Fair Market Value on 2003 Branson 3510i?

[swigginton]

So I started up my farm as a real business entity and now that it's tax time I need to determine the Fair Market Value of my tractor since I converted it from personal use to 90% business use.

I know I got a steal on it 'cause it needed some work done to get it running.

It's a 2003 Branson 3510i with FEL and backhoe, 838 hours.

Thanks

 

[bp fick]

You'll likely have to use a comp. The only Bransons listed at TractorHouse do not have the hoe. They are also newer. This will take finding a listing more closely matched to your own machine, equipment and hours.

 

[TrenaryDucks]

So I started up my farm as a real business entity and now that it's tax time I need to determine the Fair Market Value of my tractor since I converted it from personal use to 90% business use.

I know I got a steal on it 'cause it needed some work done to get it running.

It's a 2003 Branson 3510i with FEL and backhoe, 838 hours.

Thanks

I would think that fair market value would be what you paid for the tractor plus expenses needed to get it in running condition.

 

[swigginton]

The diff is between what you paid and what it is really worth. If you found an antique truck and paid $5k when it was worth $10k, if someone ran into you and totaled it which would you want them to reimburse you for?

For mine I finally talked to the dealer while having him look into a hydraulic issue. Trade in without the backhoe would be what I paid for the whole thing, with backhoe he put it at $13.5 which counting dealer overhead and profit for reselling puts it comfortably in the range I was looking at.