Posted 1/10/2019 05:27 (#7233916) Subject: Equipment sale tax implications?
Pierce county WI
Here's a question on selling my semi, maybe Jake scia or another knowledge agtalker can help me with. Last year (2018) I purchased a bunch of new tiling equipment. I made the decision it was a good time to sell my semi, as I had depreciation left on it, and I had purchased all this tiling equipment. Well, I didn't get it sold buy the end of the year, but sounds like I have it sold now. I fully admit, I'm bad when it comes to taxes. I put the numbers together for my accountant, sign the forms, write checks, and done! I never caught it at the time, but when I purchased the new semi, she put it on a 3 year schedule. Apparently she did that so I could get an eic. Fast forward to 2017, we had major depreciation and less income. I know I should have caught it in 2016, but I didn't. So, in 2018 there's still depreciation left. I'm still going to replace the truck with another, older truck. It's not going to be equal in price. Selling a truck for $112k, and buying one back for $30k. My question is, can I delay starting the depreciation on my new tile plow or excavator that I purchased in 2018 til 2019 to offset the income of the truck sold? Thanks!