On Thu, 07 Sep 2006 00:22:27 GMT, (who cares?)
wrote:

In article , TxSrv wrote:
Ernest Christley wrote:
....
So bringing it back to the tax ramifications on a homebuilt. As we all
know, a homebuilt project is never done. If you're paying the capital
gains on the appreciation between when it was finished and when it was
sold, then I just completed it or a restoration (define restoration) the
week before I sold it.

Nice try, but the U.S. tax Code figures any gain as the
difference between hard costs (basis) since day one and net sales
price.

Fred F.


Can you deduct your mileage while driving to & from the airport to build? Or
driving around buying parts & materials?

How about hangar rent while building?

sure those sound like hard costs to me. I think all the gas you burn
while "test flying" your creation should count too.