weilke
Touchdown! Greaser!
- Joined
- Jan 26, 2010
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- weilke
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- 2W5
I could afford a crap load of maintenance and gas for a plane with a $50 purchase price.![]()
Your out of pocket cost for a raffle plane would be quite a bit more than the $50. You get a 1099 for the FMV of the aircraft and at the next quarter you need to make an estimated tax payment in whatever tax bracket it throws you into. With an older 210, that hit is not going to be that bad, but with something like the dolled up SR22 AOPA gave away a couple of years ago, you are looking at a pile of money. The 'ultimate archer' (or whatever they called it) went to an ATC college student who promptly had to put it onto a leaseback to cover the bill.
In this case it's probably a moot point.
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