AOPA Twin Comanche

"G.R. Patterson III" wrote in message
...


David Reinhart wrote:

Why taxes on what you sold it for?

Lagally "the value of a thing is what that thing will bring". If the most
you
can get for that plane is $200,000, that's the legal value of it for tax
purposes.

George Patterson
If a man gets into a fight 3,000 miles away from home, he *had* to
have
been looking for it.

One nice thing about winning this airplane or any of the planes given away
by AOPA is that there will probably be people contacting you from day one
asking if you want to sell it. It wouldn't suprise me if AOPA doesn't have a
list already of people who want to buy it from the winner.

Think aout it. If you were in the market for a nicely updated light twin
wouldn't you call AOPA and ask them to give the winner your name?

"G.R. Patterson III" wrote in message ...
Dave S wrote:

Whats the value of the Twin Commanche?

According to AOPA, the current value of the "project" is $225,500.

And.. 30% of that is??? (just
rough round numbers...)

$67,650.

That's a start. I live in California so let's add a few more...
1) State income tax of about 5% so add another $10000
2) Of course I would have to pay use tax on it as well for another
$16,000
3) Then every year I would pay property tax on it for $2,000 /yr
(including the first).

So, my first year taxes would be $95,650. I could almost live in
Canada at these prices! (hense the 50% rule of thumb)
I might be able to get a really good deal on a hanger for only
$500/month, so I would put in another $6000. Also, for me the
insurance on a Twin Comanche would be $6000 for the first year. So, I
could fly it one year for...
$107,650 plus gas. If I fly 100 hours I would spend another $6300
($3.50/gal at 18 gals/hr).

So, if nothing breaks and I have ZERO maintenance I would spend
$113,950 to fly it the first year. That's about $1139.5/hr. of out of
pocket until I sell it. I would probably be better off selling it
right away.

-Robert



-Robert, People's Republic of California

Thomas Borchert writes:

AOPA's 2004 Win-A-Twin Sweepstakes is open to all individuals who
legally reside in the 50 United States, the District of Columbia and
Canada (except the Province of Quebec) age 21 years or older as of the
date of entry."

Why the Quebec exclusion?

"G.R. Patterson III" writes:

Furthermore, unless you pay the
income taxes in quarterly installments during the year, the Feds will hit you
with a late penalty next April.

Not necessarily (if the Feds haven't changed the rules in the last few
years). I thought you avoided the penalty if you withheld at least as
much as your tax liability the previous year.

"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...

"Kai Glaesner" wrote in message . com...
So what's next? A nice old Lear 23, beautifully restored?

I would like to see planes that more people can afford to keep....

I'd personally like to see them do a Cessna 195

"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

Rutger wrote:

I'd personally like to see them do a Cessna 195

It might be hard for them to find one that is in poor enough condition to make a
good series of articles. I also really hate to see them take a classic aircraft
like that and modernize it (but then, I prefer antique cars over hotrod versions
of the same thing).

George Patterson
If a man gets into a fight 3,000 miles away from home, he *had* to have
been looking for it.

How about a Champ or a Cub and include a wind generator ($600) between
the gear legs, a Garmin GPS296 with RAM mount ($1800) and a handheld
comm and antenna ($500)? This would have affordable taxes and qualify in
the new Sport Aircraft catagory so even those without a medical could
still fly it.

G.R. Patterson III wrote:

Rutger wrote:

I'd personally like to see them do a Cessna 195


It might be hard for them to find one that is in poor enough condition to make a
good series of articles. I also really hate to see them take a classic aircraft
like that and modernize it (but then, I prefer antique cars over hotrod versions
of the same thing).

George Patterson
If a man gets into a fight 3,000 miles away from home, he *had* to have
been looking for it.

john smith writes:

How about a Champ or a Cub and include a wind generator ($600) between
the gear legs, a Garmin GPS296 with RAM mount ($1800) and a handheld
comm and antenna ($500)? This would have affordable taxes and qualify
in the new Sport Aircraft catagory so even those without a medical
could still fly it.

They could do two or three of these in the same year and still save
money over restoring a twin. And think of the added publicity for
giving away more than one airplane.