My first opinion would be to ignore it. If you want to report it vs. running a small cash sale here and there.
Option 2 Report the purchase of the tractor say $1000, depreciate it, 3 years later "sell" it for $100 scrap, report the $100 on that years taxes. Mission accomplished. Notice the quotes around "sell".
Option 3 Report purchase price, keep complete and detailed records of every part you have sold off the tractor, and receipts, and charge sales tax. Then you can report everything correctly.
After one year of option 3, you will realize your time is more valuable working vs. spending the majority of it being a bookkeeper.
I know you are trying to do the right thing, I think there are bigger things to tackle than a few miscellaneous parts sales here and there.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
... [Read Article]
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