Posted by LAA on April 04, 2012 at 09:03:28 from (86.51.147.113):
In Reply to: Re: Cash sale posted by Mike (WA) on April 04, 2012 at 08:50:50:
He is not required to file a tax return because his sole income sources are (1) Social Security and (2) the sale of a few raised calves, say maximum of 8 head per year, he does not meet or exceed the threshold income limits. Even if he did, he did not depreciate the baler when he bought it because he was not filing tax at that time and a baler is not an income producing piece of equipment if he is not selling hay, but again, even if he did meet the income thresholds selling the baler would still be a moot point as far as tax liability goes because he did not take a depreciation deduction on it when he bought it new.
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