Tax treatment on pulling tractors February 01, 2010 03:15AM
If I buy a pulling tractor can I depreciate it or what if anything can I do with it tax wise??
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Re: Tax treatment on pulling tractors February 01, 2010 03:20AM
yes, I have mine setup as a LLC and deduct every year.
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Re: Tax treatment on pulling tractors February 01, 2010 03:23AM
How did you intially fund the LLC. Can I write the intial purchase off against ordinary income.
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Re: Tax treatment on pulling tractors February 01, 2010 11:37AM
Its a tractor and its on the farm ; hell ya its farm tractor !!! What they dont know wont hurt them or you !
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Re: Tax treatment on pulling tractors February 01, 2010 12:01PM
Bobby what is your LLC under {like recreation or something else??} I do not live o a farm so I cant write it off that way my Dad always could TELL ME MORE IM LISTENING
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Re: Tax treatment on pulling tractors February 01, 2010 12:28PM
You have to show a profit 3 out 7 years or it's a hobby,or maybe it's 4. Anyway you have to pay back Uncle Sam.
It's like a high-end car, if you have to ask the price, then you can't really afford it!!
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Re: Tax treatment on pulling tractors February 02, 2010 02:13AM
The LLC has separate books. I fund it by working on other pulling tractors. I havve shown a profit, but once I put the depreciation of the equipment in that took away the profit. My whole pulling operation; shop, hauler, etc is owned by the LLC of which I am and was the sole principal.. My LLC is setup as an equipment repair business. The only complications so far have been sales tax. Pa had a law on the books but never enfoced it until last year that all out of state purchases are subject to Pa sales tax. ie Hypermax, CDS, REI, etc.
Please note howvever the LLC is not protected by divorce, hence my current situation.
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Re: Tax treatment on pulling tractors February 02, 2010 06:19AM
I feel for ya dude, Had to sell mine off to pay her in the settlement. Not at this level of pullin but still hurt like hell.
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