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We are getting ready to by a mobile home with cash. Can I

Customer Question
We are getting ready to...
We are getting ready to by a mobile home with cash.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Can I deduct the purchase price on my taxes
JA: Is there anything else the Accountant should be aware of?
Customer: Also can we deduct the lot Rental fee on our taxes
Submitted: 1 year ago.Category: Tax
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Answered in 3 minutes by:
9/8/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,338
Experience: Certified Public Accountant
Verified

Hi, my name is Mark. I will be happy to help you with your questions. You may be able deduct a small portion of the mobile home price. You are able to deduct either the state income taxes that you pay or the sales tax. So if you paid sales tax you would be able to claim this on schedule A.

Unfortunately you would not be able to deduct the rental fee on the lot.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

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Category: Tax
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