"Blueskies" wrote in message
m...

"Mike Rapoport" wrote in message
k.net...
You pay on the April 15th in the following year (ignoring estimated
taxes). If you sell it, then the sale price is the value and it doesn't
matter what AOPA says it was worth. If you use it and then sell it, you
would have to add the depreciation from your use to the sale price. If
you keep it, you will have to pay taxes on what it is worth but if you
think that AOPA's estimate is too high then you can get an appraisal.
The IRS could challenge your appraisal but AOPA doesn't just declare the
value and that's it.

Mike
MU-2



So it would be possible for some to win the plane then sell it to someone
for a ridiculous price, and declare that as the taxable value of the
plane...


Well you can't sell it to your wife for a dollar but if you sell it to an
unrelated third party for a reasonable sum then that is the value.

Mike
MU-2