dating the bill of sale
Posted: Tue Jul 07, 2015 9:56 amThe Tax Man Cometh!
I learned the hard way about dating the Bill Of Sale during my paperwork process, inspection, etc. I supplied the requested bill of sale to the state
Office Of Field Audit as requested after the FAA notified the state I now had a flyable airplane. It was dated the day I bought my kit at Sonex, May 2102, NOT the date
it was issued the air worthiness certificate. Two years had elapsed and guess what? Two years of interest accrued on my assessed taxes, 10% per year.
Ignorance of the law helped me in my case.....along with crying, begging and whimpering.
Watch the date on your BOS. In Arkansas the date of sale is "the actual date it is completed and registered with the FAA". At that point put on your running shoes and beat it to the tax office.
Frank
ONEX 090
N1970TK (the year I was married and wife's initials as a peace offering)
I learned the hard way about dating the Bill Of Sale during my paperwork process, inspection, etc. I supplied the requested bill of sale to the state
Office Of Field Audit as requested after the FAA notified the state I now had a flyable airplane. It was dated the day I bought my kit at Sonex, May 2102, NOT the date
it was issued the air worthiness certificate. Two years had elapsed and guess what? Two years of interest accrued on my assessed taxes, 10% per year.
Ignorance of the law helped me in my case.....along with crying, begging and whimpering.
Watch the date on your BOS. In Arkansas the date of sale is "the actual date it is completed and registered with the FAA". At that point put on your running shoes and beat it to the tax office.
Frank
ONEX 090
N1970TK (the year I was married and wife's initials as a peace offering)