AOPA Twin Comanche

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



I would keep it....I would refinance my home for the money to pay the taxes
"can we say write off".

Keep it, lease it to an FBO at a price a little too high for it to actually
get used much, and use the deductions against the taxes.

"C J Campbell" wrote in message
...
Keep it, lease it to an FBO at a price a little too high for it to
actually
get used much, and use the deductions against the taxes.



That may work also,

Keep it, sell the Cutlass to pay the tax bill. That's a helluva nice
travelin' airplane.
--
Dan
C172RG at BFM

sorry.. I should have specified.. no STATE income tax.. as that was in the
post I was commenting with...

BT

"Bob Fry" wrote in message
...
"BTIZ" writes:

no income tax here... but it would hit the "personal property tax" which
would be about $2K per year

You don't live in the US and thus not subject to Federal income tax?

"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/Trade up to a cherokee six.
My kids will only fit in the Super III for probably another 5 years or so.
Couldn't afford to insure/maintain a twin.
But it would be sooooo cool if I could ;-)

Frank,

"CAN I PARTICIPATE?
AOPA’s 2004 Win-A-Twin Sweepstakes is open to all individuals who
legally reside in the 50 United States, the District of Columbia and
Canada (except the Province of Quebec) age 21 years or older as of the
date of entry."

It might surprise you, but that excludes a helluva lot of people ;-)

--
Thomas Borchert (EDDH)

Ross,

Keep or sell?

For me this gave rise to the question why AOPA puts a plane on the
sweepstakes that makes this decision so tough. Seems to me there will be
more "Sell"ers than "Keep"ers for this kind of plane in the world out there.
So what's next? A nice old Lear 23, beautifully restored?

I would like to see planes that more people can afford to keep....

Regards

Kai

Isn't that an oximoron?

Kai Glaesner wrote:
I would like to see planes that more people can afford to keep....