mv031161
Well Known Member
In some states (SC my case) If you buy a Pre-Owned Exp Aircraft, I noticed there's is a difference in the way the Tax man will approach you.
I.E Claiming your aircraft model as an "John Doe RV...." is not the same as claiming a plain "RV-..."
On the 1st; Tax man will have no clue what a "John Doe RV..." is or where to look for references! Most likely they will ask around for price comparison. At the end, they will put the burden on you to say what it is worth and tax you appropriately!
2nd Scenario: The burden still on you but now they will use all available "FOR SALE" market data available at a key stroke for all RV...'s for sale but now is your job to tell prove you did not pay that much for it...!
Whats your experience? Taboo Subject?
I.E Claiming your aircraft model as an "John Doe RV...." is not the same as claiming a plain "RV-..."
On the 1st; Tax man will have no clue what a "John Doe RV..." is or where to look for references! Most likely they will ask around for price comparison. At the end, they will put the burden on you to say what it is worth and tax you appropriately!
2nd Scenario: The burden still on you but now they will use all available "FOR SALE" market data available at a key stroke for all RV...'s for sale but now is your job to tell prove you did not pay that much for it...!
Whats your experience? Taboo Subject?