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Aircraft purchase question



 
 
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  #1  
Old March 16th 08, 06:41 PM posted to rec.aviation.owning
[email protected]
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Posts: 2
Default Aircraft purchase question

Hi all,

My friend from oversea want me to buy C172 for him and asking me if I
could keep his plane at my local airport for couple months before he
come to pickup. He also give me permission to fly his plane during
this time. But my question would be how would you deal with bill of
sale, tax, and insurance while the plane still in state?

Should bill of sale be under his name or my name?
If under my name, will I be liable for sales tax?
What about insurance while it park and fly in state?

Any suggestion is greatly apppreciated. Thanks all,

Paul
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  #3  
Old March 16th 08, 08:04 PM posted to rec.aviation.owning
Vaughn Simon
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Posts: 735
Default Aircraft purchase question


"John Godwin" wrote in message
...
Best would probably be a limited power of attorney. Do everything under
your friend's name.


And be sure that you are named in the insurance policy if you are going to
fly it.

Vaughn


  #4  
Old March 16th 08, 11:30 PM posted to rec.aviation.owning
Ron Natalie
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Posts: 1,175
Default Aircraft purchase question

Vaughn Simon wrote:
"John Godwin" wrote in message
...
Best would probably be a limited power of attorney. Do everything under
your friend's name.


And be sure that you are named in the insurance policy if you are going to
fly it.

Vaughn


How are you going to register it? If it's US registered, the owner
must be a US citizen or permanent resident or a resident corporation.
  #5  
Old March 17th 08, 06:33 PM posted to rec.aviation.owning
[email protected]
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Posts: 2
Default Aircraft purchase question

On Mar 16, 6:30*pm, Ron Natalie wrote:
Vaughn Simon wrote:
"John Godwin" wrote in message
...
Best would probably be a limited power of attorney. Do everything under
your friend's name.


* *And be sure that you are named in the insurance policy if you are going to
fly it.


Vaughn


How are you going to register it? * If it's US registered, the owner
must be a US citizen or permanent resident or a resident corporation.


The plane eventually will be under his name but if owner must be a US
citizen then the plane first has to register under my name and then
transfer to him prior leaving the US? But will I liable for NJ sales
tax ?

  #6  
Old March 17th 08, 08:01 PM posted to rec.aviation.owning
Private
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Posts: 188
Default Aircraft purchase question


wrote in message
...
On Mar 16, 6:30 pm, Ron Natalie wrote:
Vaughn Simon wrote:
"John Godwin" wrote in message
...
Best would probably be a limited power of attorney. Do everything under
your friend's name.


And be sure that you are named in the insurance policy if you are going
to
fly it.


Vaughn


How are you going to register it? If it's US registered, the owner
must be a US citizen or permanent resident or a resident corporation.


The plane eventually will be under his name but if owner must be a US
citizen then the plane first has to register under my name and then
transfer to him prior leaving the US? But will I liable for NJ sales
tax ?

I do not know any of the specifics regarding NJ but in general all
governments try to extract the maximum possible under all circumstances. In
this situation you are really acting as an agent or dealer or broker and
there may be special conditions but YMMV.

You do not state the country of final registration, you may wish to
investigate and consider regulations regarding deregistering, export, and
registration and importing in the final country. If it is possible to do
the import and registration for the end country while still in the US then
you may wish to investigate the possibility that you can obtain a PPL from
that country based on your USA PPL which may allow you to fly that foreign
registered aircraft in the USA. The ferry or shipping requirements should
also be researched.

All of this is complicated and very paperwork and regulation intensive and
the whole situation is full of minefields, use extreme caution, YMMV.

Happy landings,


  #8  
Old March 24th 08, 10:51 PM posted to rec.aviation.owning
Robert M. Gary
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Posts: 2,767
Default Aircraft purchase question

On Mar 17, 10:33*am, wrote:
On Mar 16, 6:30*pm, Ron Natalie wrote:


The plane eventually will be under his name but if owner must be a US
citizen then the plane first has to register under my name and then
transfer to him prior leaving the US? But will I liable for NJ sales
tax ?


Then its better to have a dealer purchase the aircraft and hold it for
him. If you transfer it into your name first you'll have to pay sale/
use tax of about 8% to the state. The dealer should be able to help
you with the paperwork to change the N number to your friend's county
(since he cannot legally own an N numbered aircraft). He may need an
airworthiness inspection when he gets it home (a bit like a super
annual to verify type certificate conformaty).

-robert
  #9  
Old March 24th 08, 11:28 PM posted to rec.aviation.owning
nrp
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Posts: 128
Default Aircraft purchase question

Be really careful in any overseas transaction. I just helped a friend
sell a US registered VFR Cessna to a Canadian with a US license and
you can't believe the snarl of paperwork and rules involved. You'd
think it was going to Iran or something..........

Can you certify that the end user isn't a terrorist etc......
 




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