Hendricks MN | Tara Farms - 12/30/2015 10:19
My guess is you have a fairly new line of equipment ( a lot of 1-3 year old ) that has been fully depreciated and has a large annual payment due to the manufactures of the equipment. If this is true than you need to find out what you absolutely need for equipment to survive and figure out a way to hold onto that equipment and let the rest go back to the lender ( any equipment that is in the 1-3 years old and is financed through the manufacture is almost certainly worth less than what is against it).
Good advice, figure out what you need to survive. I do believe that if depreciated equipment is turn back to dealer the valve will be subjected to capital gain tax. Sec 179 is a great tax tool if use right. BUT if you borrow money to buy the equipment you better have a plan to make the payments and pay income tax the following years. |
Depreciation
