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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 |
#2
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Aircraft purchase question
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#3
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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
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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
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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
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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
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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
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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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