Today's Message Index:
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1. 12:44 AM - Test (kp)
2. 05:03 AM - CJ Ownership - Taxes (Craig Winkelmann)
3. 05:27 AM - Re: CJ Ownership - Taxes (A. Dennis Savarese)
4. 09:17 AM - Re: Test (Tim Gagnon)
5. 09:21 AM - Re: Re: Test (kp)
6. 09:28 PM - Re: CJ Ownership - Taxes (Zjopa)
Message 1
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Test only
Message 2
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| Subject: | CJ Ownership - Taxes |
I am soon to take ownership of my CJ (looking forward to being an active
member of the CJ/Yak community!!). I am wondering if anybody has their
planes registerd in Deleware or as a corporation to aviod the hefty
use/personal taxes some states levy? I'd welcome any guidance and both pro
and con comments You can contact me off list if you desire.
Thanks,
Craig W
Soon to be CJ Owner
Message 3
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| Subject: | Re: CJ Ownership - Taxes |
Craig,
Some states, regardless of whether it is registered to a Delaware
corporation or a business in general or to an individual, levy personal
property tax if the aircraft is located in their state. The states that
do have personal property or Ad Velorum taxes as they are sometimes
called, do not care to whom or where the aircraft is registered. They
only care that the aircraft is based in their state. Since CJ's are
not typically listed in the aircraft blue book for establishing a value
to calculate taxes due, it would be in your best interest to have a Bill
of Sale with an "acceptable value" (acceptable value means acceptable to
you. Read between the lines here) for potential sales tax and personal
property tax purposes which you can present to your local tax collector.
Many states, like Florida for example, levy a use tax at the same rate
as their sales tax rate when the aircraft is located in their state for
the first time. Much like when you move to a new state, you pay use tax
on your automobile when registering your automobile. State aviation
departments have people who review the FAA's aircraft registration
database on a daily basis, looking for new aircraft registrations in
their state.
I have also seen state aviation departments do ramp checks and write
down N numbers to research the aircraft registration information. If
they find that the aircraft is actually based in their state, they send
out tax bills. If you keep your airplane at a private airfield in a
private hangar, then it is a little more difficult for state aviation
departments to find. Not impossible, but just more difficult.
Hope this helps.
Dennis
----- Original Message -----
From: Craig Winkelmann
To: yak-list@matronics.com
Sent: Friday, July 06, 2007 7:01 AM
Subject: Yak-List: CJ Ownership - Taxes
I am soon to take ownership of my CJ (looking forward to being an
active member of the CJ/Yak community!!). I am wondering if anybody has
their planes registerd in Deleware or as a corporation to aviod the
hefty use/personal taxes some states levy? I'd welcome any guidance and
both pro and con comments You can contact me off list if you desire.
Thanks,
Craig W
Soon to be CJ Owner
Message 4
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Ops checks good.
Read this topic online here:
http://forums.matronics.com/viewtopic.php?p=122514#122514
Message 5
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Its very quiet on the list these last few days !
Is it 4th July hangover syndrome ?
Play safe
kp
----- Original Message -----
From: "Tim Gagnon" <NiftyYak50@fuse.net>
Sent: Friday, July 06, 2007 5:16 PM
Subject: Yak-List: Re: Test
>
> Ops checks good.
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> Read this topic online here:
>
> http://forums.matronics.com/viewtopic.php?p=122514#122514
>
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>
>
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Message 6
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| Subject: | Re: CJ Ownership - Taxes |
Dennis is right that all states are different...
BUT
If you are in any doubt about the tax laws for YOUR state... PLEASE talk to a tax
accountant... We are ALL experts here on this site as you will find ;)
BUT
I had to jump through MANY hoops when I first imported my Yak...
Important things are... Where did you take delivery of the airplane, and where
will it be based... Also (TRUE) what state is your drivers license?
The drivers license gives the state proof that you are resident there.
Luckily I had proof that I had owned the aircraft for a year outside the country..
(while it was being restored)
Otherwise I would have an $8000 tax bill!!!
Beware!
Read this topic online here:
http://forums.matronics.com/viewtopic.php?p=122597#122597
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