Posted by Zachary Hoyt on February 05, 2013 at 07:39:18 from (50.122.169.86):
I part out 3 or so tractors each year and I am trying to figure out how to account for them as inventory on a 1040 schedule C form. It specifies that I have to account for starting and ending inventory value for unsold items each year. My problem is that I pay a single payment for the tractor and then sell it in parts over the course of a year or two. This makes it difficult or impossible to say with any accuracy what the value is of the parts I have left as unsold inventory at the end of any given calendar year. I would say realistically I may have between 1-2k in likely eventual selling prices of parts on hand, but that is the aggregate amount, not individual parts. If anyone has any advice I would appreciate it. Zach
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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