Taxes on Sale of Mfg Home

[katie]

I have my mfg home up for sale in California and was told that when I sell it I will not have to pay taxes on the money I get from it.
I was told that it is treated as personal property, the same as if I had sold my car.
Is this true?

[rmurray]

You should get your tax advice from local tax professionals..Few of us will know much about CA tax law but federal law allows you to exempt up to $250,000 in gains from the sale of your home.Actually the federal government treats your home just as any other type of home..Be glad they do not treat it like a car. Profit made on the sale of a car would always be taxed as ordinary income when a car is sold. Even if you made more than $250,000 profit on your home the balance of the gains are treated at the lower capital gains tax rate. But again be sure you check with those that you would get tax advice from.. Good luck from the sale.