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  1. #1

    Default IH 1066

    I'm trying to decide whether to downsize to a compact tractor ... currently I have an IH 1066 with about 5000 hours ... and would need to sell it in order to buy a new JD 990 ...

    Any idea how much it ought to go for? Condition is good if you don't mind cosmetics irregularities.


  2. #2

    Join Date
    Jun 2002
    Posts
    873
    Location
    N Central Ohio
    Tractor
    NH TC35D/SUPER H&M/F-20/JD B&D/FORDSON/JD250 SSL

    Default Re: IH 1066

    I sold a 1466 thru the dealer,duals, new inside radials, great sheetmetal just needed paint for $10,200 last July.
    Dealer got $1000 for selling.
    I then traded my L2900 kubota in even for NH TC 35D w/MMM and some other goodies.
    If u sell it and it has been writen off on taxes u will have to pay capital gains tax(a 20% or pain in but).
    But trading thru dealer and him selling avoided that and I got a new lawn mower that's paid for. [img]/forums/images/graemlins/smile.gif[/img]

  3. #3

    Default Re: IH 1066

    Thanks for the reply. I'm not too sure how the 1466 compares, but I'm hoping to bring a good price. Any advice?

  4. #4
    Elite Member Richard's Avatar
    Join Date
    Apr 2000
    Posts
    3,150
    Location
    Knoxville, TN
    Tractor
    Fullsized JCB Loader/Backhoe

    Default Re: IH 1066

    If u sell it and it has been writen off on taxes u will have to pay capital gains tax(a 20% or pain in but).
    But trading thru dealer and him selling avoided that and I got a new lawn mower that's paid for.


    ?? how so?

    Is this to say that rather than YOU "receiving" say the $9200, the dealer "kept" the $9,200 and "gave" you the L2900 in lieu of the cash? (plus or minus net cost of 2900)?

    If you acquired "X Value" and disposed of it for "Y value", how does receiving back the L2900 allow you to skip any taxes?

    Is it sort of like rolling the sale of your house into another one?

    Is it not reasonable that if you have no tax to pay on gain, you have a net "zero" basis in your L2900 and if you ever sell IT, you'd then have the gain to pay?

    (only trying to understand, as I recently embarked on journey to find accountant to help me in situation where I can try to write off some of this type expense, so this caught my eye)

    Richard

  5. #5

    Join Date
    Jun 2002
    Posts
    873
    Location
    N Central Ohio
    Tractor
    NH TC35D/SUPER H&M/F-20/JD B&D/FORDSON/JD250 SSL

    Default Re: IH 1066

    I traded in the L2900 and the 1466 he previously sold for the 35D outright.
    Both had a few $$ left on depreciation so my tax man filled out a form for replacement of the two units w/ the 35D
    Which was a $6000 better deal than Deere dealer offered on a 4410 set up the same.
    If I took the cash from the sale of 1466 ($9200) it had been depreciated (sp) out on my farm, I would have to pay tax on that amount.
    The value was $0 and I sold for $9200.
    I guess I confused u on this.
    If u haven't depreciated the equipment then it doesn't matter but when in business or farming u have to watch everything.
    I could have taken the money and bought something else and the first year u claim it u can use I think $18000-20000 write off.

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