Purchasing my first MHP and trying to figure out how to handle my resident manager compensation and tax implications…
How are you compensating your resident managers? Additionally, are you treating them as payroll employees? 1099 contractors? Do you also have workers comp insurance as well?
For workers compensation wage calculations, you treat “free rent” just like regular payroll/compensation. Example. Manager Jones has a salary of $3,000/month, plus free rent on their provided home valued at $1,000/month. That means wages for workers compensation insurance purposes would be $4,000/month for Manager Jones.