What Would Bobby Say ?

Discussion in 'Business Operations' started by Nosmo, Nov 7, 2005.

  1. Nosmo

    Nosmo LawnSite Bronze Member
    Posts: 1,216

    Bobby I have some equipment I no longer use . A neighbor (not my mother this time) wants to buy my old 21" I used to use for getting into corners etc.

    I'm not going to mention any figures but here is the deal.
    I depreciated this mower out and have recovered my cost on the books (income taxes). If I sell it I am supposed to
    show this amount as income (use a schedule D) and report it.

    You already know what comes next Bobby. Yes or No ?

    Of course anyone else can voice an opinion too.

  2. its amazing the number of people on here that worship the so called "LAWN GOD".
  3. jimmbo407

    jimmbo407 LawnSite Member
    Posts: 114

    Personally I take everything Bobby says with a grain of salt. Bobby is for entertainment purposes only. If he was a contractor in my area I would probably not hire him, those that have to say how great they are tend to be on the sloppy side. He also seems to fire and loose more customers than other LCO I know of. Of course I like to be friendly to my customers. But who knows maybe Bobby will put us all out of business and go nationwide one day. My family will still eat. As far as a tax question, go see a professional, or do the research yourself and do what is legally correct. Why get fined over something stupid.

    On the flip side of the coin Bobby would probably be a hoot to have a beer with.:drinkup:
  4. Nosmo

    Nosmo LawnSite Bronze Member
    Posts: 1,216

    I know what to do and what I should do. I know I am supposed to report a sale of depreciated equipment as income. But what would Bobby say about this.

  5. lawnmaniac883

    lawnmaniac883 LawnSite Silver Member
    Posts: 2,613

    Cash Purchase :cool2: :cool2: :cool2:
  6. Nosmo

    Nosmo LawnSite Bronze Member
    Posts: 1,216

    Bobby is smarter than you guys give him credit. He's not gonna get in on this one for sure.

    I know if I have take depreciation on a piece of equipment and am no longer using it I better set it back somewhere and leave it there. If I sell it I better report it on a schedule D when doing my income taxes.

    Why ? because if I am audited and they do a physical audit they are going to want to see the equipment I recovered my cost on by depreciation. If it is missing this old story about it being stolen is BS. If there is no police report on file my butt is in trouble.

  7. Jpocket

    Jpocket LawnSite Silver Member
    Posts: 2,278

    It's just a 21" mower whats it worth a couple hundred bucks or so? Why are you even worried about it I could see if you were selling a large mower or a truck , but a $200 mower I don't think the IRS would care dude seriously
  8. rodfather

    rodfather LawnSite Fanatic
    Posts: 9,501

    But what would Bobby say about this.Nosmo[/QUOTE]

    Who f***ing cares? You in love with the guy or what? This mower would probably be better served as a boat anchor.
  9. AintNoFun

    AintNoFun LawnSite Bronze Member
    Posts: 1,807

  10. jim dailey

    jim dailey LawnSite Senior Member
    Posts: 614

    I looked at your profile. You are even older than me. You are RETIRED. What business are you running. You are RETIRED. You are allowed some income, even when you are retired, I believe. Go to the town dump and pick-up a replacement mower, just incase they come to audit your RETIRED ***.

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