter foundation setting on a concrete or concrete block footing;

(ii) concrete stringers with footings or concrete columns with attachment points and the manufactured or mobile home is anchored and permanently blocked and skirted; and

(c) it is placed on land that is owned or being purchased by the owner of the manufactured home or mobile home or, if the land is owned by another person, it is placed on the land with the permission of the landowner.

Okay. To me, it sounds like it is still personal property. In any event, there could be capital gains because you are one of the co-owners. However, check with your accountant because there may be a way to claim you never realized a gain (since you never purchased the property yourself but your name was put on it at a later date. Or your gain would be less than the gain from the original purchase prices.

I think so because even if your step daughter pays your share of the capital gains tax, it could be considered a gift ot you.

You are welcome. And of course, I know it is not what you want to hear! Who would want to hear that?! I hear you.

My pleasure.

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