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 04-20-2017, 09:00 Post: 46167
JTE
2017-04-20
Post: 46167
 TRACTOR TAX WRITE/OFF

I own a 300 acre farm in West Tennessee. I have been told that you can buy a tractor and write it off (small farm usuage) up to so much a year. Does anyone know the tax laws that apply to this?






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 04-20-2017, 13:54 Post: 46170
Peters



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 TRACTOR TAX WRITE/OFF

You file the farm as a business and purchase the tractor under the business. You need some income from the farm to justify the equipment. You can do this even if you have it in agricultural reserve if you are mowing the fields.






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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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 04-20-2017, 23:43 Post: 46206
TomG



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 TRACTOR TAX WRITE/OFF

I would check tax laws to see if taking tax write-offs for business operation would create a capital gains liability if the property is sold. Probably not but it would be good to know if a nasty surprise might be lurking in the future.






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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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 07-16-2017, 11:35 Post: 64985
Chief



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 TRACTOR TAX WRITE/OFF

Here is the latest John Deere "poop" on depreciation and tax advantages on equipment.






Link:   New tax savings offer unprecedented opportunity to update equipment 

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 07-16-2017, 16:29 Post: 64986
Chief



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 TRACTOR TAX WRITE/OFF

I'm in Middle Tennessee, what 'bouts are you at JTE?






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 07-20-2017, 08:49 Post: 65142
DSP348



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 TRACTOR TAX WRITE/OFF

As I understand it, a seller is not required to collect state sales tax if the item is shipped out of state. However, most/all states require you to pay a use tax on on such items. It is up to you to take the initive and pay the tax in your state. Maybe some of the dealers on list can elaborate on the specifics.






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 07-20-2017, 13:44 Post: 65143
Chief



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 TRACTOR TAX WRITE/OFF

Sales taxes are not collected on agricultural use equipment as well. Usually, proof such as a Dept. of Agriculture Farm Certificate with your farm number on it will suffice. At least in TN that is the case.






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 07-20-2017, 18:38 Post: 65148
AC5ZO



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 TRACTOR TAX WRITE/OFF

My CPA has been looking into this for me. His comment about generating some income was consistent with other posts in this thread. He also mentioned a truck that I own that is over 7500 GVW. In addition, when you start having a farm business, it is also consistent to write off the office that you use to administer the farm. The list goes on, so it is good to get a CPA to do things right and to look for the right deductions.

There is sales tax on farm stuff in NM, but it is about half of the rate collected on everything else.






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