If not, are there any other tax benefits to buying a mobile (manufactured) home in a park?
If not, are there any other tax benefits to buying a mobile (manufactured) home in a park?
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there is a difference between mobile home and manufactured. If it is a mobile home on leased property nad the home is financed, you need to look at the purchase paperwork and see if it is a mortgage or just consumer financing. If I had to guess it is not a mortgage and the int would not be tax deductible.
Yes, you can write off mortgage interest on homes located on lease land, mobile home parks or manufactured home communities. You need to check with a tax professional to insure that your standard deduction merits using your mortgage interest write off.
You may also write of your county personal property taxes, along with a deduction for rental, as you are leasing the land.
You now have 3 possible write off’s
You absolutely can write off mortgage interest on homes located on leased land, mobile home parks or manufactured home communities. You just need to check with whoever prepares your taxes to make sure it’s the correct type of loan. By that I mean, is it truly a mortgage loan, or did you purchase the mobile home using a standard consumer loan. If you used a consumer loan, chances are very high that the interest will not be deductible.
And don’t forget that you can also write off your property taxes and monthly lot rent fees, because you are leasing the land.