Dealer NW PA Dealers

[TheBigO]

Fruit Acres has a competitive price after talking to 6 dealers.L3010hst 4wd r4s, 482 fel. Over the phone was quoted $18,299. Not sure if this is good or not but haven`t tried to get him down any yet.

My girlfriends mother does buisiness taxes for people and maybe she can help me out where that is concerned. While I don`t have a for-profit buisiness, my property is assesed as 40 acres agricultural. I don`t plan on planting any crops. I could plant come stuff and set up a stand at the base of my driveway and sell for profit. There`s also an old oil lease (6 wells) here . maybe there is some way of getting a tax-break there too. Maybe I could go into the corn-oil buisiness. :O

Does anybody know a good site for implement list prices?

Thanks for the help all.

steve

<P ID="edit"><FONT SIZE=-1>Edited by TheBigO on 08/06/01 06:19 PM (server time).</FONT></P>

 

[PaulT]

Actually,
The $24K deduction is allowable against the business operators TOTAL w2 earnings. That means if you legitimately operate a farm on a part-time basis, and you are also employed elsewhere, the net profit or loss of your legitimate farm flows to your personal income tax (except for a C-corp.) where it can be netted against other sources of earnings. The capital equipment expense limit categorizes this as a valid business expense, period. This means that the net income of that business is reduced by the amount of the expensed equipment. If you would have otherwise made $2000, but you bought a $24000 tractor, you can claim a net loss of $22000, and reduce your total reported w2 wages by this amount. Of course you need to file the long form of the 1040 and the associated schedule forms to flow the loss to the top-level 1040 form line items.

BTW, I bought my 2710 from Keys recreational in Reynoldsville. He had the best price by far (even over Carver), and since my buddy and I both bought one, he delivered 250 miles away (in NY) for free. There were a few setup realted issues, though. Probably due to my pressuring them to deliver (they were only 2 weeks late from the promised date). See this link for details on the setup issues. Re:Survey of Repairs on your tractor
PaulT<P ID="edit"><FONT SIZE=-1>Edited by pault on 08/23/01 12:37 PM (server time).</FONT></P>