No...what they are telling you, and I agree with them for the most part, is that any amount you receive for a piece of fully depreciated equipment is taxable. Why you do not ask your CPA in advance for some idea...I do not know. He is the best one to answer this question. Not a real estate lawyer, not a guy whose mom was a CPA, and not even an actual CPA who does not know your specifics, like me. A lot can change results, like the type of entity you formed when you set up the farm or any losses from CG or 1231 you may have lurking from prior years. But basically, if you have a fully depreciated item and you sell it....ordinary income up to the original purchase price and capital gain income after that. SO...if it was originally $5000 and you sell it for $4K, the $4K is ordinary income. Sell it for $7K then it is $5K ordinary and $2K CG. You with me???
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
... [Read Article]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
