Farm Auction

Bobl1958 · Apr 3, 2015

I think I mentioned early last summer that my Brother and I decided to give up the farming and sell our eqt. Tomorrow is the farm sale. Been getting ready since the first of the year.

Hope to have a good crowd. The extreme dry weather we are having in Central Ks, plus the commodity prices in the cellar, and throw in the fact that scrap iron is way down, makes me very nervous. It is all paid for, so I guess whatever it brings, it brings.

I have attached a couple pics of some of the machinery lined up. Everything is ready, and the weather is supposed to be nice. We'll see how things go - Bob

Adirondack case guy · Apr 3, 2015

I wish you the best of luck. It will be a tough day for you mentally. BTDT. End of one life and start of another unknown one.
Loren

fixerupper · Apr 3, 2015

At least you don't have loans to possibly be upside down with after the sale like some I have seen. Good luck. Wish I could be there.

1948CaseVAI · Apr 3, 2015

I am in Wichita but originally from Pawnee county - where/when is the auction? If at all possible I would like to go.

Allan in NE · Apr 3, 2015

After the auctioneer takes his pound of flesh and then the tax boys swoop in, you are gonna wish you never had this auction.

Been there and done that,

Allan

Bobl1958 · Apr 3, 2015

I am still keeping some tractors. I just got the new to me 1070 Case, a nice 300 roundnose, a 6140D JD loader tractor, and my haying eqt. I will still put up hay so I can still play, but it will be tough not working the dirt for sure. Bob

Bobl1958 · Apr 3, 2015

The auction is tomorrow. It is 1 mile west of Tescott,Ks on the North side of the Highway. A little NW of
Salina. Lot's of older tractor parts.

Bobl1958 · Apr 3, 2015

I hear ya!

1948CaseVAI · Apr 3, 2015

(quoted from post at 22:22:06 04/03/15) The auction is tomorrow. It is 1 mile west of Tescott,Ks on the North side of the Highway. A little NW of
Salina. Lot's of older tractor parts.

Thank you. That is close and I will be there if I can get caught up with storm debris removal from last night.

paul · Apr 3, 2015

Bitter sweet day I'm sure.

Best of luck with it.

If I were closer........

Paul

2x4 · Apr 3, 2015

I just did well on couple of small items in consignment but other peoples big items did well too. I expect you to do very well.

JD Seller · Apr 3, 2015

Bob I hope your sale goes well. I found the sale bill but it seems your auctioneer does not have a web site. I just found a link to a PDF copy of your sale bill.
PDF link for Bob1958s auction

T in NE · Apr 3, 2015

Farther than I wanna go. If you were closer to Scott City it would give me an excuse for seeing the chalk pyramids.

Eldon (WA) · Apr 3, 2015

(quoted from post at 19:04:46 04/03/15) I think I mentioned early last summer that my Brother and I decided to give up the farming and sell our eqt. Tomorrow is the farm sale. Been getting ready since the first of the year.

Hope to have a good crowd. The extreme dry weather we are having in Central Ks, plus the commodity prices in the cellar, and throw in the fact that scrap iron is way down, makes me very nervous. It is all paid for, so I guess whatever it brings, it brings.

I have attached a couple pics of some of the machinery lined up. Everything is ready, and the weather is supposed to be nice. We'll see how things go - Bob

Wouldn't a person be better off selling a few items a year through classifieds or CL to lessen the capital gains tax bite??

flying belgian · Apr 3, 2015

Look ahead, not back. When one door closes, another door opens. I was devastated when I got laid off from my full time job back in the 80s. But it is true what most everybody says. In a couple years you will realize it is the best thing that could ever happen to you.

Perplexed · Apr 3, 2015

I sold all my equipment and tools at auction in March 2014 and received the largest check in my life. When I paid my taxes this year all the money from the auction plus some extra went to the federal and state for taxes. I'll turn 73 the end of May. After the years of work and stress I'm left with good memories that the government can't tax away from me. Good Luck! Hope things go well for you tomorrow.

JOB · Apr 4, 2015

Why is there capitol gains? has the equipment been depreciated out to zero dollars. It can't be worth more now than it was when bought???? No land being
sold here. Just wondering

Dick2 · Apr 4, 2015

When my brother retired. he let the neighbors have first chance to buy his equipment. They bought a lot of it even before he was done using it; they told him to let them know when they could come and get it. Later he put some ads in the paper and eventually he sold it all.

Bobl1958 · Apr 4, 2015

Thanks for the replies. Just a note that both my Brother and I have very good jobs in town. I work for an Engineering firm and my Brother drives a semi for UPS so we will not go hungry for sure..lol! My Brother is wanting to travel and get out of farming, and I guess I am a little tired of all the efforts of 2 jobs, plus the stress of worrying about getting enough rain (Central Ks where rain is marginal at times), crop prices, high fertilizer prices, repair prices, you name it.

We are keeping our ground, we own a quarter, plus what we both live on and let the rented ground go, so we will still have a country lifestyle, but I would have had to buy out his share of the eqt, and I just didn't have it in me to borrow money at this stage. I'm only 56, but figure I'll have plenty to keep me busy.

I know we will take a hit with taxes, and certainly could have sold some/most of it piece by piece, but for some reason I just couldn't make myself want to do it. I just wanted to gather it all up and get it over with. I've sold a lot of tractors and some eqt on this site, but again, for some reason I just kind of wanted to get it over with.

Thanks again for the replies. Got to do a couple of last minute chores to finish the list this morning. I'll report back this evening. Bob

Traditional Farmer · Apr 4, 2015

Good luck on the sale and if you don't have one a CPA thats knows farm tax law can help you a lot in that dept too.Please post back what some of the equipment brings especially the tractors, your good looking clean off the farm equipment should do pretty well.

Traditional Farmer · Apr 4, 2015

If its been depreciated out then it won't be Capital gains it'll be handled as
straight income,thats why trading in a piece of equipment is good if you can because you don't have to pay tax on the value of it.

Old bob. · Apr 4, 2015

Good luck with your sale today. Hope it goes good.

As you leave one phase of your life for another phase there is always a certain amount of uncertainty, but as you enter the new phase there will be rewards there also. When I quit farming in the middle 90's it was a time of not knowing what would become of our lives. As it has turned out, it was the best thing that could have happenened to me and my family. Look at this as a challenge and you will do fine.

God bless.

rrlund · Apr 4, 2015

Best of luck. Nice looking 2-135.

2510Paul · Apr 4, 2015

Yes, good luck. As others have said it will be a hard day. I assume you have a plan forward so remember your plans and look forward to moving on with them.

Paul

Blackhole49 · Apr 4, 2015

Please explain what happened to put you in a 100% + tax bracket. Either that check wasn't very big, or your "other income" was.

1206SWMO · Apr 4, 2015

Good luck on your sale...If it were closer I would have come to it..Heres a few pictures from Tescott,KS..

Nathan (SD) · Apr 4, 2015

I helped a neighbor get ready for his auction in 96. He had a meeting with his acct the day before the sale. That night his wife was feeding us helpers and he couldn't eat. He finally spit out to us that he was gonna owe more tax this year than he had paid in his whole life combined.

JayinNY · Apr 4, 2015

Good luck, that's some nice looking equipment, I can't see if not bring good money. If it were around here in NY it would bring really good money!

jimg.allentown · Apr 4, 2015

Capital gains? On farm equipment? How can there be a capital gain on something that was paid for and depreciated??? Capital gains are on items like property or investments that APPRECIATE over time. How can there be a gain on a piece of equipment that cost thousands and will sell for substantially less.............? Sorry. That does not compute.

Spook · Apr 4, 2015

(quoted from post at 07:16:05 04/04/15) I helped a neighbor get ready for his auction in 96. He had a meeting with his acct the day before the sale. That night his wife was feeding us helpers and he couldn't eat. He finally spit out to us that he was gonna owe more tax this year than he had paid in his whole life combined.

The old boy probably never showed any income, so he never had to pay much in the way of taxes. I had a friend that minimized his income for 30 + years. Yeah, he never paid much in taxes, but he didn't get a very big SS check either.

Eldon (WA) · Apr 4, 2015

(quoted from post at 08:56:15 04/04/15) Capital gains? On farm equipment? How can there be a capital gain on something that was paid for and depreciated??? Capital gains are on items like property or investments that APPRECIATE over time. How can there be a gain on a piece of equipment that cost thousands and will sell for substantially less.............? Sorry. That does not compute.

You purchase a piece of equipment for $20,000. That year, or over the next 5 years you depreciate that equipment for the full amount and deduct the depreciation against your gross income for the year. You then sell the item for $10,000. That $10,000 has to be reported as income.

jm. · Apr 4, 2015

You think the AC is for sale or could be bought?

1206SWMO · Apr 4, 2015

I have no idea if the 220 AC could be bought....You might ask Bob when he gives the sale report..I'm sure that he probably knows the owner..

bison · Apr 4, 2015

(quoted from post at 08:56:15 04/04/15) Capital gains? On farm equipment? How can there be a capital gain on something that was paid for and depreciated??? Capital gains are on items like property or investments that APPRECIATE over time. How can there be a gain on a piece of equipment that cost thousands and will sell for substantially less.............? Sorry. That does not compute.

ome equipment can sell for more than the original purchase price(either used or new) any amount over the orgi purchase price becomes a capital gain.

jimg.allentown · Apr 4, 2015

Yes. As income. NOT capital gain.

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