Which FAA Form?

[noelf]

I want to add my son as an additional owner of my -6A. Today I am the only one listed. Which FAA form do I need to fill out and send in. Thanks for your input.

[jnorris]

Noel,

You will need two forms. You are basically selling the airplane to yourself and your son. You will need to fill out an aircraft bill of sale, FAA Form 8050-2, as the seller. Then you'll have to fill out an application for aircraft registration, FAA Form 8050-1, showing yourself and your son as the applicants. No money needs to change hands, and no price needs to be listed on the aircraft bill of sale. (Most people just put "$1 + OVC" in the price slot on the bill of sale no matter who is selling to whom.)

Both forms can be obtained via the FAA website. Just do a search for the form numbers.

[dlloyd3]

I've wondered about the same thing. Wonder if we will incur a sales tax event in NC?

[jnorris]

Originally Posted by dlloyd3

I've wondered about the same thing. Wonder if we will incur a sales tax event in NC?

Not sure about NC, but in WI there is no sales tax if the sale is within the same family. At least, that's the way it was the last time I did something like this. You may want to check with a tax advisor to see what the situation is in your state.

[odens_14]

If you are planning on giving your son half ownership you'll definitely want to talk to a CPA about this. In addition to possible sales tax there are also possible gift tax implications depending on the planes value.