Author: "Jason Mellerstig" <mellerstig2004@...> Time: Mon Nov 10, 2003 6:27 pm PST Link
...First thing new year, Tex. :)
(tax reasons)
-----
I'd be interested in the tax advantages of starting at the new year.
Also does it matter for tax reasons at what point you register the bird?
By when does it need to be registered?
Any other aircraft tax or financial advice would be appreciated.
Thanks
Jason
RV-10 maybe
Author: "Lance" <lryahoo@...> Time: Tue Nov 11, 2003 3:46 am PST Link
--- In RV10@yahoogroups.com, "Jason Mellerstig" <mellerstig2004@l...>
wrote:
> ...First thing new year, Tex. :)
>
> (tax reasons)
>
> -----
> I'd be interested in the tax advantages of starting at the new year.
> Also does it matter for tax reasons at what point you register the
bird?
> By when does it need to be registered?
> Any other aircraft tax or financial advice would be appreciated.
>
> Thanks
>
> Jason
> RV-10 maybe
The money to finance this is coming from sales of stock. It goes Long
Term Capital Gains in late December. Long Term Capital Gains are
taxed at 20% max; Short Term Capital Gains are taxed as ordinary
income, and is almost invariably at a higher rate. So if I gather my
funds later, I get to keep more of the proceeds from the sale.
Tax reasons.
Author: Paul Besing <pbesing@...> Time: Tue Nov 11, 2003 3:46 am PST Link
It really depends on the state. Arizona doesn't
recognize it to be an aircraft until you register it.
There is no time frame that you need to follow to
register your aircraft. You can register it when it's
just a tail kit (but that's how the state finds out
about it) or just get it done before you get it
inspected.
I'm going to look real hard at registering in some
other state to avoid the taxes. It can be pretty
steep, especially if they value it.
Here's one thing I have heard of doing. Don't call it
an RV-10 when you register it. I know it is cool to
have that on the registration, but if you call it an
ABC Aircraft #1 or something generic, they can't put a
value on it, they only have your word on what it is
worth, or maybe ask for receipts.
The tax man knows what an RV is, and they will asses
accordingly! It would almost be worth it to set up a
Delaware corporation and register it that way to avoid
the tax.
Paul Besing
--- Jason Mellerstig <mellerstig2004@l...>
wrote:
> ...First thing new year, Tex. :)
>
> (tax reasons)
>
> -----
> I'd be interested in the tax advantages of starting
> at the new year.
> Also does it matter for tax reasons at what point
> you register the bird?
> By when does it need to be registered?
> Any other aircraft tax or financial advice would be
> appreciated.
>
> Thanks
>
> Jason
> RV-10 maybe
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Author: "pittsakro" <jfarrar1@...> Time: Tue Nov 11, 2003 6:49 am PST Link
In Arizona they register all homebuilts at the same rate....I think
about $40-$50? I've registered mine for 2 years now and its due in
Jan. Where they get you is the sales tax on the kit sale. Jeff
Farrar N410JF(reserved)
--- In RV10@yahoogroups.com, Paul Besing <pbesing@y...> wrote:
> It really depends on the state. Arizona doesn't
> recognize it to be an aircraft until you register it.
> There is no time frame that you need to follow to
> register your aircraft. You can register it when it's
> just a tail kit (but that's how the state finds out
> about it) or just get it done before you get it
> inspected.
>
> I'm going to look real hard at registering in some
> other state to avoid the taxes. It can be pretty
> steep, especially if they value it.
>
> Here's one thing I have heard of doing. Don't call it
> an RV-10 when you register it. I know it is cool to
> have that on the registration, but if you call it an
> ABC Aircraft #1 or something generic, they can't put a
> value on it, they only have your word on what it is
> worth, or maybe ask for receipts.
>
> The tax man knows what an RV is, and they will asses
> accordingly! It would almost be worth it to set up a
> Delaware corporation and register it that way to avoid
> the tax.
>
> Paul Besing
>
> --- Jason Mellerstig <mellerstig2004@l...>
> wrote:
> > ...First thing new year, Tex. :)
> >
> > (tax reasons)
> >
> > -----
> > I'd be interested in the tax advantages of starting
> > at the new year.
> > Also does it matter for tax reasons at what point
> > you register the bird?
> > By when does it need to be registered?
> > Any other aircraft tax or financial advice would be
> > appreciated.
> >
> > Thanks
> >
> > Jason
> > RV-10 maybe
> __________________________________
> Do you Yahoo!?
> Protect your identity with Yahoo! Mail AddressGuard
> http://antispam.yahoo.com/whatsnewfree
Author: Paul Besing <pbesing@...> Time: Tue Nov 11, 2003 3:36 pm PST Link
Yeah, that's the tax I was talking about. They get
you good on the sales tax, but you could just as
easily provide them with the receipt for the fuselage
kit and call that an airplane. Most of the folks that
work in those offices don't really know that you have
to include the other kits, avionics, engine etc. Not
suggeting tax evasion by any means, just if you were
to conveniently lose all the receipts and only had a
few thousand to show, they would have to tax you on
that.
As far as the value tax is concerned, I was refering
to other states who I hear actually tax the value of
the plane based on the make/model.
Paul Besing
--- pittsakro <jfarrar1@c...> wrote:
> In Arizona they register all homebuilts at the same
> rate....I think
> about $40-$50? I've registered mine for 2 years now
> and its due in
> Jan. Where they get you is the sales tax on the kit
> sale. Jeff
> Farrar N410JF(reserved)
> --- In RV10@yahoogroups.com, Paul Besing
> <pbesing@y...> wrote:
> > It really depends on the state. Arizona doesn't
> > recognize it to be an aircraft until you register
> it.
> > There is no time frame that you need to follow to
> > register your aircraft. You can register it when
> it's
> > just a tail kit (but that's how the state finds
> out
> > about it) or just get it done before you get it
> > inspected.
> >
> > I'm going to look real hard at registering in some
> > other state to avoid the taxes. It can be pretty
> > steep, especially if they value it.
> >
> > Here's one thing I have heard of doing. Don't
> call it
> > an RV-10 when you register it. I know it is cool
> to
> > have that on the registration, but if you call it
> an
> > ABC Aircraft #1 or something generic, they can't
> put a
> > value on it, they only have your word on what it
> is
> > worth, or maybe ask for receipts.
> >
> > The tax man knows what an RV is, and they will
> asses
> > accordingly! It would almost be worth it to set
> up a
> > Delaware corporation and register it that way to
> avoid
> > the tax.
> >
> > Paul Besing
> >
> > --- Jason Mellerstig <mellerstig2004@l...>
> > wrote:
> > > ...First thing new year, Tex. :)
> > >
> > > (tax reasons)
> > >
> > > -----
> > > I'd be interested in the tax advantages of
> starting
> > > at the new year.
> > > Also does it matter for tax reasons at what
> point
> > > you register the bird?
> > > By when does it need to be registered?
> > > Any other aircraft tax or financial advice would
> be
> > > appreciated.
> > >
> > > Thanks
> > >
> > > Jason
> > > RV-10 maybe
> > __________________________________
> > Do you Yahoo!?
> > Protect your identity with Yahoo! Mail
> AddressGuard
> > http://antispam.yahoo.com/whatsnewfree
__________________________________
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Author: "mojo_ceo" <bhughes@...> Time: Wed Nov 12, 2003 9:25 am PST Link
Does anyone have any ideas on what we can expect in Texas?
Bobby
--- In RV10@yahoogroups.com, Paul Besing <pbesing@y...> wrote:
> Yeah, that's the tax I was talking about. They get
> you good on the sales tax, but you could just as
> easily provide them with the receipt for the fuselage
> kit and call that an airplane. Most of the folks that
> work in those offices don't really know that you have
> to include the other kits, avionics, engine etc. Not
> suggeting tax evasion by any means, just if you were
> to conveniently lose all the receipts and only had a
> few thousand to show, they would have to tax you on
> that.
>
> As far as the value tax is concerned, I was refering
> to other states who I hear actually tax the value of
> the plane based on the make/model.
>
> Paul Besing
>
> --- pittsakro <jfarrar1@c...> wrote:
> > In Arizona they register all homebuilts at the same
> > rate....I think
> > about $40-$50? I've registered mine for 2 years now
> > and its due in
> > Jan. Where they get you is the sales tax on the kit
> > sale. Jeff
> > Farrar N410JF(reserved)
> > --- In RV10@yahoogroups.com, Paul Besing
> > <pbesing@y...> wrote:
> > > It really depends on the state. Arizona doesn't
> > > recognize it to be an aircraft until you register
> > it.
> > > There is no time frame that you need to follow to
> > > register your aircraft. You can register it when
> > it's
> > > just a tail kit (but that's how the state finds
> > out
> > > about it) or just get it done before you get it
> > > inspected.
> > >
> > > I'm going to look real hard at registering in some
> > > other state to avoid the taxes. It can be pretty
> > > steep, especially if they value it.
> > >
> > > Here's one thing I have heard of doing. Don't
> > call it
> > > an RV-10 when you register it. I know it is cool
> > to
> > > have that on the registration, but if you call it
> > an
> > > ABC Aircraft #1 or something generic, they can't
> > put a
> > > value on it, they only have your word on what it
> > is
> > > worth, or maybe ask for receipts.
> > >
> > > The tax man knows what an RV is, and they will
> > asses
> > > accordingly! It would almost be worth it to set
> > up a
> > > Delaware corporation and register it that way to
> > avoid
> > > the tax.
> > >
> > > Paul Besing
> > >
> > > --- Jason Mellerstig <mellerstig2004@l...>
> > > wrote:
> > > > ...First thing new year, Tex. :)
> > > >
> > > > (tax reasons)
> > > >
> > > > -----
> > > > I'd be interested in the tax advantages of
> > starting
> > > > at the new year.
> > > > Also does it matter for tax reasons at what
> > point
> > > > you register the bird?
> > > > By when does it need to be registered?
> > > > Any other aircraft tax or financial advice would
> > be
> > > > appreciated.
> > > >
> > > > Thanks
> > > >
> > > > Jason
> > > > RV-10 maybe
> > > __________________________________
> > > Do you Yahoo!?
> > > Protect your identity with Yahoo! Mail
> > AddressGuard
> > > http://antispam.yahoo.com/whatsnewfree
> __________________________________
> Do you Yahoo!?
> Protect your identity with Yahoo! Mail AddressGuard
> http://antispam.yahoo.com/whatsnewfree