Stearns County, Minnesota | deere9510 - 12/29/2015 10:40 I agree with many things you stated, but no way would I let machinery go back to the lender. Credit rating shot on everything for good. Private sell it and take your beating. Private sell it and take your beating Maybe or maybe not. If the OP is having problems paying his income tax now, selling equipment and adding the revenue to his income will increase his tax liability. It could even throw him into a higher tax bracket. Of what I read about the situation, I would probably go delinquent on my Federal and State income tax and buy some time for a year or two, to see if I can turn it around. This is typical of what happened in the 80's. |
Depreciation
