RE:End Game/FAA Paper Work ????

[fstringham7a]

I am getting to that fun stage of the end game. I need some advice and help in regards to the FAA paper work.

I have the EAA packet that guides a person through the paper process. It is very helpful but I do need your help in regards to:

1. Van's bill of sale leaves the sales price amount blank. My assumptions is that I can put the overall cost of the plane not what I gave Van's of my hard earned cash in this blank and thus meet the FAA/State (Utah) tax requirements........Yes or No

2. Any advice/pot holes/or other help in the whole paper chase process.

Frank @ SGU & 1L8.......last 100000000000000000000 details

[BlackRV7]

Uhm..........I didn't put anything in the "price" section........how's that for short and sweet Don't know about Utah however, I live in a property tax state and they only used the assessed value.

[fstringham7a]

Dana

If I too were so lucky, buy alas I live in a wonderful sales tax/property tax state..................Bye the way what value did they assess your plane if that is not too personel!!!!!!!!!!!!!

Frank @ SGU RV7A

Originally Posted by BlackRV7

Uhm..........I didn't put anything in the "price" section........how's that for short and sweet Don't know about Utah however, I live in a property tax state and they only used the assessed value.

[L.Adamson]

Originally Posted by fstringham7a

Dana

If I too were so lucky, buy alas I live in a wonderful sales tax/property tax state..................Bye the way what value did they assess your plane if that is not too personel!!!!!!!!!!!!!

Frank @ SGU RV7A

The short and sweet answer for Utah, is to leave it blank. It's just a proof of kit purchase for FAA purposes. The State Tax Commision will most likely check with you in a few months (or more), because of registration, or hangar rent.

I just talked to some others about this, a few minutes ago; as we were discussing this exact paper work last evening at an EAA meeting.

L.Adamson

[BlackRV7]

Originally Posted by fstringham7a

Dana

If I too were so lucky, buy alas I live in a wonderful sales tax/property tax state..................Bye the way what value did they assess your plane if that is not too personel!!!!!!!!!!!!!

Frank @ SGU RV7A

Frank, I too have to report the purchase price of components purchased from out of state vendors to the Kentucky Revenue Cab for the paying of sales tax, in addition to property tax in my local county. I do not have to report purchases from individuals. No invoices are required, just a reporting of the purchase total on a use tax return or individual income tax return.

Back to that bill of sale, the value is not used for any reporting purposes, as far as I know, and I do quite of bit of aero tax work in my CPA practice.

I, emphasis on I, valued my DO-7 at $&*#$.*^ Totally legal and morally correct in my opinion. I didn't want to have to fight them over an arbitrary assessed value they pulled out of their.........files, that's it, files. I already had to do that on my first homebuilt, glad I didn't have to pay my fees to win. Never again, thus the DO-7. Heck, I built it in my garage for Pete's Sake!!!

[fstringham7a]

Thanks for the info Dana I will now move forward to get this machine registered and certified so we can go flyin..................

Frank @ SGU & 1L8 ..............last 10000000000000000000000 details