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  #41  
Old 02-05-2009, 10:45 AM
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FIMCO-MEISTER FIMCO-MEISTER is offline
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Originally Posted by Mike Leary View Post
Why don't you look around for a mo/ho? You could transport and store your stuff, tow your truck and have a place to stay while you're looking for new digs.
I may do that. Am I right that a moho can be treated similar to real estate? Deduct interest on returns? I wonder if the govt would allow a real estate transfer to a moho. To avoid taxes you have one year to buy new real estate with your proceeds from a previous sell. I'll get John Jr to advise. He is a wiz at this stuff.
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  #42  
Old 02-05-2009, 10:48 AM
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Mike Leary Mike Leary is online now
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Originally Posted by FIMCO-MEISTER View Post
I may do that. Am I right that a moho can be treated similar to real estate? Deduct interest on returns? I wonder if the govt would allow a real estate transfer to a moho. To avoid taxes you have one year to buy new real estate with your proceeds from a previous sell. I'll get John Jr to advise. He is a wiz at this stuff.
Our CPA lets us deduct quite a bit; check it out.
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  #43  
Old 02-05-2009, 10:57 AM
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ARGOS ARGOS is offline
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Originally Posted by FIMCO-MEISTER View Post
I may do that. Am I right that a moho can be treated similar to real estate? Deduct interest on returns? I wonder if the govt would allow a real estate transfer to a moho. To avoid taxes you have one year to buy new real estate with your proceeds from a previous sell. I'll get John Jr to advise. He is a wiz at this stuff.
I agree John Jr is on his game, but I have a little to chime in. The real estate transfer is a 1031 exchange. I have a lot of commercial and residential rentals and have exchanged properties before with no capital gains. There are a lot of rules and you are required to have an intermediary.

I saw this link for a 1031.
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  #44  
Old 02-05-2009, 11:18 AM
Without A Drought Without A Drought is offline
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i've heard they have mo/ho at the bunny ranch.
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  #45  
Old 02-05-2009, 11:32 AM
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FIMCO-MEISTER FIMCO-MEISTER is offline
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Originally Posted by ARGOS View Post
I agree John Jr is on his game, but I have a little to chime in. The real estate transfer is a 1031 exchange. I have a lot of commercial and residential rentals and have exchanged properties before with no capital gains. There are a lot of rules and you are required to have an intermediary.

I saw this link for a 1031.
Thanks ARGOS. You can chime in anytime. Can a 1031 be used on a moho? I'll research and give my 2cents.

Well no they can't

What constitutes "investment property?" Any number of real estate products qualify, Mangham says, including a rental house, a condo at the beach or even a self-storage facility, as long as it is "real property" - meaning land and all that is attached to land - and the property is not your primary residence. Boats, motorhomes, time shares, and recreational vehicles do not count as real property under the tax code.
From: http://www.associatedcontent.com/art...investors.html

Last edited by FIMCO-MEISTER; 02-05-2009 at 11:37 AM.
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  #46  
Old 02-05-2009, 11:38 AM
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Mike Leary Mike Leary is online now
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Thanks ARGOS. You can chime in anytime. Can a 1031 be used on a moho? I'll research and give my 2cents.
It was awhile ago we did it it, but I believe if it's a "place of residence", it matters not what it is; boat, etc.
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  #47  
Old 02-05-2009, 11:41 AM
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I think you want to look at the dividing line between "real property" and "tangible property"
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  #48  
Old 02-05-2009, 01:34 PM
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TRILAWNCARE TRILAWNCARE is offline
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A house, a condo, a recreational vehicle, a yacht and a manufactured home would all be eligible for first or second home mortgage interest deduction if having proper living accommodations such as a bathroom, sleeping and cooking facilities, unless you are subject to the alternative minimum tax.

Also unless you are selling you personal property for a profit of more than $250,000.00 if you are single, $500,000.00 if are married and have been for more than two years, you will have no capital gains tax on the profit from the sale of your personal real estate property. You probably already knew that but just in case.
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