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Purchased home (23 acres), added mobile home - June, 2009

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Purchased add'l 12 acres adjacent...
Purchased home (23 acres), added mobile home - June, 2009
Purchased add'l 12 acres adjacent in October 2009. Used both properties for ranching.
Sold 12 acres in July of 2015. Sold mobile home and replaced with larger mobile.
Does the 12 acres qualify as part of home for exemption purposes?
Submitted: 2 years ago.Category: Tax
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11/25/2015
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
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Satisfied Customers: 3,339
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Hi. My name is ***** ***** I will be happy to help you.

When you said you used it for ranching. Did you do it as for profit business activity?

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Tax Professional: emc011075, Tax adviser replied 2 years ago

Also, when you sold the mobile home, did you sell it with the land or you just replaced one mobile home for another?

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Customer reply replied 2 years ago
I assume filing Sch F (even though losses reported) is considered business purpose. Am keeping the 23 acres, just replacing the mobile home with a larger one.
Customer reply replied 2 years ago
The home replacement occurred about 6 weeks after the sale of the 12 acres
Tax Professional: emc011075, Tax adviser replied 2 years ago

Couple of issues here. If the 12-acre land was used for ranching, it has to be treated as sale of business property and the exclusion for the sale of personal residence cannot be applied here. Also, the fact that you didn't sell the original land that the 12-acre parcel was attached to, will also make it ineligible for the exclusion.

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Tax Professional: emc011075, Tax adviser replied 2 years ago

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