AOPA Twin Comanche

Why taxes on what you sold it for? It's not an investment, so capital gains don't
apply. You already paid taxex on the "income" of the prize value.

And if you did pay taxes on the sale, wouldn't you be able to write off the
difference as a loss?

Dave Reinhart



"G.R. Patterson III" wrote:

Nathan Young wrote:

Is that the money AOPA put into it, or market value? Wouldn't the
cost basis be the market value?

In the case of purchased items, it's what AOPA paid for them. In the case of
donated items, it's what AOPA would have paid for all the labor and materials
had they not been donated.

Which brings up another point. If you keep the plane, you pay taxes on whatever
AOPA says the value is. If you sell the plane, you pay taxes on what you got for
it. Which is probably a lot less than $225,500.

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

On Thu, 02 Dec 2004 14:48:54 GMT, Nathan Young
wrote:

On Thu, 02 Dec 2004 00:49:50 GMT, "G.R. Patterson III"
wrote:



Nathan Young wrote:

I would keep it, fly the heck out of it, and smile all the time... I
wonder what the cost basis is for the plane for tax purposes?

$225,500. So far.

Is that the money AOPA put into it, or market value? Wouldn't the
cost basis be the market value?

Cost basis is the incorrect term. This should probably be tax basis.

"Rosspilot" wrote in message
...
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

Sell the RV-6 to pay the taxes on the Twin Commanche, then build an RV-3A so
I can bring out even more of my inner fighter pilot...

The inner fighter pilot in me who *almost* bounced a flight of 6-10 high
wing taildraggers once upon a time. Luckily, my senses prevented this
naughty act, which might have resulted in something bad happening. I later
learned that this was a formation flight for the funeral service of a local
aviator, so bouncing it would have been extremely bad mojo.

KB

"Kyle Boatright" writes:

then build an RV-3A so
I can bring out even more of my inner fighter pilot...

Ahhh...one of those personality types that we were talking about in
another thread...that raises statistical accident rates....:-)

"Bob Fry" wrote in message
...
"Kyle Boatright" writes:

then build an RV-3A so
I can bring out even more of my inner fighter pilot...

Ahhh...one of those personality types that we were talking about in
another thread...that raises statistical accident rates....:-)

"Those" people are dangerous, no doubt.

I, on the other hand, have an excellent safety record and plan to continue
to only *contemplating* stupid things, instead of actually doing them.. ;-)

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?

Sell it, pay the taxes (about 42% of the value), and fix up the Maule.

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

I'd finance part of it for what I need to pay the taxes and a few years
insurance and fly it for a while.. and see what happens then.. I'm sure AOPA
would "cover expenses" to have it show up at a few airshows or Conventions
sponsored by AOPA for membership marketing purposes.

BT

"Rosspilot" wrote in message
...
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

In article ,
ospam (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?

Sell my 140 and try very hard to keep the comanche.

and I'd have a ball explaining to a certain Mike D. how I got
his airplane (inside joke).

--
Bob Noel

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?

Sell. I'm not twin rated, and don't fly enough to be safe in a twin.
I might use the money for a nice single, and pull in a few partners.

Jose
--
Freedom. It seemed like a good idea at the time.
for Email, make the obvious change in the address.

Rosspilot,

Keep or sell?


Sell and get a shiny new single.

--
Thomas Borchert (EDDH)