I just acquired my first mobile home park. Do you file a Form 8594 -Asset Acquisition when buying/selling a MHP? I have two CPAs providing contradictory advice. Without this form, seems like the IRS would never know if you bought or sold.
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Yeah, Form 8594 usually gets filed when you’re buying or selling a business and allocating value to different asset classes. If your MHP deal included things like homes, infrastructure, goodwill, etc., it likely qualifies. It’s pretty common to file it in those situations, but honestly, I’ve seen CPAs disagree on this too. Might be worth going with the more conservative route and just filing it, especially if you’re breaking down the purchase into separate asset classes on the return.