I just purchased a mobile home park in Alabama. On Turbo Tax is the mobile home park classified as "Multi-family" or as "commercial"?
I just purchased a brand new park owned mobile home for $50,000 that is being rented out. How is this classified under "Assets/Depreciation"? All I see is "Tools, Machinery, Equipment, Furniture" > Trailers and Trailer-mounted containers. Is a brand new mobile home considered as a trailer?
Lastly, what is the difference between a section 179 deduction and special depreciation? It seems like a brand new mobile home qualifies for 100% special depreciation and a full value section 179 deduction
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General you break down cost to land, land improvements and buildings if any, and use the class life that applies to each.
Reread the screens and make the correct selection that applies.
Section 179 allows you to use the full cost of a depreciable asset in the year it is placed in service, within limits. Likewise you could choose to use the special depreciation for any cost remaining after any section 179 expense election.
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