We moved a year ago and have had terrible luck selling our mobile home since they depreciate, and it's in a mobile home park. We were even considering purchasing land and moving it. Is this a good way to go? We owe 41,000 and it's a 2000 Fleetwood doublewide. We pay approx $400 mortgage payment on it, and $288 in lot rent. Since we can't sell it, what if we donated it? How much would we get back in taxes? Could we deduct the 41,000, and, if so, would we probably get it back? If so, it might be best to just donate it.... keep paying the mortgage (it would eliminate the lot rent at least) and then in 2007 (for 2006 taxes) we would get most or all of it back??????? Is this how it would work??? Your thoughts..... We don't know what we are doing and any help would be appreciated!!!!!!!!!!!!!!!
2007-01-02 10:04:04 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
To answer the replies...
The problem with depreciation is that they depreciate QUICKLY. So, as I said, we still owe 41000 - and are already trying to sell it for 28000. That's a pretty big hit already!!!
Second, the property is located just outside of St. Louis, MO - near Alton, IL. We already have it for sale through a realtor. Our listing can be found at http://www.century21.com/buy/property_detail.aspx?teasers=property-detail-pic+Property+Detail+with+Pictures&tr_key=33371532&bSite=N&City=Cottage%20Hills&State=IL. (I'm not soliciting - I'm just answering the question!) If you know someone who would want it, please forward the link on to them, and have them contact our realtor. Any help would be appreciated!
2007-01-03 01:35:44 · update #1
What city and state is this located in, I know someone who would buy this from you.
2007-01-02 13:39:54 · answer #1 · answered by D S 4 · 0⤊ 0⤋
If u want to buy the land out right and it has all the utilities u need on it, I would say go for it. Where can u live for $400.00 a month? If u have to finance the land and install all utilites this would be alot of expense. I would then say sell it. I am not really understanding y u cant sell, r u asking to much? U can sell for at least what u owe & get out from under or try to ask for at least a few thousand more than u owe. Is this the payoff balance, make sure u ck. it could be lower than u think. I have to ask is the mobile home park in a undesirable location? Or is it run down with older homes that r not well maintained that would really hurt u selling. I hope I helped some, good luck with ur decision!
2007-01-03 21:20:10 · answer #2 · answered by bodacious baby 7 · 0⤊ 0⤋
Don't donate sell it. Why can't you sell it even if it depreciates? Find a Realtor in your area or better yet allow me to sell it for you.
2007-01-02 18:57:00 · answer #3 · answered by loladrewblue 4 · 0⤊ 0⤋
http://www.realestatewithcauses.org/ accepts mobile home donations and offers an appraised value tax deduction in return
2014-03-21 20:37:12 · answer #4 · answered by Julianne 1 · 0⤊ 0⤋