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Farmall & IHC Tractors Discussion Forum
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depreciation

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Diana

11-14-2003 15:57:02




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Hi people!
I was just curious if anyone would know how to depreciate a tractor for farm purposes when the tractor is over 50 years old!
I sure can't see 20-25 years depreciation on a tractor I paid 2000.00 for this year. Was just wondering.

Also, wanted to let Hugh know I did get those fenders on. Hard to get used to looking at it but safer none the less.

If anyone wants to explain how to check the hydraulic oil, I'd also be thankful. I have the directions in my manuals but leary of checking it the first time. Not sure I understand it correctly, and where to fill it. Dumb me!

Thanks for any advice, Diana

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section 179

11-15-2003 20:06:51




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 Re: depreciation in reply to Diana, 11-14-2003 15:57:02  
take a look at section 179 and see if you qualify. If so it's easy to direct expense it, write off the entire purchase price. otherwise you'll need to spread it out, I agree a computer program will help if you don't have an accountant.



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Diana

11-15-2003 04:24:35




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 Re: depreciation in reply to Diana, 11-14-2003 15:57:02  
Thanks guys.
I just can't figure out which plug is the plug. I was told by someone that when oil runs out of it that it means it's full. Just trying to figure out which plug!



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Hugh MacKay Re: Diana's

11-14-2003 20:15:16




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 Re: depreciation in reply to Diana, 11-14-2003 15:57:02  
Diana: Much better, glad to hear about the fenders. I'm sorry I cant help much with the hydraulic oil fill up. I used that title as your title to thread will just draw the tax experts. Now 350U hydraulic oil experts are needed. I was going to say how it was done on the Farmall, but my memory is to rusty for that one. I think you just fill the Farmall to the edge of fill plug. I'm quite sure on that as my tractor had an additional resovoir, which fed by gravity into main resovoir. I remember the breather had to be moved to the add on resovoir.

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TomH

11-14-2003 16:31:19




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 Re: depreciation in reply to Diana, 11-14-2003 15:57:02  
You probably can write it all off the first year, or spread it out over just a couple. The computer tax programs are pretty good at helping with this kind of thing.



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