dmccarty
Super Star Member
Cart99,
I can't answer your tax question. But I can give advice about your Insurance. I called my company a couple of times over the years to see if they would cover the tractor. I would always get different answers. I read the policy which did not really answer my question. There where to many if and or buts for them to wiggle out of coverage.
My last set of calls I reached a new person who did not know the answer so I think I ended up with an underwriter who said they do NOT cover the tractor even for personel use.
Now I'm covered by a JD policy which is in effect until I pay off the tractor. I just sent the check to payoff the loan. To cover the tractor I have a policy written by the NC Farm Bureau. For a $1,000 deductible and $35,000 of coverage the policy costs a bit over $200 per year.
See if there is a VA Farm Bureau and talk to them. In NC you don't have to be a farmer to be a member.
Later,
Dan
I can't answer your tax question. But I can give advice about your Insurance. I called my company a couple of times over the years to see if they would cover the tractor. I would always get different answers. I read the policy which did not really answer my question. There where to many if and or buts for them to wiggle out of coverage.
My last set of calls I reached a new person who did not know the answer so I think I ended up with an underwriter who said they do NOT cover the tractor even for personel use.
Now I'm covered by a JD policy which is in effect until I pay off the tractor. I just sent the check to payoff the loan. To cover the tractor I have a policy written by the NC Farm Bureau. For a $1,000 deductible and $35,000 of coverage the policy costs a bit over $200 per year.
See if there is a VA Farm Bureau and talk to them. In NC you don't have to be a farmer to be a member.
Later,
Dan