Sales tax is an entirely different issue. In the eyes of the IRS buying tractors to part them out is a business venture. Your best bet is to talk to an accountant.
My wife buys and sells antiques and collectibles. She asked our accountant how to value items for inventory for tax purposes. Specifically items from a box lot at auction. He told her to divide the cost of the box lot by the number of items in the box and access each item with that value.
Your accountant may suggest something similar or he may suggest you deduct the total purchase price the year you buy, and just claim income when you sell. There are probably some tax advantages to figuring it as inventory, but the record keeping may not be worth the hassle.
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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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