odd situation what's your opinion?

you don't have to pay taxes on a tractor in Arkansas. Dh says we have a farm exemption.

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misera est servitus ubi jus est aut incognitum aut vagum
(miserable is that state of slavery in which the law is unknown or uncertain)

You are supposed to pay property taxes (very little) on tractors in Missouri and even on each head of cattle (again very little). But almost no one does; can't tax what isn't titled.

FWIW, I know of another tractor that was bought on a 50/50 basis by two neighbors. It was a wonderful relationship, and both people benefited tremendously by the shared ownership for years.

The two men had a handshake agreement and parts were purchased by one, and all the labor and maintenance completed by the other. The guy completing the labor also agreed to keep the other in firewood as a reimbursement for expensive repairs.

Unfortunately, the elder of the two passed away. His kids, who had nothing to do with their father's homestead, came in, and took the tractor the minute that the other owner went to church one Sunday morning. The kids hauled the tractor 100 miles away, and sold it.

Because true ownership couldn't be proven, the sheriff was reluctant to get involved. (The kids also had cancelled checks showing the parts and tires that had been purchased.)

Needless to say, there were lots and lots of hurt feelings by the other owner and his family, who had just cut, split and stacked 4 ricks of hardwood just before the first owner passed.

I'd say there is a lesson to be learned...hope I'm not off base for sharing this story.

Have you tried to buy his half? If he won't sell, get the tractor appraised and sell your half.

Could you purchase a similar used tractor for the price he's set for his half? If you can't you would probably be best served to offer him close to his price. Otherwise, you'd be better served to buy another tractor. Either way, this is most likely going to bite you in your backside.

There's a difference between forgiving the original half owner and continuing a friendship.

If he's not willing to sell his half or buy your half he does have you over the barrel. Who is paying the insurance? Upkeep? Small claims court may be in your future.

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Moms don't look at things like normal people.
-----DD

Ah, but if this was an oral agreement between the two original owners, it cannot be modified orally. Legal advice seems to be in order.

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Moms don't look at things like normal people.
-----DD

Look at the problems of owning a 1/2 intest in a tractor - transporting it, time-sharing it if you both need it at the same ime, etc. etc. etc. If it throws a rod through the block, who repairs it.

The 'value' of such a seal is likely less than 1/4 the value of the tractor. Certainly not 50%. It's complicated, risky, and very limiting on how far away you can live, what days you get to use it.

It worked for the original owners, but there should always be a right of first refusal for one to buy out the other; and anyone else should have rtheir head examined to buy into such a thing....

So there really is no 'valuation' or selling out your half for what it is 'worth'.

Not sure if this is a $2000 8N tractor, or a 12 year old $35,000 tractor, guess that would make a difference on how I'd go with it.... I wouldn't pay %500 to buy into 1/2 ownership of the one, and just too much risk to consider buying into the bigger one at all..... Getting out of either is a difficult thing.

--->Paul

Give your half to a charity and take a tax deduction. When the owner of the other half get through with the charity's legal group he will wish that he gave you the the half he now claims. It amazes me how greedy some charities are. I was executor for an estate 5 years ago that named the charity in the will. They assigned a lawyer to see they got ALL that they were entitled, which they did. I am now getting harassed by them to provided supporting data to substantiate what they got even though the county, state and federal authorities are satisfied with the accounting submitted by an attorney. I, myself will never donate to a large charity again and suggest that you folks here think seriously before committing.

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Agmantoo
If they can do it,
you know you can!

Ask the other guy if he would agree to put it up for auction?

I would tell him what you want as a fair price and if he didn't want to pay it, inform him that you will continue sharing it, but the tractor is comming with you and he will have to pick it up each time he wants to use it. That may change his mind.

find out what the second half owner paid to the first half owner - which should, after 8 or 10 years be considerably less than when it was new and the two of you split the cost.... and give that to half owner number 2.... I assume there is a title or something to this piece of machinery. did you sign off as co- owners the second time?

I live in AR, and I assess my tractor. From one assessor's website:

"Personal Property and Real Estate Taxes are used to help support Schools, Cities, Roads, Jails, and County expenses in Faulkner County. It is a tax of about 1% of the value of your home, mobile home, land, car, truck, trailer, four-wheeler, boat, tractor, livestock, business building, inventory, and other items that you may own."

I did not know that we had to pay property tax on our part of the tractor, but we don't knowingly cheat, so we will begin doing so now.

We will never go to any kind of court for this. I am glad to know that I wasn't just touchy about this tractor situation. My dh doesn't like to talk about it. I think it bothered him a lot that a person he used to call his brother discarded the friendship so casually.

We also are believers that God can easily restore anything that was robbed from us. We need to keep reminding ourselves of that.

Thanks for the story on the sharing of the tractor, that makes me a little ill to think about. What do you want to bet the kids went through the money fast and were left worse off than before. It usually works out that way.

After reading my story, please think long and hard before going into partnership with anyone. we certainly would have not done so.

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misera est servitus ubi jus est aut incognitum aut vagum
(miserable is that state of slavery in which the law is unknown or uncertain)