Winning airplane raffle

sferguson524

sferguson524

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Hey all,

Just curious as to the tax implications of winning an airplane raffle?
 
Better look up AHTA and find out if it's really taxable. Federal law trumps state law.
 
Skip Miller said:
Simple. You pay taxes on the value of the gift.

-Skip
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well actually, taxes on the value of the gift, minus entry fees paid in order to win the raffle. By the way, if you've every won the lottery, non-winning lottery tickets actually have value to you in reducing your tax burden.
 
Brad Z said:
It's the American Horticultural Therapy Association. If they say you don't have to pay taxes, you're good to go :)
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So if I move to an airpark with a turf runway, it's deductible? House too, or only HOA fees???
 
There's case law on it. But thanks for trying to torpedo it without knowing a effing thing about it.
 
Unit74 said:
There's case law on it. But thanks for trying to torpedo it without knowing a effing thing about it.
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Having spent time working to fund airport improvement program projects I know a thing or two about the law, codified in 49 U.S.C. 40116(c) that prohibits an entity that operates an airport from taxing air commerce. That law prevents an airport from devising it's own revenue stream, such as setting up a toll booth for passengers heading out to the ramp to catch a flight. It doesn't prevent the federal government from collecting taxes on winnings. I'd be interested in seeing the case law you mention.
 
Brad Z said:
Having spent time working to fund airport improvement program projects I know a thing or two about the law, codified in 49 U.S.C. 40116(c) that prohibits an entity that operates an airport from taxing air commerce. That law prevents an airport from devising it's own revenue stream, such as setting up a toll booth for passengers heading out to the ramp to catch a flight. It doesn't prevent the federal government from collecting taxes on winnings. I'd be interested in seeing the case law you mention.
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If you know so much, then you know where to find it. And if you actually read the law you truncated, and understood it, and the associated cases, you'd prolly just go away quietly. Report back when your thesis is complete.
 
Unit74 said:
If you know so much, then you know where to find it. And if you actually read the law you truncated, and understood it, and the associated cases, you'd prolly just go away quietly. Report back when your thesis is complete.
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LOL, I'm not going to bother but I hope that you win the raffle next time. Loosing this plane seems to have made you come across as pretty unhappy.
 
Naw brah..... You just don't know what your talking about when it comes to codified law. Leave it to the pros next time before trying to BS your way out. I suggest you really go do some research on the Act and put it in your back pocket. When the tax man shows up with an empty hand out at your hangar, put an FAA OIG business card in it instead.
 
sferguson524 said:
I'm gonna win the next one :p
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Be sure to hire Unit74 to represent you to the IRS when you hand them a "FAA OIG business card" instead.*

*It should be noted that there is no FAA OIG...there's a DOT OIG, but let's not bog this post down with facts.
 
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