Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Last year, 2017, I took out a cash loan from my own TIAA…

Last year, 2017, I...

Last year, 2017, I took out a cash loan from my own TIAA CREF retirement account in the amount of $30,000 to purchase a manufactured home in a trailer park, for $23,000. I pay a monthly lot rent that covers my property taxes and other fees. What documents do I need to assist in filing my taxes? I also pay my monthly loan to my own

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

TIAA CREF account.

Show More
Show Less
Ask Your Own Tax Question
Answered in 49 minutes by:
3/17/2018
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,144
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
Verified

Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

Ask Your Own Tax Question

TIAA CREFF should send you a statement at the end of the year as to what the interest you paid is. Even though a manufactured home is considered tangible personal property (as opposed to a house, which is real property) the IRS will let you deduct the interest as mortgage interest on Schedule A.

As far as the lot rent, I've been doing this for over 33 years, and I have not seen anywhere that the lot rent is broken into rent and real estate taxes. Usually the company that owns the land deducts the real estate tax on their own tax return. The firm I work for now has a couple of parks that we do the tax compliance for and that is how they do it.

I hope this answers your questions. If you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great weekend!

Roger

taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,144
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
Verified
taxmanrog and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 4 months ago
I think...thank you. I will proceed with those assumptions. Cross fingers!

Thank you!

Let me know if you need any assistance.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask taxmanrog Your Own Question
taxmanrog
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,144
1,144 Satisfied Customers
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

taxmanrog is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I purchased a travel trailer for a family friend and put it
Hi there. I purchased a travel trailer for a family friend and put it into a monthly rate (permanent) park. My name is ***** ***** lease, and I pay the rent, collecting from the friend. Can I claim th… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My spouse is getting ready to withdraw benefits from a Tiaa
My spouse is getting ready to withdraw benefits from a Tiaa Cref retirement account from a former employer because he is 701/2. The employer was a private university. He insists that I must sign a spo… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
I sold a park model trailer in a land rent park. The sent me
I sold a park model trailer in a land rent park. The sent me a tax form 1099 MISC and showing it as income...Why? and I sold it for less than value. Value was 19500 and sold for 11772.63. I Bought ano… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My 85 year old mother is the owner of 4 TIAA-CREF immediate
My 85 year old mother is the owner of 4 TIAA-CREF immediate annuities. They have no cash value and are irrevocable; the funds cannot be stopped, exchanged, redeemed, etc. I was told that TIAA-CREF ann… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
I borrowed money from a relative to purchase a travel
Hello. I borrowed money from a relative to purchase a travel trailer. I have already had money taken out by TIAA/CREF for taxes on the amount I took out of my retirement fund to pay the individual bac… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
I was the recipient of a non-spousal inherited IRA w/TIAA-CREF.
I was the recipient of a non-spousal inherited IRA w/TIAA-CREF. I guess I didn't do my homework correctly because instead of transferring the IRA with the deceased name still associated with it, they … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
at the end of 2014 my mothers trailer home in a retirement
at the end of 2014 my mothers trailer home in a retirement park of both she and I were owners, long story short we had to sign it over to the park as we were unable to sell it and could not continue t… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I live in South Carolina and have both an employee IRA account
I live in South Carolina and have both an employee IRA account (with TIAA CREF) and an inherited IRA (with Vanguard) and I'm looking for a way to finance the purchase of a piece of real estate (land w… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am preparing a 1040 form for my personal taxes for 2013.
I am preparing a 1040 form for my personal taxes for 2013. In 2013, I took out some money from a tiaa-cref account and I was only 58 years old. I believe that the tiaa-cref account was a 401 or 403 ty… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I have a TIAA-CREF Traditional Lifetime Annuity. I am in
I have a TIAA-CREF Traditional Lifetime Annuity. I am in need of a lump sum of cash (not all), from this annuity. Can this be done? I just get the idea this may be difficult. Thanks… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am 67 years old drawing a state retirement and SS. I have
I am 67 years old drawing a state retirement and SS. I have $40K in TIAA-CREF. I want to invest this (roll it over) in real estate (assisted living apartment). What are the tax implications?… read more
Jacy
Jacy
Bachelor's Degree
567 satisfied customers
I received $440,000 from a stock purchase agreement (sold my
I received $440,000 from a stock purchase agreement (sold my company). $30,000 of this is being held in escrow until December 2009. After payng off our house and some debts, I have $66,000 left over f… read more
Bill
Bill
Master\u0027s Degree
3,132 satisfied customers
i live in my rv while working away from home.my employer requires
i live in my rv while working away from home.my employer requires i live within an hour driving range to report for work.i can find no work within my home area and must work out of that area.is my lot… read more
Anne
Anne
Master Tax Preparer
2,345 satisfied customers
TIAA CREF had my deceased fathers IRA in which I was ...
TIAA CREF had my deceased father''s IRA in which I was named the beneficiary. Every August since 2002 I received a form letter from TIAA CREF stating I needed to transfer my father''s IRA into my name… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
Can I buy a travel trailer and use it for business trips ...
Can I buy a travel trailer and use it for business trips rather than staying in a hotel, and deduct the cost of the travel trailer as if it were a hotel or motel?… read more
Anne
Anne
Master Tax Preparer
2,345 satisfied customers
I live in a trailer park and own the home but rent the ...
I live in a trailer park and own the home but rent the land. I filled out a starprogram form for my landlord . Am I suppose to get something of the lot rent or money back from my landlord? If so where… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I know mortgage interest is tax deductible, but is the ...
I know mortgage interest is tax deductible, but is the monthly HOA fee for a condo, or the land rental fee for a manufactured home, also tax deductible?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
i am 73 and have not yet begun taking my retirement ...
i am 73 and have not yet begun taking my retirement benefits because I am still working full-time. I was told I would not have to pay a penalty. Is that true?… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x