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Nw Iowa | Even on a trade, your accountant will want to know what value of trade in was. Those rules changed in one of tax updates laws awhile back. As far as putting cash under the mattress it is fraud. I am not trying to preach, very serious federal offense which with 84000 new IRS agents running around would be a big risk. Guy buying your used for cash probably has a paper trail so he can depreciate the item, especially if a larger item so unless you want free room and board for awhile that would be pretty risky.
Selling it yourself in this market is best if it something like a tractor that sells easy. Somebody the other day was suggesting that someone sell their one or two yr old combine themselves and that is a entirely different deal as much much harder to sell a very high dollar item that dealers can offer financing and warranty. | |
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Is it better to trade in or buy outright and sell your old one?
