AOPA Twin Comanche

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)

Dave,

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


200k, 60k

--
Thomas Borchert (EDDH)

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)

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?

Thomas Borchert wrote in
:

Keep or sell?

Sell and get a shiny new single.

I'd keep it, no question.

This is one of those individual things, different folks with different
needs and desires. For example, if I had won the Waco, make a couple of
fun flights with an instructor and then sell it. But the Arrow -- much
nicer than MY Arrow, but I would hate to give up my turbo. Hard decision.

By the way, what do you mean "*if* Phil calls." I'm *counting* on it!!!
G

jmk

Wouldn't your cost basis be the amount of money that you paid to aquire it?
(the taxes) Then the remainder of the value be considered capital gains
should you sell it?
Jim

"Nathan Young" wrote in message
...
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?




---
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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.

"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.

Use it to get my multi and commercial tickets then sell it for a down
payment on a condo.

-cwk.

Thomas Borchert writes:

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...

Which fine print? According to http://www.aopa.org/sweeps/rules.html,
non-Quebecois Canadians are eligible to win too.

- FChE