Posted by dhermesc on April 04, 2012 at 08:43:23 from (24.248.193.103):
In Reply to: Cash sale posted by LAA on April 04, 2012 at 06:01:36:
Buy the baler and withdraw the exact amount of cash from your bank account and pay the man. You then document the withdrawal ticket as "PURCHASE of BALER" and identify the baler in some manner (and the seller). You can then depreciate or 179 expense the baler for that amount just as you would any other peice of equipment.
If you get audited the IRS may question that specific transaction but simply explain what happened. They know the baler had to come from somewhere (unless they want to try to accuse you of stealing it) and if the price is reasonable it won't be an issue.
If you tried to do the same with all your euipment purchases this will not work, but if its the only one in the course of a year or several years it passes the "reasonable" test.
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Today's Featured Article - George's Fordson Major - by Anthony West (UK). This is a bit of a technical info to add on to the article about George's Major in the "A Towny Goes Plowing" article. George bought his Major from a an implement sale about 18 years ago for £200.00. There is no known history regarding its origins or what service it had done, but the following work was undertaken by Harold alone to bring it up to show standard. From the engine number, it was found that the major was produced late 19
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