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Fast When They Don't Have To Be

 
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schmoboy



Joined: 26 Feb 2006
Posts: 130

PostPosted: Mon Jul 22, 2013 11:08 am    Post subject: Fast When They Don't Have To Be Reply with quote

Here I was planning ahead by a few months to get my registration into
the FAA as recommended. Well, I got it back in a week. Guess all I
have to do now is finish that last 10%. Oh and pay the tax bill that
will now be triggered. Smile

-Sean #40303 (prepping for paint)


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Bob Turner



Joined: 03 Jan 2009
Posts: 885
Location: Castro Valley, CA

PostPosted: Mon Jul 22, 2013 12:23 pm    Post subject: Re: Fast When They Don't Have To Be Reply with quote

Just remember that it will need to be renewed 3 years from now (July) not 3 years from when you get your A/W certificate.

Here in CA tax is assessed on property you own on Jan first. I was careful to not send in the application until after that. Nevertheless, I got a letter from the tax assessor asking, "How long have you owned this aircraft?". I replied that as I had no A/W certificate, that I did not yet own any airplane, just airplane parts. That seemed to work, they left me alone until the next year.

They are still appraising it for more than it is insured for, but that's another story.


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PostPosted: Mon Jul 22, 2013 1:16 pm    Post subject: Fast When They Don't Have To Be Reply with quote

If you're in a place like California where you'll get a huge tax bill for
the plane, call the Tax agency and tell them ahead of time. I was able to
get deferred a year while I finished up the plane to make it "flyable". Once
you explain it's a home built and the FAA registration is needed for the
pink slip, that may not come for months, the agency usually understands and
works with you.
Just get it done in less than a year Wink
--


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schmoboy



Joined: 26 Feb 2006
Posts: 130

PostPosted: Mon Jul 22, 2013 1:47 pm    Post subject: Fast When They Don't Have To Be Reply with quote

Yep. Already talked to the Illinois folks. I'll be sending in the form
with my costs/invoices so I don't have to rely on their valuation.
We'll see how that works out.
On 7/22/13 4:15 PM, Pascal wrote:
[quote]

If you're in a place like California where you'll get a huge tax bill
for the plane, call the Tax agency and tell them ahead of time. I was
able to get deferred a year while I finished up the plane to make it
"flyable". Once you explain it's a home built and the FAA registration
is needed for the pink slip, that may not come for months, the agency
usually understands and works with you.
Just get it done in less than a year Wink
--


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partner14



Joined: 12 Jan 2008
Posts: 540
Location: Granbury Texas

PostPosted: Mon Jul 22, 2013 6:28 pm    Post subject: Fast When They Don't Have To Be Reply with quote

Just an FYI.... in Texas the tax on planes is the same as the income tax..... ZERO
Don
From: Bob Turner <bobturner(at)alum.rpi.edu>
To: rv10-list(at)matronics.com
Sent: Monday, July 22, 2013 3:23 PM
Subject: RV10-List: Re: Fast When They Don't Have To Be


--> RV10-List message posted by: "Bob Turner" <bobturner(at)alum.rpi.edu (bobturner(at)alum.rpi.edu)>

Just remember that it will need to be renewed 3 years from now (July) not 3 years from when you get your A/W certificate.

Here in CA tax is assessed on property you own on Jan first. I was careful to not send in the application until after that. Nevertheless, I got a letter from the tax assessor asking, "How long have you owned this aircraft?". I replied that as I had no A/W certificate, that I did not yet own any airplane, just airplane parts. That seemed to work, they left me alone until the next year.

They are still appraising it for more than it is insured for, but that's another story.

--------
Bob Turner
RV-10 QB


Read this topic online here:

http://forums.matronics.com/viewtopic.php?p=405092#405092http://www.matronics.com/Navigator?RV10-Lista href="http://forums.matronics.com/" = --> [quote][b]


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Don A. McDonald
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