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Tractor Talk Discussion Forum

tax exempt question

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jddeere

05-10-2008 20:05:06




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I am looking at buying a portable oxygen acetylene torch kit. I found one at lowes that I like but my question is does this qualify for far tax exemption. I have a farm tax number card but I can never keep up with what is and what isnt taxable




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flying belgian

05-11-2008 13:07:49




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 Re: tax exempt question in reply to jddeere, 05-10-2008 20:05:06  
Here in Mn. any item that can also be used for non-farm purpose is taxable such as bolts, imp. tires and oxy torch. Unless you can prove it will only be used for farm which you can't do.



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John (C-IL)

05-11-2008 11:13:20




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 Re: tax exempt question in reply to jddeere, 05-10-2008 20:05:06  
Sales tax exemption is a state by state deal. In Illinois the Oxy/acetylene outfit would not qualify. OTOH if you file a schedule F the entire purchase price including the sales tax is 100% deductible.



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tlak

05-11-2008 03:12:39




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 Re: tax exempt question in reply to jddeere, 05-10-2008 20:05:06  
You might do a search of farm tax exempt items based on your state, because I think it varies from state to state. I personally don't worry about it and take it on any item I can, if the store will let me. Lowe's seems exceptionally lenient.



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