Welcome to episode 17 of the Mobile Home Park Investors podcast hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad discuss taxes and share helpful tips to help you save on your mobile home park property taxes. Listen in for advice on tax depreciation, how not to pay double taxes on your ‘wheel estate property,’ preparing your CPA for the April 15th deadline, miscellaneous business expenses, and more.
Key Takeaways:
[1:39] Today’s episode will cover depreciation briefly. Check out episode 18 for a more in depth discussion on tax depreciation.
[2:18] You can save on your taxes by segmenting out the component costs of any mobile homes that come with your park.
[4:36] Jefferson shares another tax saving idea.
[8:45] Brad shares tips, especially for 1st time mobile home park owners, on getting your CPA prepared for the April 15th deadline.
[10:36] Jefferson and Brad always advise purchasing your property in some sort of an entity such as a LLC.
[13:29] What is a promissory note income?
[15:13] What is rent credit income?
[16:18] Miscellaneous and other types of business expenses for tax deductions.
[18:14] What other types of expenses are really good for the ‘wheel estate property’ business?
[19:57] Talk to your CPA to make sure you understand how your tax basis is being adjusted every year.
[21:37] A 1031 exchange is always a good idea. Upcoming podcasts will feature a 1031 exchange expert who will step us through the 1031 process.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
deals@parkstreetpartners.com
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors Group on LinkedIn
Send your deals to: deals@parkstreetpartners.com
