Aircraft tax question

BTIZ wrote:
ok... I'm not a tax expert... but when you sell a car.. what taxes apply to
the seller..
is it a capital gains or loss.. if you intend to take a capital gain/loss be
sure to factor in depreciation

I can't ever imagine it being a gain, unless it's an antique bird that has
really appreciated in value..


You only have to worry about depreciation that was deducted (if you used
it for business). Otherwise your gain is the sales price (less any
expenses involved in the sale) less the purchase price less any capital
improvements you made to the aircraft.

If you've held the aircraft for more than a year you owe 15% of the
gain.