Really great stuff here.
Wonder if anyone has been through an audit with a 5 year home classification and it’s passed…
I have a cost seg firm (that has been around for 20 years and done over 10k studies, they have done 50-60 MHPs thus far) which is willing to classify them as “readily movable mobile homes” on the depreciation schedule, as long as I put axles and wheels on em. They will also defend their studies in case of audit.
Is this something you can get comfortable with from a risk perspective? After all we are relying on their professional cost seg study.
Also wondering your opinion on utility lines schedule (water, sewer and electrical) and wether or not they follow the treatment of the homes i.e. 5 or 27 year ?
How about the concrete home pads ?
Also wondering if anyone has included a line item for goodwill and If so how you depreciate that?
I really appreciate all your feedback !!