radman1
Elite Member
- Joined
- Jul 8, 2006
- Messages
- 3,016
- Location
- midwest
- Tractor
- JD 4520, Toolcat 5610, Bobcat S300, Case-IH 125 Pro, Case-IH 245, IH 1086, IH 806
I am trying to figure out a creative way to purchase a 3 pt toolcat for next year, but for business purposes, want to apply it to this year taxes. I have a 40' manlift genie that is in very good condition that I bought on an auction a few years ago for 10K. It would only go one direction when I bought it. Took and risk and discovered it was only a minor adjustment of the hydraulics and it worked normally. Updated a few switches, new filters, oil etc. for a few hundred more dollars. Dealer wants my machine (for a rental unit) and I want a toolcat. He offered me 35% discount off of the toolcat list and my lift. A toolcat D ($35,860) with cab ($4195), road pkg($1,760), hi flow($1,240), larger tires ($250), block heater($130), 68" bucket($605) and 7 pin attachment ($175) has a list price of $44,215. 35% off gives savings or $15,475. He has never seen the genie but he trusts me and I have purchased and traded stuff before with him including kubota tractor, 2 skid steers, attachments etc.
No one knows what the price of a 3 pt will be but with rear pto, rear hydraulics and lift arms, my guess it will be 48-50K. This was his initial offer. I am tempted to ask for 10K trade-in and 18-19% off list price. What other ideas do you have?
Second point is that I want to take it off this years taxes for farming. Can he write me a receipt for purchase of toolcat and I deduct it this year if I make substantial down payment this month. For security reasons should be money be put in escrow? (My uncle many years ago paid 15K upfront on a shed to a company who went bankrupt before delivery of building and he was out 15K.) Any other ideas?
Am I crazy for attempting this? I probably would not buy it next year because of tax deduction reasons. Let the suggestions come.
No one knows what the price of a 3 pt will be but with rear pto, rear hydraulics and lift arms, my guess it will be 48-50K. This was his initial offer. I am tempted to ask for 10K trade-in and 18-19% off list price. What other ideas do you have?
Second point is that I want to take it off this years taxes for farming. Can he write me a receipt for purchase of toolcat and I deduct it this year if I make substantial down payment this month. For security reasons should be money be put in escrow? (My uncle many years ago paid 15K upfront on a shed to a company who went bankrupt before delivery of building and he was out 15K.) Any other ideas?
Am I crazy for attempting this? I probably would not buy it next year because of tax deduction reasons. Let the suggestions come.
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