Taxes for Mobile Home Dealers - Posted by Joe

Real Estate Investing
1

Posted by JHyre in Ohio on March 10, 1999 at 11:35:49:

Joe,

You or your corporation are probably a “dealer” for tax purposes, so you do not get to use installment sales. You’ve got gross profit, taxable now, even though the payments are stretched into the future.

John Hyre

2

Taxes for Mobile Home Dealers - Posted by Joe

Posted by Joe on March 10, 1999 at 09:20:51:

Hi,

I am doing Lonnie deals in Michigan. I formed a corporation to do this. I am doing my corporate taxes with Turbo Tax but I have 1 question. My question is: When I sell the home do I put the total sale price as gross profit or do I only enter it in the installment sale form. Any input from experienced dealers would be great.

Thanks,
Joe

3

Re: Taxes for Mobile Home Dealers - Posted by jim

Posted by jim on March 10, 1999 at 14:51:35:

i am also in mich and want to do mobile home deals, but
have been told about dealer status,bonding, etc.
how are you doing it?