Posted by Philip on August 27, 2003 at 14:47:08:
I would be selling. I would have someone sign a 2 year lease with an option period from the 12-16th month.
Hopefully I would sell after 12 months and that would put the tax off a year, plus the “buyer” would gain a little equity in the mh, plus depreciation would kick in during the year it was leased.
I just wondered if the IRS would tax me the very first year because I didn’t “hold” the leased property long enough?
My attorney says that here in Missouri you may need to pay the taxes and insurance to keep from looking like a sale.
Why would that change from state to state? Is he just being safe? Or maybe he just doesn’t know about a triple-net lease?