I bought this trailer and still learning it. I have added water but when it gets freezing I want to drain the water but not sure how to. I believe the top one is to drain the water tank. I figure white and red are water lines but not what sure what for.

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I'm not sure

My fifth wheel doesn't have any that hang down like that

They are drain lines. Open the faucets inside then remove the caps and it will drain the lines. Don't forget to open the hot water heater tank drain valve to drain the tank as well. That valve is attached to the tank itself and located inside the door where you access the pilot light.

White one looks like an overflow drain IMO. You can check by filling up your fresh tank until over full and seeing where water comes out of the belly pan

They are drain lines for system, and as mentioned above, be sure to drain hot water tank as well. Will add, on my last TT, the freshwater tank had it own drain that also needed to be opened when winterizing.

Empty the freshwater tank. Go to a dump station and drain and flush the black water tanks and drain the Graywater and leave the valve open and the cap loose.

There is a big plug on the water heater. You may need a special wrench to get to it without removing other stuff. Amazon and RV places have them. wrench

Don't forget to leave every faucet open and work the [censored] valve a couple of times.

The alternative to draining is to set the entire thing up to be flushed with RV antifreeze. You still need to empty the freshwater tank and water heater before filling with antifreeze.

Mine have had a T valve inside somewhere to open the low point water drains. I also installed a drain valve on the water heater.

Once you get those caps off, put a valve on there as well. That will keep you from getting wet.

Like others said, open all faucets and the toilet as well. Some freshwater tanks have a drain plug in the bottom of the tank as well.

So the white caps should loosen to drain the water?

The fresh water overflow will usually be around the mid point of the trailer, and won’t have a valve or cap. The fresh water drain will have a cap or valve. The two rear lines are for hot and cold water drain. For the Big Freeze this year, we used RV antifreeze, which worked great, after draining everything first.

We drain our water lines, hot water heater, fresh water tank and open all faucets to winterize. Also drain water out of the toilet by pushing the flush lever until water stops running. Never done antifreeze in the lines and even getting into single digits in the storm this year we were fine. I do put RV antifreeze in the sink traps, and toilet. The traps will bust pretty easy in cold weather.

So the white caps should loosen to drain the water?

Yes, unscrew the white caps.