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NE Nebraska | You need to consider your item, your market area, your dealer and buying and selling opportunities.
As others have mentioned the rules changed a few years ago with trades. Our tax person requires a copy of the trade invoice so there is trade sales income involved. But, depreciation rules have been favorable also.
I don't like the cash under the table--much prefer to track everything and to sleep at night.
We trade in larger items with our dealer (planters, combines, etc) on a somewhat regular basis so we have a good working relationship and they know our equipment. But we also use an online auction service for a lot of our other sales of miscellaneous items . Yes, the auction company charges a commission; however they take care of the advertising, disclosures, payments, etc. We're in Nebraska and have 3 settlement sheets sitting here for 29 items that will be going to Nebraska, New Mexico, Oklahoma, South Dakota, Iowa, Kansas, Missouri and Texas. We don't really have to "deal with the people" other than cleaning things up/displaying for the sales pics & coming up with the advertising description, fielding phone calls a few days before the sale and being there when they pick up the item. We've been amazed at past sales and where things end up going. The guys enjoy meeting the different people. There's no way we'd be able to sell and get as much locally. | |
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Is it better to trade in or buy outright and sell your old one?
