If T/P is going out of the rental business with some rental expenses in 2010 for insurance, I guess before they decided to go out of the rental business. What should I do? RE taxes on personal? surely won't be any gain on assets when sold--old mobile homes? Depreciated small things like refrigerators over the years, nothing recent.
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I should clarify, the RE taxes is for the trailer park grounds, the trailers are taxed on personal property taxes. The sale would be of the trailers not the grounds. -
Why would there be no gain? If older mobile homes, then I would expect almost all the selling price would be gain because the trailers would be depreciated out with zero tax basis.Comment
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Yes they are a zero tax basis now. I'm assuming previous preparers got depreciation. Would all be a gain on her 2011 taxes? Sorry, I haven't done much with rentals.Originally posted by JAinNC View PostComment
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Never mind, a little research shows me the complexity of this situation and too hard to answer without all of the facts. At least that comment about adjusted basis got me thinking that I needed to research. Thanks!Comment
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Just a thought. In the old days they depreciated trailers over 10 years.JGComment
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