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christinastill
March 20, 2025
Question

Own a trailer home on a rented lot. How do we figure out depreciation value for tax forms?

  • March 20, 2025
  • 1 reply
  • 0 views
Form is asking for Land Value (which we don't own) and improvement value. The trailer is still movable but we get a property tax bill under "Real Estate" tax class.

    1 reply

    D
    DavidD66
    March 20, 2025

    I would enter $0.00.  If the program won't accept $0.00, use $1.00.  The reason the program splits it between land and improvements (house) is because land is not depreciated.  So if you owned the land you would have to split the cost basis between land and building (or trailer home) to come up with the amount to depreciate.  

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