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 04-20-2017, 18:49 Post: 46174
Billy Passmore



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  TRACTOR TAX WRITE/OFF

Not only your tractor but a whole lot more. Like diesel, tools, fence post, wire, the list is endless. You need to talk to a CPA.

Billy






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 04-21-2017, 04:37 Post: 46207
Billy Passmore



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  TRACTOR TAX WRITE/OFF

If you were to add the cost of property and deprectiate it off yout taxes, when or if you ever sell it, you'd have to pay taxes on it.

The government isn't gonna give you anything without taking it back.

There's probably ways of getting out of paying taxes on gains though. Like if you went out of the farming business before it was sold? Then all the property would become personal property.

Billy






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 07-21-2017, 19:11 Post: 65163
Billy Passmore



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  TRACTOR TAX WRITE/OFF

Oklahoma doesn't have a Use Tax but some cities and counties have adopted one.

I bought a 4wheeler in Texas, back in 97. The dealer said to get out of paying Texas tax, he would deliver it 2 blocks down the road, in Arkansas. I met him there and they put it in my truck and drove away, all legal.

Not all states are the same. For example, I can buy livestock medication in Oklahoma and not pay tax but in Arkansas, I do. I can buy the same medication in AR and have them delivered to OK and no tax. On the electric bills, my house bill has no tax added but the farm electric bills have state and county taxes added. Some of this stuff doesn't make sense.






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