AOPA Twin Comanche

God Bless Texas

No personal property tax on personal use airplanes..

No State Income Tax.

Dave

BTIZ wrote:
no income tax here... but it would hit the "personal property tax" which
would be about $2K per year

BT

"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.

And in my case, the State of New Jersey wants their 6% income tax and 6%
usage
tax, for an additional $27,060.

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

"BTIZ" writes:

no income tax here... but it would hit the "personal property tax" which
would be about $2K per year

You don't live in the US and thus not subject to Federal income tax?

Bob,

You don't live in the US and thus not subject to Federal income tax?


If he doesn't, he's not eligible to win, anyway. Read the fine print...

--
Thomas Borchert (EDDH)

sorry.. I should have specified.. no STATE income tax.. as that was in the
post I was commenting with...

BT

"Bob Fry" wrote in message
...
"BTIZ" writes:

no income tax here... but it would hit the "personal property tax" which
would be about $2K per year

You don't live in the US and thus not subject to Federal income tax?

"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

Dave,

Whats the value of the Twin Commanche? And.. 30% of that is??? (just
rough round numbers...)


200k, 60k

--
Thomas Borchert (EDDH)

They award it after the first of the year. That gives you a year to play with it,
then sell it to pay the taxes. Very few of the winners of the AOPA aircraft end
up keeping them. If they can afford to pay the taxes they can afford to buy an
airplane and probably already have.

If I won it, I might hold onto it long enough to get a multi rating and learn all
the whiz-bang stuff in the panel, then sell it and buy into an SR-22.

Dave Reinhart


Dave S wrote:

All these people who are keeping it are prepared to pay the "income tax"
hit from winning the plane at the end of the tax year, right?

Whats the value of the Twin Commanche? And.. 30% of that is??? (just
rough round numbers...)

Dave

Rosspilot wrote:

Just wondering what you guys would do with that sweepstakes airplane if Phil
called you up and told you it was yours.

Keep or sell?



www.Rosspilot.com

David Reinhart wrote:

They award it after the first of the year. That gives you a year to play with it,
then sell it to pay the taxes. Very few of the winners of the AOPA aircraft end
up keeping them.

They did an article on this. No one has ever kept the plane they won
from AOPA. If I win any plane they gave away it would immediately go in
the hangar and up for sale.

"Newps" wrote in message
...

They did an article on this. No one has ever kept the plane they won
from AOPA. If I win any plane they gave away it would immediately go in
the hangar and up for sale.


All of which raises a damn good question about why they spend $200,000/year
of OUR dues on this exercise. That's enough to put another lobbyist on staff
to help hold the TSA at bay. If they have to do a big giveaway they ought to
give away flight school scholarships to poor kids. I say take the money and
every year pick 30 kids who show some promise and send them to Embry-Riddle
for a month. Every one of them would be a great story on the local news,
that's a lot of good will you'd buy.

"C Kingsbury" wrote in message
ink.net...

"Newps" wrote in message
...

They did an article on this. No one has ever kept the plane they won
from AOPA. If I win any plane they gave away it would immediately go in
the hangar and up for sale.


All of which raises a damn good question about why they spend
$200,000/year
of OUR dues on this exercise. That's enough to put another lobbyist on
staff
to help hold the TSA at bay. If they have to do a big giveaway they ought
to
give away flight school scholarships to poor kids. I say take the money
and
every year pick 30 kids who show some promise and send them to
Embry-Riddle
for a month. Every one of them would be a great story on the local news,
that's a lot of good will you'd buy.

I think that all the stuff is donated by the vendors.

Mike
MU-2