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You don't factor in depreciation unless you depreciated it for tax purposes.
Mike MU-2 "BTIZ" wrote in message news:Wzydf.769$7A.758@fed1read04... ok... I'm not a tax expert... but when you sell a car.. what taxes apply to the seller.. is it a capital gains or loss.. if you intend to take a capital gain/loss be sure to factor in depreciation I can't ever imagine it being a gain, unless it's an antique bird that has really appreciated in value.. the buyer pays all sales taxes.. BT "George Patterson" wrote in message news:BDxdf.1644$Pa4.1059@trndny01... Ok, I know we have some tax experts out there. Tell me. When you sell an aircraft, what taxes apply to the seller? Is this a capital gains/loss situation? We're talking about an aircraft owned by and registered to a private individual and used for pleasure. George Patterson Drink is the curse of the land. It makes you quarrel with your neighbor. It makes you shoot at your landlord. And it makes you miss him. |
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