REFLECTOR:A TOUCHY SUBJECT!

Jeffrey Clough reflector@tvbf.org
Fri, 13 Jun 2003 13:36:15 -0700 (PDT)


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Yeah....It happened to me in Colorado...I paid taxes on the kit price plus the avionics prices, plus all the other misc items I purchased over the years.....I felt it was better to pay the sales tax up front rather than the capital gains tax (if applicable) on the difference between kit price alone and selling price should I ever decide to sell the plane... JC

Tom Martino <tmartino@troubleshooter.com> wrote:I hesitate to bring this up ... but it something we all have to face.  Whenever Iregister a plane with the FAA, I get a notice shortly after from the State Revenue Department wanting SALES TAX!  If you don't come up with what they consider to be "fair market value", they assess a value and make you pay taxes on that!
 
This is my first homebuilt.  How have you guys valued the plane for tax purposes?



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<DIV>Yeah....It happened to me in Colorado...I paid taxes on the kit price plus the avionics prices, plus all the other misc items I purchased over the years.....I felt it was better to pay the sales tax up front rather than the capital gains tax (if applicable)&nbsp;on the difference between kit price alone and selling price should I ever decide to sell the plane... JC<BR><BR><B><I>Tom Martino &lt;tmartino@troubleshooter.com&gt;</I></B> wrote:
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<META content="MSHTML 5.00.3502.5390" name=GENERATOR>
<DIV><FONT face=Arial size=2><SPAN class=713585016-06062003>I hesitate to bring this up ... but it something we all have to face.&nbsp; Whenever Iregister a plane with the FAA, I get a notice shortly after from the State Revenue Department wanting SALES TAX!&nbsp; If you don't come up with what they consider to be "fair market value", they assess a value and make you pay taxes on that!</SPAN></FONT></DIV>
<DIV><FONT face=Arial size=2><SPAN class=713585016-06062003></SPAN></FONT>&nbsp;</DIV>
<DIV><FONT face=Arial size=2><SPAN class=713585016-06062003>This is my first homebuilt.&nbsp; How have you guys valued the plane for tax purposes?</SPAN></FONT></DIV></BLOCKQUOTE></DIV><p><hr SIZE=1>
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