Discussion:FMV of rental trailer
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Discussion Forum Index --> Basic Tax Questions --> FMV of rental trailer
Discussion Forum Index --> Tax Questions --> FMV of rental trailer
Rebeccahaines1 (talk|edits) said: | 27 March 2008 |
| Hi. My client sold her home and property for one sum. On the property was a mobile home in existance since at least 1984. She rented the trailer/ mobile home in 2005, 2006 and 2007 until property sold. I'm struggling with the FMV of the trailer. If I use the assessed values on the tax bills it comes to 17% of the total making the trailer almost $20,000 of the sale. This seems way too high for the trailer. It is assessed at 2700. Any help? Federal tax is fine as she qualifies for the exclusion, but its the state tax I'm worried about. | |
RoyDaleOne (talk|edits) said: | 27 March 2008 |
| Use the 2700. In more than thirty years and hundreds of IRS audits I have never had a reasonable allocation of the values in a sale challenged.
It has been my experience that, generally, mobile homes themselves do not appreciate in value. | |
Rebeccahaines1 (talk|edits) said: | 27 March 2008 |
| That mobile homes don't appreciate was exactly my thought. Thank you for the help. | |
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