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Old 01-02-2013, 04:47 PM
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gdguth gdguth is offline
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Join Date: Feb 2005
Location: Midwest
Posts: 387
Tax question-selling depreciated equipment

I am not very knowlegable about tax stuff. That is what I quess my tax man is for, but anyway I want to just be thinking ahead. At the beginning of 2012 I sold a mower that I beleive should be totally depreciated out. I bought it used in 2007 for around $3500 and sold it for about $1700. Now since I sold it do I have to claim the $1700 as taxable income or can that be used toward the purchase of a new mower that I bought that was around $7500. Thanks
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