With a mobile home park, there's nothing really to depreciate so I'm guessing almost all your net income is taxable.

Chris Masons,Dividends will be taxed at 0% if you are in the 15% bracket or below. 15% if you are in the 25-35% brackets And 20% if your taxable income is in the 39.6% bracket.

Between state & federal last year my tax bill was over $50,000.

(Btw, he is very knowledgeable even though he is not an accountant).Your SE tax rate will include both Social Security and Medicare (15.3%) AND you Federal tax rate.

Joseph RobersonBuy and Hold is an excellent strategy, as it eliminates selling transaction costs which are relatively high, consider commission, transfer tax, selling help etc. which can total maybe 13% or so of the selling price not counting Federal and State income taxes.Number 1 evaluator for buy and hold is that it muct be positive cash flow, if not posiitve forget about it.Forget about appreciation, if it comes its all good, but if it doesn't with positive cash flow you're still good.Market fluctuations, buyers market, sellers market all really don't matter if you are buy and hold and not selling.And tax advantages are the icing on the cake, figure on positive cash flow BEFORE tax advantages not after.I like 30 year fixed mortgages for rental properties, and borrowing as much as you can for as long as you can, to reduce the monthly payments.Besides my book, the two best books are:William Nickerson "How I Turned $1,000 into Five Million In Real Estate"and David Schumacher "Buy and Hold"

Credit repair has become a valid industry since the federal government gave consumers teeth to deal with credit reporting agencies and creditors.Kyle, respectfully disagree again.

Do I file a Federal return?

It is taxable in the year you receive it.

Matt Lawrence,Those will all be added to the basis of the property.You may wish to break out the cost of the water heater and the new flooring to be depreciated separately.The fact is the property will not even be recognized on your tax return yet as there were no transactions that were taxable events.January 5th 2013 would be your placed in service date for each of the items.

Loan proceeds are not taxable income.