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Sold Investment land and barn rental property

rental property consists of land and barn is this nonresidential? or residential? 

land is set up for mobile home 

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1 Best answer

Accepted Solutions
PatriciaV
Expert Alumni

Sold Investment land and barn rental property

It depends on how the property was used during the time you owned it

If you rented the property as a residence, then you would report the property as Residential Real Property

But if you rented the property for another use or if you did not rent the property at all, you would report this as NonResidential Real Property.

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4 Replies

Sold Investment land and barn rental property

he property has always been lived on, but the tenants had there own mobile home.
PatriciaV
Expert Alumni

Sold Investment land and barn rental property

It depends on how the property was used during the time you owned it

If you rented the property as a residence, then you would report the property as Residential Real Property

But if you rented the property for another use or if you did not rent the property at all, you would report this as NonResidential Real Property.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Sold Investment land and barn rental property

The property has always been lived on but the tenants had there own mobile home.
PatriciaV
Expert Alumni

Sold Investment land and barn rental property

If you sold it as an occupied rental, then it would be considered Residential Real Property.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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