And speaking of raffle airplanes

So if I'm reading this right... we have to pay 28% tax to Wings of Hope if we win? I wonder what the "determined value" will be? I'm guessing 40K ish?


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Indiana_Pilot said:
So if I'm reading this right... we have to pay 28% tax to Wings of Hope if we win? I wonder what the "determined value" will be? I'm guessing 40K ish?


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I would think that they would use Vref so the value would be 30% over market, $70K? And if the 28% tax thing bothers you just assign your winnings to me since I am in a lower tax bracket of 15% and you will save 13%!

Always ready to help wherever I can.
 
I just ran vref on it and came up with 70k too, so just under 20k in taxes. Cheaper than my car and a lot more fun
 
Indiana_Pilot said:
I guess I cannot complain if I won but I still hate taxes :)


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My Mother, a child of the depression, always pointed out that paying income taxes means that you have an income. Hard to argue with Mother.
Disclaimer; I am not a liberal.
 
Yawn.... You know the 170 and archer are mine.
 
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