Over the last few years, prefab homes have attracted great attention, and for good reason. Specific advantages, such as simplicity of construction, high-quality materials, technological advances, design improvements, and new customization options, are just some of the reasons why manufactured homes have become the preferred choice of increasing numbers of homebuyers.
Manufactured Housing News
A manufactured home can be classified as personal or real property. This means that a manufactured homeowner can choose to continue to use the home as personal property and pay the annual license tax required or convert it to real property and pay real property taxes. A positive aspect of converting your manufactured home to real property is that you may be eligible for a series of tax exemptions and deductions. In order to better understand the tax benefits of owning a manufactured home, let’s take a look at the differences between tax exemptions and tax deductions.
One of the most important things you should know about buying a modular or a manufactured home is that you may qualify for a series of tax benefits. Although many rules have changed over the years, modular and manufactured homeowners are still eligible for a series of tax breaks that could help them reduce the amount of taxes they need to pay each year. Below, you can find some important details you should be aware of before buying a modular or manufactured home.