If you're looking to sell your used farm tractor, used dump truck or used crane online, you may be concerned about losing out on revenue due to federal income taxes. Depending on the item and the seller's income bracket, you could lose nearly a quarter of the money generated by your sale before it ever makes it into your pocket. However, if you've sold a piece of equipment for capital gain, you may qualify for a Tax Free exchange.
If the money you made from the item will be going into buying a similar piece of equipment, IronPlanet can help you figure out if you are eligible. You may find that you're able to defer all federal income taxes, effectively giving you 100 percent of the selling price to invest in an upgrade.
A Tax Free exchange is an excellent way to save money. If you're not the most tax-savvy individual, you may not know how to navigate the IRS' murky waters, and that's why IronPlanet is here to help.
