Posted by 4020 on December 18, 2013 at 17:47:53 from (72.35.163.18):
I read the post a week ago about purchasing equipment based on shares. I"m just curious how that works out taxwise and then for collateral use. My sons and I purchase equipment individually and bring it up into shape at our own cost and then share in the cost of any repairs to the machinery based on the acres, just like you had posted. We each still own that piece of equipment individually. All rented ground is shared equally, and each persons owned ground is theirs 100%. That"s how we come up with our varying percentage of shares in the repairs. We are not a corporation, and our tax man keeps saying we need to form one. So the question is, how would shared ownership be viewed taxwise and collateral wise?
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