You'll need to sign in or create an account to connect with an expert.
You can consider your mobile home as Rental Property.
You can claim Property Tax, Loan Interest, Utilities, Insurance, etc. as Rental Expenses.
Set up your rental property in the Property Profile section and add the home under Assets/Depreciation.
Click this link for more info on How to Enter Rental Income and Expenses.
how much per month. because you are renting to a relative any day you rent at less than fair market (FMV) is considered a personal use day. then the rules for the rental are as follows
was personal use days more than 14 days or 10% of rental days. if yes special rules apply.
there is also another issue. to be deductible as mortgage interest it must be secured debt.
secured debt is represented by a signed instrument that:
1) the mobile home is security for the debt
2) provides, in the case of default, that the home would satisfy the debt
3)is recorded or is otherwise perfected under any applicable state or local law.
He is able to pay $200 per month. The auto loan we used to refinance it is $540 plus full coverage insurance on the truck we used as collateral.
Bank would not use house as collateral because it is a mobile home older than 20 years.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Valveran1
New Member
DanTheDapperMan
Level 1
shivasfeet
New Member
kgorm
New Member
Mom2twingles
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.