Tax consequences of selling a homebuilt.
J.Kahn wrote:
I don't think capital gains applies there. The materials weren't
purchased as an "investment".
Makes no difference in the US.
I believe that the IRS or (Revenue Canada
up here) would have to see a pattern of construction and sales of
aircraft that would indicate that the activity is professional in nature
before they would consider the profits from the sale as income.
Absolutely false.
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