Ask the Taxman by Andy Biebl

Can I Retire Without a Tax Shock?

You'll owe income taxes on the full value of any equipment sold in year one, even if you use an installment contract to make payments more affordable for the new buyer. (DTN/The Progressive Farmer photo by Jim Patrico)
You'll owe income taxes on the full value of any equipment sold in year one, even if you use an installment contract to make payments more affordable for the new buyer. (DTN/The Progressive Farmer photo by Jim Patrico)
Senior farmers need a five- to 10-year plan to avoid harsh income tax rules on depreciation recapture, CPA Andy Biebl warns.

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