Contact UsWe purchased a shared interest in a mobile home park in Florida and now another company purchased our shares. Is the amount we received for our shares (less the amount we paid for shares) taxable to the IRS?
The company that purchased the shares is telling us it is not a taxable by the IRS and can be treated as a residence. How can a share be treated as a residence?
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Tax Professional Answers
John Stancil
It is not your residence, it is a business investment. You pay tax on the gain from the sale.
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297 weeks ago