Selling Equipment ?

Discussion in 'Lawn Mowing' started by American_Lawn, Feb 24, 2008.

  1. American_Lawn

    American_Lawn LawnSite Member
    Messages: 211

    I bought a trailer at the start of last season. I planned to write it off on my taxes this year. I now have upgraded to a bigger trailer and will use it as a write off for tax season of 09. My question is, I will be selling my older trailer, should I use it as a write off or just not worry about it. It was only 400 and I will be selling it for 375. Any suggestions?
  2. packey

    packey LawnSite Senior Member
    Messages: 556

    If you rite it off then sell it you will have to claim the 375 as money made on selling the trailer next season. My thought is dont claim it unless you really need the deduction.
  3. pjslawncare/landscap

    pjslawncare/landscap LawnSite Bronze Member
    Messages: 1,410

    I would claim it as usual, otherwise you will have to pay tax on the $400 that you paid for the trailer. If you show that it was used for equipment purchase, you can depriciate that amount, thus lowering your tax owed.

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