How should I set the profile of a mobile home park in turbotax? Multi-family depreciates in 27.5, but I thought I can do 15 year depreciation for mobile home park.

[Cattlerancher]

@view2 , so do all rentals, regardless of whether they are an older single wide mobile home or a modern frame constructed home on concreate foundation, use 27.5 year recovery period?

[view2]

Question is about the mobile home  park purchase , which is mostly composed of land and land improvements, however if a showers building and clubhouse  exist each must be allocated a cost and depending on participation to what schedule the activity is reported on,

Dwelling unit.   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. It also includes all structures or other property belonging to the dwelling unit. A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities.

  A dwelling unit does not include property (or part of the property) used solely as a hotel, motel, inn, or similar establishment. Property is used solely as a hotel, motel, inn, or similar establishment if it is regularly available for occupancy by paying customers and is not used by an owner as a home during the year.

<a rel="nofollow" target="_blank" href="https://www.irs.gov/publications/p527/ch05.html">https://www.irs.gov/publications/p527/ch05.html</a>

[Cattlerancher]

This was just my question to you. Thanks

[view2]

O.k. Your welcome, always draw conclusion form IRS publication or law not someone personal interpretation.

[Cattlerancher]

The reason I asked is because I was being lazy and I knew you would know, (:-). Another reason I asked is because (edited) with farms, there is a 7 and 20 year recovery period allowed for employee residential housing units. One being trailers with wheels and a history of movement, the other a trailer w/o wheels and utilities/pipes permanently attached, respectively. Thanks to your quick answer, that clearly does not apply to rentals. Was just curious----

[view2]

Farmers who supply housing to workers fall under different sectors, seasonal or full time and The Migrant and Seasonal Agricultural Worker Protection Act .Depreciating the residence over a 20-year period, since it is classified as a farm building.Schedule F have several benefits not allowed for other business.

[Cattlerancher]

This employee residential housing option is not worded or offered as such in the preselected categories provided in the TT program, though it is mentioned in the IRS Farm Pub. 225. When I saw the OP's question, it triggered my question to you.

[view2 · Accepted solution]

General you break down cost to land,land improvements and buildings if any ,and use the class life   that applies to each.

Land value is  separate and not depreciated; the land improvements is depreciated 15 yeas.

Reread the screens and make the correct selection that applies.

[mattwelsh1]

"Reread the screens and make the correct selection that applies" is not super helpful.  Can anyone provide specifics on what "type of property" to select?  Each time I try to enter the property information, it will only allow me to depreciate over 27.5 years.  I can't figure out how to depreciate over the 15 years for the land improvements.