Does giving several mobile homes for free to an individual count in the 1 per year personal sales exemption?
Thanks!
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Call to ask the TDHCA, they are pretty helpful on questions like this. My initial reaction is no but the TDHCA is the entity that flags the ownership changes.
I love this idea. I’m hoping to give many homes away. I’d love to hear what you find out.
They said that you mark it as Other in the first space and write in gift. Then mark it as not a sale on the bottom of the first page.
I have a few that have been on the land that were not ever repapered, had liens, etc. so I am uncomfortable completing their SOL paperwork when I am not the record holder. But if you are giving away something on your own land for free, I don’t really feel that I should have to go through the whole abandonment process to properly give them away for free.
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Yes, sometimes I feel like following the law is a big hassle too. But what you are proposing is just a bad idea.
Claim the abandoned home through your state statute (TX?), then you can can give it away, 1 per year. I doubt you can give away more than one per year without your retailer license in TX, but the TDHCA will be the decider on that.
They actually said I could give multiple away.
However, I signed up to go to the class next month and become a licensed retailer. I might even become a broker. I could use the forms training, but I also want my tenants to perceive me with more authority. They tend to try and push me around a lot knowing I inherited the park from my dad and initially didn’t know what I was doing.
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