@Cynthiad66 wrote:
Since land cannot be depreciated, you need to allocate the original purchase price between land and building/hookups etc.
There is no indication that this is rental real estate (for the purposes of tax reporting) rather than a business and the treatment of each would be markedly different.
Further, there is no "purchase price" since @Bev111 clearly indicated that the trailer park was inherited; the basis would typically be the fair market value on the date of death of the decedent(s).
@Bev111 and the sister need professional guidance for this matter.
