The strangest thing just happened to me. I have been trying to track down a tax refund since April. WE call and leave messages,write letters and receive mail that has nothing to do with our check,and send faxes. I just called the IRS, and a real live person answered the phone!! Maybe I will get the 3911 this time.
- Thread starter 504
- Start date
ADB-Ia
Member
- Location
- New Sharon, IA
I would be extremely happy if the IRS would ignore me this year. I had a consult with my accountant last week. I was happy with how my machinery sold last February, but the downside of that hits me next March. Yikes!
MarkB_MI
Well-known Member
- Location
- Motown USA
I had to wait about six months for our refund. Every week or so I'd check the IRS "where's my refund" web site, and every time it said they hadn't received our return. Then one day it said our refund was in process and it was deposited in our checking account about a week later. With interest. I think the IRS is doing the best it can, under the circumstances.
ADB-Ia
Member
- Location
- New Sharon, IA
Yea, I expected this hit, but that doesn't make it feel any better. I guess I should be thankful for the 2/3 I get to keep rather than complain about the 1/3 that goes bye bye.
Goose
Well-known Member
I got nailed on that once.
In the mid '80s, when a lot of farmers were going under, I bought an 856 Farmall very reasonable. I put it on a 10 year depreciation schedule on my income taxes. I used it 9 years and sold it for what I'd paid for it. Guess what? The IRS wanted all of that depreciation back. It's called "recapture". I owed in recapture what I'd sold the tractor for.
The bottom line was, I'd have had a free tractor if I'd simply kept it.
In the mid '80s, when a lot of farmers were going under, I bought an 856 Farmall very reasonable. I put it on a 10 year depreciation schedule on my income taxes. I used it 9 years and sold it for what I'd paid for it. Guess what? The IRS wanted all of that depreciation back. It's called "recapture". I owed in recapture what I'd sold the tractor for.
The bottom line was, I'd have had a free tractor if I'd simply kept it.
ADB-Ia
Member
- Location
- New Sharon, IA
Yup. Depreciation recapture. Taxed as ordinary income instead of capital gains. Pushes you into the top tax brackets pretty quick. Paying my fair share for sure.
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