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Anonymous
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Oregon: 2016 I purchased a mobile home for $16k on a mobile park and rented the land. In 2019, I sold the home for $30k. Do I need to report this on my taxes? What form?

I purchased it CASH on February 2016 from the mobile park manager and sold it CASH in March 2019 to a private party. Do I need to pay taxes on it since I lived there for 3 years? What form do I need to report this on? I live in Oregon, there was no sales tax.
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Accepted Solutions
Irene2805
Expert Alumni

Oregon: 2016 I purchased a mobile home for $16k on a mobile park and rented the land. In 2019, I sold the home for $30k. Do I need to report this on my taxes? What form?

No - You do not have to report the sale of the mobile home as long as it was your personal residence for two of the last five years.  Gain of up to $250,000 ($500,000 for married filing jointly) is excluded from tax and you do not have to include the information in your return.

 

The sale of a principal residence is generally not reported on a taxpayer's return unless the taxpayer:

  • Has a gain and does not qualify to exclude it all;
  • Has a gain and elects not to exclude it; or
  • Receives a Form 1099-S for the sale.

 

If you wish to enter the sale of your principal residence in TurboTax to determine if there was a gain, please follow these steps:

  1. Click on Federal Taxes > Wages & Income
  2. Under Less Common Income, click on the Start/Revisit box next to Sale of Home (gain or loss).  
  3. On the screen Sale of Your Main Home click the Yes box.  
  4. On the Sold A Home screen, review the information you will need to enter and click Continue.  
  5. Continue through the interview, entering the requested information.
  6. On the screen, Tell Us About the Purchase of Your Home, you will need to enter the Adjusted Cost Basis.  For help in calculating the adjusted cost basis, click on the EasyGuide box.

Once you've entered all the information, TurboTax will calculate the gain for you.

 

  For more information on selling your home, please see the follow IRS publications:

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1 Reply
Irene2805
Expert Alumni

Oregon: 2016 I purchased a mobile home for $16k on a mobile park and rented the land. In 2019, I sold the home for $30k. Do I need to report this on my taxes? What form?

No - You do not have to report the sale of the mobile home as long as it was your personal residence for two of the last five years.  Gain of up to $250,000 ($500,000 for married filing jointly) is excluded from tax and you do not have to include the information in your return.

 

The sale of a principal residence is generally not reported on a taxpayer's return unless the taxpayer:

  • Has a gain and does not qualify to exclude it all;
  • Has a gain and elects not to exclude it; or
  • Receives a Form 1099-S for the sale.

 

If you wish to enter the sale of your principal residence in TurboTax to determine if there was a gain, please follow these steps:

  1. Click on Federal Taxes > Wages & Income
  2. Under Less Common Income, click on the Start/Revisit box next to Sale of Home (gain or loss).  
  3. On the screen Sale of Your Main Home click the Yes box.  
  4. On the Sold A Home screen, review the information you will need to enter and click Continue.  
  5. Continue through the interview, entering the requested information.
  6. On the screen, Tell Us About the Purchase of Your Home, you will need to enter the Adjusted Cost Basis.  For help in calculating the adjusted cost basis, click on the EasyGuide box.

Once you've entered all the information, TurboTax will calculate the gain for you.

 

  For more information on selling your home, please see the follow IRS publications:

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