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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.

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Answered in 49 minutes by:
3/17/2018
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,035
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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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: 1,035
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Customer reply replied 1 month ago
I think...thank you. I will proceed with those assumptions. Cross fingers!

Thank you!

Let me know if you need any assistance.

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taxmanrog
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Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

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