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There's an easy fix for your conundrum. When the taxman starts to argue,
send him a photo of the object in question, and suggest that he come and get it, with a check for his valuation in hand. This has worked for me 100% over the past 30 years. Rip Kathy wrote: The seller of the first plane we bought gave me a bill of sale for $1 and OVC. He was an old hand and I'd never done this before, so I figured it must be customary, like it is with home purchasing. The state tax guy set me straight. He billed me sales tax based on the "estimated value." The plane wouldn't have cost *that* much if it had been sparkling perfect with a new engine and top-of-the-line avionics. And it wasn't. So I had to go back to the seller and ask for a corrected bill of sale. When I presented that to state franchise tax board, the guy compared his very high estimate to the now-correct bill of sale and concluded that I must be lying about the price. We argued for months before suddenly he quit and was replaced with a more reasonable fellow. He accepted the bill of sale as correct and taxed us $1500 less than his predecessor had demanded. Now I ask for a dollar-value bill of sale to keep the tax folks from even starting to guess at the value. Kathy |
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