Van's Air Force
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For the tax guys
- Thread starter Rv6mike
- Start date
Sam Buchanan
been here awhile
Please explain your question. You may set your selling price to whatever you wish, not sure which taxes you are concerned about.
Kyle Boatright
Well Known Member
He’s trying to create an elevated cost basis for the airplane so his capital gains will be smaller.
To the OP: I m not a tax guy, but unless you were actually paid for your time, the value you assign to that time probably can’t be claimed for tax purposes.
To the OP: I m not a tax guy, but unless you were actually paid for your time, the value you assign to that time probably can’t be claimed for tax purposes.
Did you get paid for your labor?
If you did then the tax man got his piece via income and FICA tax. Otherwise you’re trying to get a deduction of cost basis for something that was never taxed. Tax man is getting his piece. I can assure you that self employment taxes will be greater than capital gains. Pay the capital gains.
If you’re being paid it’s not amateur built.
Don’t sandbag your receipts when you register and report with your state. Better to pay sales and use at single digit percentage than to pay double digit capital gain later.
If you did then the tax man got his piece via income and FICA tax. Otherwise you’re trying to get a deduction of cost basis for something that was never taxed. Tax man is getting his piece. I can assure you that self employment taxes will be greater than capital gains. Pay the capital gains.
If you’re being paid it’s not amateur built.
Don’t sandbag your receipts when you register and report with your state. Better to pay sales and use at single digit percentage than to pay double digit capital gain later.
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