Capital Gain/Loss when Selling Gliders?

On Tuesday, March 1, 2016 at 11:10:40 AM UTC-5, Craig Reinholt wrote:
On Tuesday, March 1, 2016 at 7:59:29 AM UTC-8, Six-Seven Romeo wrote:
I searched in RAS and didn't find anything about taxes.

I live in a state where they have sales tax on aircraft and when buying a glider for tens of thousands of dollars this can be a major impact. Maybe I need to move to Delaware and incorporate!

Sales tax aside, what about capital gain or loss when selling a glider? This certainly applies to personal property (i.e. your home). Does it apply to a $100K glider or is an aircraft more like an automobile? If I sell it for more, then do I have to declare the capital gain? Conversely, it is more likely that I will sell it for less so can I claim a capital loss? Or is this only is the aircraft is related to a business?

So many questions. Expiring minds want to know.

Thanks, John

Advice on RAS wouldn't be my "go to" for information on this subject. Talk to your tax accountant.

some info from AOPA http://www.aopa.org/Pilot-Resources/...Guide-to-Taxes