Do I need to report info for a mobile home I sold in 2017 ?

[BobinCT]

The two key questions:

a) Did you make money on it?

b) Did anyone issue you a 1099-S tax form reporting the sale?

If the answer to both questions is "no" then you don't have to report the sale on your income tax if the mobile home was for personal use..

If you were renting it out and taking depreciation deductions when you reported the rental income then you would also need to report it on your tax return.

[buford134]

we sold a mobile for 58000 that we paid 22000 for and had roughly 9000 in upgrades on. do we need to report this as income. if so can i claim a one time exemption

[GeorgeM777]

Maybe. You may be able to exclude your entire gain if you qualify for the Section 121 exclusion.  In general, to qualify for the Section 121 exclusion, you must meet both the ownership test and the use test. You're eligible for the exclusion if you have owned and used your mobile home as your main home for a period of at least two years out of the five years prior to its date of sale.  You can meet the ownership and use tests during different 2-year periods.   In other words, that two years does not have to be consecutive.  You can leave for a period of time and then come back.  When you come back, the "clock" will start ticking from where you left off. 

However, you must meet both tests during the 5-year period ending on the date of the sale.  Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.

Now, if you do not meet the Section 121 exclusion, then you need to report any gain from the sale of the mobile home on your tax return. 

@buford134