Posted by Andy Martin on May 07, 2018 at 05:44:56 from (209.213.149.120):
In Reply to: Selling a Tractor posted by Jiles on May 07, 2018 at 05:24:41:
Number One, if his intent is to defraud the IRS it is best to not ask how to do that on a public forum.
Number Two, if you have used your tractor as a business asset you will owe taxes on the difference between the sale price and the depreciated book value. If however, the tractor has not been depreciated on your taxes (and you saved taxes by depreciating) you only owe taxes on the profit made from the purchase and all costs associated with repairing it and improving it and likely there will be no profit, unless you are in the business of buying and reselling tractors, in that case refer to number one, above.
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Today's Featured Article - A Lifetime of David Brown - by Samuel Kennedy. I was born in 1950 and reared on my family�s 100 acre farm. It was a fairly typical Northern Ireland farm where the main enterprise was dairying but some pigs, poultry and sheep were also kept. Potatoes were grown for sale and oats were grown to be used for cattle and horse feeding. Up to about 1958 the dairy cows were fed hay with some turnips and after that grass silage was the main winter feed. That same year was the last in which flax was grown on the farm. Flax provided the fibre which w
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