sorry if the title is confusing. I'm trying to figure out how to calculate capital gain on a mobile home I sold that I obtained through a bonded title process.

This mobile home was on a piece of land that was Quit Claimed to me many years ago. I sold it last year but am not sure how i report the sale on my taxes. Is it a gain, an income, can i somehow make it a loss if sold for less than estimated value?

Thanks!

I assume that the mobile hom e on the piece of land is your main home; then, say you sold your main home and made a profit, you can exclude that profit from your taxable income. youcan exclude up to $250k in profit from the sale of a main home (or $500k for a married couple) as long as you have owned the home and lived in the home for a minimum of2 years. Those t2 years do not need to be consecutive. In the 5 years prior to the sale of the house, you need to have lived in the house for at least 24 months in that 5-year period. the home must have been your principal residence.
You can use this 2-out-of-5 year rule to exclude your profits each time you sell or exchange your main home. Generally, you can claim the exclusion only once every 2years. butYou must report the sale of your principal residence if you have a gain and do not qualify to exclude all of it, or you choose not to take the exclusion. Any gain not excluded is taxable and reported on Form 8949 and Sch Dof Form 1040. So you do not need to report the sale of your main home on your tax return unless you have a gain and at least part of it is taxable. You cannot deduct a loss from the sale of your main home A capital gain is a profit that you realize on the sale of an asset, such as a home. By the federal tax code, "short-term" capital gains are those realized on assets held for a year or less, while "long-term" capital gains are realized on assets held for longer than a year. The current federal tax rate on short-term gains is identical to your income tax rate. For long-term gains, the capital gains rate depends on your tax bracket. For the 10 and 15 % brackets, there is no tax on long-term gains. For higher brackets, the rate is 15 %.

Well it wasn't a primary residence. and it was only the mobile home that was sold and removed from the land. i still have the land. My biggest question in how to claim it is since i acquired the title through a bonded title process, i did not pay any individual for the building. i just legally claimed it, then legally sold it within 1 month of getting the title.

It did sell at less than assessed value, but since i didnt live in it and other than legal fees didn't pay for it, the amount i received is all profit so would count as income. does that sound about right?

When you sell the home, you need to calculate your gain or loss by taking the sales proceeds and deducting the selling expenses. Once you have done that step, you then deduct your basis in the home to determine whether you have a gain or loss
If the deedwas used to gift the home to you, then, your basis for tax is;its adjusted basis if the fmv of the home is more than its adjusted basis gifted to you; If the donor bought the property, then there is your starting point. You are going to need to find a way to figure out what he paid for it. You can research the property records at the courthouse and see if the sale was recorded.
If the donor inherited the property, then . generally the donor?s basis is stepped up to the date-of-death value. If the FMV of the property at the time of the gift was less than the donor's adjusted basis, your basis for gain on its sale or other disposition is the same as the donor's adjusted basis, plus or minus any required adjustments to basis during the period you held the property. A different rule applies if you sell gifted property at a loss. If the FMV of the property at the time of the gift was less than the donor's adjusted basis, your basis for loss on its sale or other disposition is its FMV at the time of the gift, plus or minus any required adjustments to basis during the period you held the property. In other words, for purposes of determining losses, you use the lesser of the donor's adjusted basis or the FMV at the time of the gift as your basis.for purposes of gains, you need to use the adjusted basis that is higher than FMV.