N93332 wrote:

"Ron Rosenfeld" wrote in message
...

Don't forget that it is only the gain that is taxed. That is the
difference between your net receipts on the sale less the basis.
Calculating the basis may or may not be tricky, and, depending on your
situation, may warrant a discussion with someone who knows what he or she
is talking about :-))


I agree, talk with someone that knows about this stuff...

My aircraft could possibly be sold for about $5-10k more than I purchased it
a few years ago. Personally, I wouldn't claim the capital gain of all $5-10k
and would figure out what all (money-wise) I have put into it to calculate
the cost basis.



You can't count routine repairs as part of the basis. Only "improvements."

--
"You can support the troops but not the president"
--Representative Tom Delay (R-TX), during the Kosovo war.