The perfect plane ever came on the market and my heart is racing.

Rebel Lord said:
Im not going that faraway for a plane. I want to keep our money in Texas.
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Noble goal, but in state purchase = state sales tax. Adding about $4500-$5000 to your purchase price.

For that money, I'd be more than willing to take my happy little but to Illinois to get the better plane, with better avionics, that has been flying more than 3 hours/year. Even if it is looking at an overhaul in 3 years or so.
 
Frogs97 said:
Noble goal, but in state purchase = state sales tax. Adding about $4500-$5000 to your purchase price.

For that money, I'd be more than willing to take my happy little but to Illinois to get the better plane, with better avionics, that has been flying more than 3 hours/year. Even if it is looking at an overhaul in 3 years or so.
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You forget that this is being bought by a company as a asset so we don't have to pay any taxes on it because we are using section 179.

Not only from the sales but the capital going into it 80k dollars we don't have to pay any taxes on period.
 
Frogs97 said:
I'd be willing to bet good money there's some familiarity with AZ, too. I hear they have some black birds round those parts.
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Hey now, I'll stipulate that you said "some" but don't throw ALL of us into that basket. ;)
 
Frogs97 said:
Noble goal, but in state purchase = state sales tax. Adding about $4500-$5000 to your purchase price.

For that money, I'd be more than willing to take my happy little but to Illinois to get the better plane, with better avionics, that has been flying more than 3 hours/year. Even if it is looking at an overhaul in 3 years or so.
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How do you figure an out of state purchase avoids state sales tax?
 
Rebel Lord said:
You forget that this is being bought by a company as a asset so we don't have to pay any taxes on it because we are using section 179.

Not only from the sales but the capital going into it 80k dollars we don't have to pay any taxes on period.
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How do you figure section 179 absolves you of paying state sales tax? I'm certain you're wrong here that it's section 179 helping you, however, your state may have a similar rule allowing you to avoid the tax.

I'm curious how you are going to get around this little catch in 179

Partial business use. When you use property for both business and nonbusiness purposes, you can elect the section 179 deduction only if you use the property more than 50% for business in the year you place it in service. If you use the property more than 50% for business, multiply the cost of the property by the percentage of business use. Use the resulting business cost to figure your section 179 deduction.
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This sounds remarkably like a black bird scheme. Is he your father?
 
I don't think there is any getting around sales tax. (legally)
And, upon sale of the asset, you will want to have your tax professional look into that 179 depreciation for recapture. So you aren't really avoiding all the taxes.

I'm sure you all have a handle on all that, but it can get sticky.
 
ktup-flyer said:
Did you miss out on azblackbird?
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No is he gone or something?


Salty said:
How do you figure section 179 absolves you of paying state sales tax? I'm certain you're wrong here that it's section 179 helping you, however, your state may have a similar rule allowing you to avoid the tax.

I'm curious how you are going to get around this little catch in 179



This sounds remarkably like a black bird scheme. Is he your father?
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Skyrys62 said:
I don't think there is any getting around sales tax. (legally)
And, upon sale of the asset, you will want to have your tax professional look into that 179 depreciation for recapture. So you aren't really avoiding all the taxes.

I'm sure you all have a handle on all that, but it can get sticky.
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Honestly I have only a vague understanding on how all that works, I'm not really the one who handles that stuff. That's the way it's been described to me and apparently it got easer and better to use in 2015.
 
simtech said:
Looks like it already has a new home..??
http://www.plusoneflyers.org/component/k2/item/799-n3848t
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...and it is coming to SEE!! Looking forward to this one. Love the pirate ship but I have a thing for low wings, especially RGs. Curious what their minimums will be for complex time..

Rebel Lord said:
"Go back to f*cking Texas"
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I'm always surprised by people like that.. you see it on the water, skiing, airports, just about everywhere. You would think some place where folks are enjoying a sport / hobby / etc. together there would be some commonality there and folks wouldn't be as quick to snap.. oh well, people will be people

WannFly said:
look what this thread turned into
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I know, I came here on page 1 when this was first posted.. it's an exciting time for someone to find the plane that's perfect for them, and I always like hearing about other's buying experiences to help educate myself for a future purchase. I think the stars just weren't aligned right over the weekend.. a couple threads went south recently

Frogs97 said:
I'd be more than willing to take my happy little but to Illinois to get the better plane, with better avionics
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Frankly, as long as it is in the US I don't let location of a plane factor that heavily. If I found the perfect plane (for me, "perfect" is relative) and it was in Texas I wouldn't let that stop me.. the long XC from TX back to SoCal would be a great shake down cruise and an awesome way to get that trust / loyalty bond with my new plane
 
Rebel Lord said:
You forget that this is being bought by a company as a asset so we don't have to pay any taxes on it because we are using section 179.

Not only from the sales but the capital going into it 80k dollars we don't have to pay any taxes on period.
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Disclaimer: I'm an enrolled agent, but not your enrolled agent.

I don't think you fully understand section 179. Please talk to an EA or CPA about depreciating an asset that is also used for personal purposes. Anytime the IRS sees deductions that involve boats, horses, or airplanes they tend to ask a lot of questions, and demand a lot of documentation.

The state of Texas doesn't care a whit (what is a 'whit', anyway?) about section 179. If you purchased your airplane from a dealer or broker you WILL pay state sales. If you purchased your airplane from an individual you may be able to avoid sales tax as an 'occasional sale'.

Please call the nice people at the Comptroller's Office, they are are great people and will help you comply with the sales tax laws.

https://comptroller.texas.gov/taxes/sales/
 
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So....

Has anyone dropped the seller a note yet saying "Hold out for full price! Your buyer thinks it's perfect!" with a 50/50 split to the informer?

Good luck OP, I hope the plane really is perfect. However, you've already fallen in love with it and will find it nearly impossible to walk away before the sale. Usually that's a bad idea for a car, house, girl or airplane.
 
JCranford said:
So how does one find these gems? Just stumble onto them?
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GA airports have bulletin boards where many items are for sale. Plus you meet all sorts of interesting people. Join the state pilots association. Visit your local EAA chapter. Check local flight schools for possibilities. Get on the FAA event list in your area. Head over to MeetUp and join local aviation groups. Be proactive.
 
Thanks for posting OP, exactly what I was looking for. Apart from the groovy Partridge Family paint job, this is cool. I came into a shtload of money last month (family thing), so this price works for me. I made the seller a contingent offer sight unseen (didn't want to lose out), he's thinking it over. It has to pass pre-buy though.
 
orange said:
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just kidding ↑↑↑ ;)
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Haha I had a weird dream the other day that someone on here did this to me.

Anyways update time. I'm in contact with a mechanic on the field and he wants me to do a complete annual and said it would be 1500, replied that it just had an annual several weeks ago and I would rather have a more tailored inspection revolving around long term engine condition. Am I going in the right direction with this? We are leaving tonight for Fortworth and we are meeting the sellers broker to see the airplane at about 12. I'll post pics and keep yall updated :D
 
Yes, you're thinking the right way. An annual determines current airworthy condition. A proper pre-buy inspection will help you understand the long term implications of owning the airplane.

Similarly, if the mechanic on the field has been maintaining the plane, I'd look for someone else to conduct the pre-buy. There's some value to having a fresh and independent set of eyes look it over (and the logbooks), rather than someone who knows the plane and recently conducted an annual on it.
 
Mtns2Skies said:
I'm 22 and I'll have a Skywagon when I'm 23. But I'm in engineering so that helps.

Edit: With 100% MY money.
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Having just met you, I have very little doubt of this. Just remember what @OkieFlyer said about you Skywagon pilots remembering us little people. Hahhaa.

P.S. We want a ride. And no, I didn't make it out to the hangar today to see about testing that poor battery in the 182.
 
So far i've purchased two planes in my company name and had to pay sales tax on each one. Pretty sure you will too but you may have a better accountant.
 
I'm came early and I'm sitting outside the FBO, should I sneak in and look at the airplane?
 
Just got some intel from the local mechanic we just had lunch with. He told he's delt this broker before and told us what to expect.
 
Rebel Lord said:
Haha I had a weird dream the other day that someone on here did this to me.

Anyways update time. I'm in contact with a mechanic on the field and he wants me to do a complete annual and said it would be 1500, replied that it just had an annual several weeks ago and I would rather have a more tailored inspection revolving around long term engine condition. Am I going in the right direction with this? We are leaving tonight for Fortworth and we are meeting the sellers broker to see the airplane at about 12. I'll post pics and keep yall updated :D
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as a totally new owner, I think you should consider, HARD, going with Savvy for prebuy. Good idea to ask folks on PoA too, but I think I would use Savvy for my first couple of years, at least, when I buy
 
I still don't understand the fixation on the Archer. Texas is pretty freakin' big. I'd think Texans would want fast airplanes to get the hell out of Texas. I suspect it is no accident that Mooneys have all been made in Texas.
 
F01LA said:
So....

Has anyone dropped the seller a note yet saying "Hold out for full price! Your buyer thinks it's perfect!" with a 50/50 split to the informer?

Good luck OP, I hope the plane really is perfect. However, you've already fallen in love with it and will find it nearly impossible to walk away before the sale. Usually that's a bad idea for a car, house, girl or airplane.
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yet, we all have done this at some point or other...
 
But if you like to fly going slow is okay. Haha I'll say this though...I am getting ready to go faster. A Cherokee is faster than driving but it still only a 110kt plane. Nothing beats flying 2 planes and I'm ahead of my buddy when a controller tells me there is an rv over taking me at 40kts! Sigh....thats the only thing that bothers me about these archers...at the end of the day it's still a slow turd. But I still love my cherokee and will always have a soft spot for one long after ive moved on.
 
EminiTrader said:
So far i've purchased two planes in my company name and had to pay sales tax on each one. Pretty sure you will too but you may have a better accountant.
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In some states you can avoid sales tax on the purchase if you set it up as a 'leasing company' and charge yourself sales tax on the hourly leasing rate. This can make sense if :
- the holding time for the plane is anticipated to be short
- it is a newish plane
- others (e.g. Customers) pay the expense for your plane usage and you just charge them the sales tax
A cheap plane that you will keep for a while won't benefit from that strategy.
 
Talking to the broker right now, no sales tax :D
 
Rebel Lord said:
Talking to the broker right now, no sales tax :D
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If you register the plane with the Faa you may be in for a big surprise when the state knocks on your door looking for their cut. The broker won't be around, but I'm sure he'll be snickering to himself about it.
 
Well we concluded for today. We looked over the airplane, flew it then had a mechanic come and look at it.

We are going to make an offer for it

Salty said:
If you register the plane with the Faa you may be in for a big surprise when the state knocks on your door looking for their cut. The broker won't be around, but I'm sure he'll be snickering to himself about it.
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We talked to him and since the seller is from Oklahoma we don't have to. This is a peer to peer transaction.
 
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