There have been some older posts on this but wanted to refresh the topic.
For any park owners doing a rent credit program, how are you handling the accounting? How are you classifying the house payments, and how are you handling the house asset on your balance sheet?
I’ve been classifying the house payments as income, and then depreciating the house on a 27.5y depreciation schedule. If the house is sold before the house is fully depreciated, I write the remaining basis off as a loss. This keeps things somewhat simple, but is somewhat tax inefficient. I’m curious how others are handling this.