kyleb
Final Approach
- Joined
- Jun 13, 2008
- Messages
- 7,576
- Location
- Marietta, GA
- Display Name
Display name:
Drake the Outlaw
I was talking with a friend this evening who recently sold his 182. He'd put some money into the panel, but probably doubled his money over the 5 or so years he owned the airplane.
He was concerned about his tax liability on the sale and how much income tax he would have to pay on the substantial profit he pocketed.
My thoughts are that nobody is tracking transactions between private individuals, so how's he gonna get dinged for taxes? Then I started wondering what circumstances might drive an income tax payment obligation on the casual sale of an airplane. Is there any obligation?
Anyone....Bueller....
He was concerned about his tax liability on the sale and how much income tax he would have to pay on the substantial profit he pocketed.
My thoughts are that nobody is tracking transactions between private individuals, so how's he gonna get dinged for taxes? Then I started wondering what circumstances might drive an income tax payment obligation on the casual sale of an airplane. Is there any obligation?
Anyone....Bueller....