How to report sale of lot and transfer of mobile chalet?

Forum|Forum|4 years ago
March 30, 2022
1 reply
15 views

My Texas client sold his Colorado vacation lot and his mobile chalet (not permanently attached to lot) in 2021. The chalet and lot were never rented out or used for business. The 1099-S only shows the sale price of the lot. The chalet is shown on the settlement statement as a transfer under miscellaneous charges and not included on the 1099-S but the buyer paid a fee for the transfer of the chalet from my seller. How do I report this on his Federal return? Do I show these as 2 separate sales or do I just combine the 2 into 1 lump sum sale?

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Best answer by qbteachmt

"Still not clear about how to report this transaction"

Like an RV trailer.

qbteachmt

Level 15

I suspect (without looking into CO laws) you have a "vehicle" transfer. You stated mobile, which is like "tiny home on a flatbed trailer." That's more like an RV, in other words.

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E

elintxAuthor

Level 3

I called the title company and they said it's like a "vehicle" transfer fee that the seller received money for at a gain to the original price paid by seller to transfer title to the chalet on wheels to the buyer and the buyer goes to DMV to get the title in their name. Still not clear about how to report this transaction so I'll call CO DOR to find out how it should be shown.

qbteachmtAnswer

Level 15

"Still not clear about how to report this transaction"

Like an RV trailer.

Don't yell at us; we're volunteers

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