Trailer

[mbigelow]

I know that a trailer purchased and used in a business has a five year MACRS recovery period, but I'm wondering if it's listed as a vehicle or something else. Any input is appreciated.

[mbigelow]

BTW, it's a trailer used to haul goods, not a residential trailer.

[Roland Slugg]

I am at a loss to understand why you are asking your question. Are you wondering of it's listed property, or if the special depreciation limits applicable to cars also apply to trailers? (They don't.) As long as you know the correct life/class, which you do ... 5 years ... that's all you need to know. A trailer used to haul cargo or freight is covered in category 00.27 in IRS Pub 946, Table B-1 on p. 100.

[mbigelow]

Sorry to put you at a loss, Roland. It's just that my tax program demands that an asset be listed by category, and I'm not sure whether to place it under vehicle, furn/equip, or something else. Maybe my question is better directed to the software manufacturer. Thanks for the input.

[Burke]

Mine does too. I always kinda thought of a "vehicle" as something that is driven. If it were me, I'd use Equipment with a 5-yr life

[TAXNJ]

Yes

Sorry to put you at a loss, Roland. It's just that my tax program demands that an asset be listed by category, and I'm not sure whether to place it under vehicle, furn/equip, or something else. Maybe my question is better directed to the software manufacturer. Thanks for the input.

As R. Slugg and Burke mentions, as long as you have the correct class, etc.

Some software asks for vehicle type and when you right click to see the "listing of assets" a trailer code e.g. D, may show a copier, typewriter, etc with a 5/6 year life or OTHER type (you must enter all data). If, you say to yourself "what?" you can question is better directed to the software manufacturer.

[taxea]

a trailer does not have a motor so it is business equipment at 5/7 yr depreciation