Just had eye surgery and he still made a video for us 10/10 dedication
@rudolfabelin3832 жыл бұрын
Hi! I think Mike's dedication now is 20/20....... Greetings from Sweden.
@aviation.satire2 жыл бұрын
@@rudolfabelin383 why not 30/30
@rudolfabelin3832 жыл бұрын
@@aviation.satire Indeed! My father had 20/10 in an aviation doctor test without glasses in his 40th.
@idontknow22172 жыл бұрын
some of that good ganja
@scottmcdonald30192 жыл бұрын
@@idontknow2217 eye surgery ganja
@FelipeArtista2 жыл бұрын
Kind of misleading, the IRS collects Federal Income and corporate taxes, 'Sales and Use' is collected by the State, and even though the county might charge a small percentage as a surtax, it is usually collected by the state.
@RogerSanGabriel2 жыл бұрын
True
@737MaxPilot2 жыл бұрын
Yep, was gonna post the same comment.
@paigehunt33872 жыл бұрын
@@RogerSanGabriel Yes. He should have said the TAX MAN. Not the IRS
@daytonium2 жыл бұрын
Yeah the way it’s titled it sounds like the IRS is seizing the airplane for back tax haha
@rogerreimer242 жыл бұрын
Their is an old saying one of the three biggest lies are I am form the government I want to help you the other two I will not mention for censor ship reasons
@ulbuilder2 жыл бұрын
When I purchased my kit, from out of state, I paid the sales tax on that years state income tax return. When I registered it years later, Ohio sent me a letter saying I needed to pay taxes. Sent them back a letter explaining I already paid sales tax on the kit used to build the airplane along with a copy of the kit invoice. They were satisfied with that.
@thesearcherman66522 жыл бұрын
I’m still laughing at the slick click bait, IRS? What? 😂
@T25de2 жыл бұрын
I wish Americans would remember character over color. Our government is our biggest enemy not each other.
@lancewilliams57262 жыл бұрын
You are absolutely right
@nobleroofinggeneralcontrac79612 жыл бұрын
We do. It is a made up case of politics that the media promotes. remember the freedom of the press.. not so much anymore with all the censoring and the media in some political parties pocket, never mind the Military rather than being neutral is also choosing sides..
@bgpwrddy2 жыл бұрын
our government is a reflection of All Americans, if you want a better government, quit electing morons, idiots and other self righteous, self centered, egotistical assholes.
@nobleroofinggeneralcontrac79612 жыл бұрын
@@bgpwrddy Right but they keep doing so. I think Americans no matter what party are seeing the destruction of this country in the last 7 months and are voting them out. Look what happened in VA.. people get it when the destruction hits home like when you go food shopping for your family and go to the gas pump.
@usagi78492 жыл бұрын
No truer words ever spoken good for you! If I was granted one wish it would be that all Americans would hear this we're going to need it!
@RevGunn-jq3cq2 жыл бұрын
Moral of the story “keep the hell away from California!!!!”
@Straightahead1012 жыл бұрын
California sucks, I own a home in Orange County and Utah, California can go to hell, and Fk Newsom
@RogerSanGabriel2 жыл бұрын
Keep away from libtard policies.
@Zanzabar52 жыл бұрын
In 5 years there won't be anything left in Cali except government.
@euge9632 жыл бұрын
Oh you're so cool bro, you dislike California too? Ha ha ha ha red state good blue state bad. Now go comment this again on 10 more completely irrelevant videos.
@scbane2 жыл бұрын
@@euge963 Mini-melt, snowflake? Does your mom pay your taxes?
@charleslindsay32012 жыл бұрын
he should add that a used plane can have a hidden tax lien on it that the buyer has to pay
@HairHelmet2 жыл бұрын
I went the reverse route, bought a wrecked plane for very little, made youtube videos of the restoration as the business aspect and wrote off the expenses accordingly. Certainly not the easiest method. My accountant was comfortable with this low approach.
@rogerreimer242 жыл бұрын
Very good the restoration should be a 100% tax write off.
@jhmcglynn2 жыл бұрын
@@rogerreimer24 I don’t think so Roger. If you buy a wreck or in my case a partially completed kit and register it with an N number, the state is going to come after you and want to sales tax on the purchase price.
@HairHelmet2 жыл бұрын
@@jhmcglynn $3500 wreck! I doubt I’m money ahead either way…. At least I don’t have a plane AND a boat.
@Tharkunify2 жыл бұрын
I leased a plane from an owner in NV, tied it down in california, and got hit with a use tax within 6 months. Airports here report every plane to the state and county. I had to terminate the lease because use tax was basically the same as a sales tax if I had bought it in CA. I argued all the way up but was told I was "using" the air in CA so I needed to pay. Really sucks in CA.
@WattsUpDev2 жыл бұрын
Use Tax isn’t the same it’s in addition. You pay a one time sales tax of 7.5%; plus 0-2.5% local in California which is usually higher than the 1-1.2% annual Use/Property Tax. You are required to pay a Use Tax for the duration of ownership and hangar storage within that state.
@baomao72432 жыл бұрын
I always love how govt entities do ZERO homework in tax calcs- they just throw you an arbitrary MAXIMALLY OVERVALUED figure and then require that YOU prove why it is NOT correct (ie guilty until proven innocent) and then EVEN WITH COMPELLING EVIDENCE they STILL try to wrangle more than the true, legal amt required. And it is YOUR problem - if you don’t pay THEIR amt in a timely manner then get hit with ADDITIONAL penalties. If I saw this behavior by a finance guy in my own company I would FIRE him. But govt does it and it is rewarded.☹️
@fredpinczuk73522 жыл бұрын
Well, maybe if we funded the department so that they can actually hire and keep competent staff on board. We wouldn't have these issues. But for some crazy reason, they are being gutted and their budgets slashed. Wonder why? Its almost as its done on purpose?!
@abhishekdev2582 жыл бұрын
@@fredpinczuk7352 which govt service are you really happy about? IRS,Border Patrol, Teaching, DMV etc. Govt services will never get better no matter how much money you throw at them because they have no incentive to improve. Their promotions are based on seniority and internal politics not on customer satisfaction.
@fredpinczuk73522 жыл бұрын
@@abhishekdev258 Ha the old argument that "nothing gets better, because they miss manage". Funny you say that because our air here in LA is far better quality now than it was before the EPA and CARB government agencies were created. BTW, Fed gov has little to do with Teaching. Its stated funded for the most part. And they did take over. You be the 1st to scream "government overreach" from the top of your soap box. Cars are far better now in their safety on the roads. Airplanes fly safer thanks to FAA. However, we have issues with Taxes and the super rich. As they are short on staff to audit accordingly, and yet we defund their operations budget. Almost seem like that was done on purpose. wonder why?
@abhishekdev2582 жыл бұрын
@@fredpinczuk7352 Govt regulations are required when one party imposes a cost on another which the latter are unwilling to pay.Where in my comment I opposed Regulating Pollution ? It is interesting that you brought pollution and car safety, you did that because you have no answer to my question. Moreover seeing how you are crying about some govt bodies getting less funding from government, it is pretty clear to me that you are either a blood sucking bureaucrat yourself or you have someone close who couldn't get a job in the private sector so he/she decided to work in some govt wing. (DMV,ATC, Public school..??) No govt body is ever going to go extinct, no matter how crappy their services become and at the same time no bureaucrat is ever going to get respect from the community of people who actually produce. Post Script - I am not looking to continue this thread and I am turning off notifications for this one. You won, I loose.
@danielboeningGySgtDanGer2 жыл бұрын
Isn’t it interesting, and I’ve been saying it my entire life, “I thought we fought against the crown due to taxation”? They’ve created an environment where you actually own very few things, and large items you are just leasing, because you pay fees and taxes until you no longer own the item. They have even created a way to tax your prodigy or your “estate” after death. My house may be paid off, but I rent the space it sits on, because it’s taxed. My automobiles are in a constant loop of taxation, especially in California. That why wealthy people aren’t affected as much as the average citizen. The wealthy, or higher tax brackets have accountants and tax lawyers. Great information Mojo!
@lancewilliams57262 жыл бұрын
@@T25de you sound extremely stupid with this Brandon crap, grow up and stop being a loser
@m118lr2 жыл бұрын
...excellent post! They’ve legislated Americans into TAX SLAVERY..period.
@RogerSanGabriel2 жыл бұрын
There were no liberals then.
@oftheborg2 жыл бұрын
@@RogerSanGabriel There were. But Burr shot them.
@UncleKennysPlace2 жыл бұрын
@@m118lr Well, _you_ have done so, or rather, _we._ "The government you elect is the government you deserve."-Thomas Jefferson.
@robertlashier87792 жыл бұрын
This man is absolutely amazing. He's an owesome person who has a strong passion for flying and sharing with all of us here on his videos. I would love to meet you sir!!!! I am bit older but all of us can learn so much from you. I retired from the military so, I have more spare time to learn how to fly.
@TIO540S12 жыл бұрын
I live in California. In early 2020, I purchased a Cessna 441 Conquest II. California has a 10% tax on such a transaction which would have cost me $93,500. It can be avoided and I hired a firm (Aero & Marine Tax Professionals, about whom I can't say enough good things) to help. They charged $9,350. I had to take possession outside of California, and its first flight had to be for a business purpose to a destination outside of California. After that, it could be brought to California. Then there is a six month "test period" during which at least 50% of logged hours must be to and from a destination outside of California for a business purpose. While 50% is the regulation, Aero & Marine recommended 60%. All the flights must be documented including an affidavit from an individual with whom I did business, and fuel receipts from an FBO at the out of state destination must be submitted. Aero & Marine packaged and submitted my documentation to the State of California and the application to waive the tax was approved. BUT. My airplane is based in Long Beach (KLGB) in a common hangar. The City of Long Beach owns the airport and my fuel taxes and hangar fees contribute to the City's running of the airport. The controllers are paid by the Federal Government, any Fire or Police actions needed at the airport are paid for by the City. So, Los Angeles County provides NOTHING for me or my airplane. Nevertheless, I'm assessed an "unsecured property tax" of 1% of what they assess the value of my airplane to be. That amount this year was almost $12,000! This tax also applies to boats and RVs. Their theory, I guess, is that "this guy owns an airplane, he must have plenty of money, let's take as much of it as we can."
@AnonyMous-jf4lc2 жыл бұрын
The fact the we allow such gross abuse of the tax system reflects poorly on all of us. Taxed when you make it. Taxed when you spend it. Taxed for having something. Taxed for improving something. Taxed for having it another year…… We do this so incompetent bureaucrats can waste the majority of it while convincing enough people that it’s necessary.
@debragibson34892 жыл бұрын
10,000,000,000 thumbs up!
@azcharlie20092 жыл бұрын
We all need to remember this when candidates are squawking about some of us not paying "their fair share" of taxes. They are talking about YOU! Each and every one of us. These people are vampires! Don't be fooled. Their party name starts with a D..... Remember that in November of election years.
@AnonyMous-jf4lc2 жыл бұрын
@@azcharlie2009 the ones agreeing with them are the ones using the cash from our checks on their EBT card.
@lucmatter96012 жыл бұрын
@@azcharlie2009 then also remember that the other party claims they want to help the working people... perhaps it is time for a third party?
@maxschaefer5182 жыл бұрын
It's so useless to whine about taxes without proposing an alternative way to pay for things. It's childish.
@damirzanne2 жыл бұрын
from the title of the video , I thought IRS came to take the airplane
@robertlashier87792 жыл бұрын
He has inspired me and I really appreciate the video today...
@yerocsetag46142 жыл бұрын
Love watching when I get a chance.. much love from Chicago!
@sterlingtardie2 жыл бұрын
I wish you a speedy recovery. I had LASIK in 2000 and never needed glasses again until two years ago.
@Intrepid175a2 жыл бұрын
My father and I were building a Rotorway Exec back the late 80's. We got it to the point where we needed to move the aircraft to a hanger and rented one on Scholes Field on Galveston Island. Within three weeks we got a tax bill from the City of Galveston. We contacted them and inquired as to what it was for and they told us that they knew we had a helicopter in the hanger. We asked how they knew that and they simply said, "we have our sources." The bill was something in the neighborhood of $15k so we asked how they arrived at that number. They replied that it was a helicopter and were guessing it's value at some number north of seven digits. In other words, they're assuming it's something like a Jet Ranger without having the slightest clue as to what they were talking about. We informed them that it was an experimental aircraft that wasn't complete, wasn't registered, and had not yet flown. Ultimately, we got them down to around $400 or so. We paid the money and then moved that aircraft off the island. This tax was a luxury tax by the City of Galveston. It has nothing to do with the State of Texas or Galveston County. It seems that the City of Galveston applies this tax to things like aircraft, boats, motorhomes, etc. so it's an annual tax just like property taxes on your house. Very frustrating. You called your aircraft tax a "sales/use tax." Does that mean it's going to be a recurring tax every year or was it a basic sales tax owed after you bought your aircraft and that's it?
@alangates24102 жыл бұрын
I’m amazed that California didn’t tax every rivet as it went into your plane. I don’t see how Sling can sell you a kit without sales tax in CA but it looks like they may have some kind of manufacturing exemption they are playing with. Also, I’d check the “no one is exempt” statement, I think Oregon is still free of sales tax although requires state registration of aircraft, the inter webs say $65 for a single engine.
@mattlinton14562 жыл бұрын
No sales tax in Oregon! 0% on your airplane.
@elund4082 жыл бұрын
when you live in a state that charges sales tax and you buy online from out of state, if the seller does not collect sales tax you are obligated by law to pay that tax. Most people ignore this and on low priced items it is not worth the states time to collect.
@gwheyduke2 жыл бұрын
Yes, Virginia has a personal property tax on the value of an airplane based in the state every year.
@quantumjim452 жыл бұрын
Not one mention of IRS coming after your plane! About sales/use tax - I would expect (wrongly apparently) that anyone who has bought a car or boat or RV would know about having to pay sales/use tax on all such things, including aircraft. Your mention of homes under the category of sales/use tax is incorrect - capital gains when you file your income tax return. It seems that this whole tax topic is one in which you are not knowledgeable enough to talk well about. e.g. mentioning using the write-off of depreciation without also mentioning the fact that if you later sell the plane for more than the depreciated value, you may have to pay federal and state income tax some of the depreciation you took. VERY important to realize - depreciation is not free reduction of income tax. etc.
@ajulian32 жыл бұрын
It’s not just the purchase tax liability. You get to pay property tax every year on your plane in Georgia.
@daleb1942 жыл бұрын
I had to rewind and look at your plane a few times. That is one sexy plane!! Love it.
@CuttinEJ2 жыл бұрын
Some states also have a personal property tax which is assessed annually.
@MikeB-in1nd2 жыл бұрын
Always remember it’s not our money it’s the government’s money and we’re responsible for accurate accounting and we get to keep a little of it.
@videotrexx2 жыл бұрын
Your title is misleading considering it wasn't the IRS that came after you for taxes, it was the state of California. There is no federal sales & use tax, and the IRS is federal.
@EJWash572 жыл бұрын
Yeah, but it gets the clicks! Who the heck cares of it's the truth or not?
@steveconaway7742 жыл бұрын
I’ve had a plane for nearly 10 years and never got a tax bill from the IRS. Are you confusing state and county taxes with federal taxes?
@clarkstonguy10652 жыл бұрын
I told everyone for a decade that when I retired I would be moving from the cold north down to South Carolina. Then I found out they have about a 0.5% personal property tax on all forms of adult toys (I care about airplanes, boats and motorcycles). That made me think locating 50 miles to the west in Tennessee might be a better game plan...
@DrTom19462 жыл бұрын
Thanks MoJo, nice job on the airplane and you are a fine presenter. Appreciate it. I'm a retired FAA ATC (also USAF & USN, both active duty and reserves) and am doing research for my two grandsons, age 13 & 14 since they want to be airline pilots and even though your videos are not yet appropriate for them, since they only have 3 hours total, I commend you for your efforts....Thanks. Dr. Tom
@ronaldvanengen18872 жыл бұрын
Love the video How much did you pay in taxes?? Watched the whole video waiting on the answer and nothing
@zackarybowen85882 жыл бұрын
Hope your lasik recovery goes smoothly!
@wylieecoyote2 жыл бұрын
The best advice is to talk to an accountant to figure the best tax strategy. It is great you shared this to make people aware, even if the details were not perfect.
@MrClevet32 жыл бұрын
GO MIKE!!! As usual... you give good in4mation.
@mykalhenry2 жыл бұрын
Video on your lasik and after effects... Please!
@Ken.Howard2 жыл бұрын
From Australia: so many KZbin videos showing never ending tax in the USA...
@johncashwell10242 жыл бұрын
As a graduate from a law school that gave me a solid foundation and understanding of Federal taxes, sales and use taxes, Uniform Commercial Code, etc., I can confidently state that there are a lot of grey areas and pitfalls when it comes to any particular State's Tax Code. The best thing to do is to have a competent accountant or attorney that understands the unique needs of aircraft owners. From tax planning and liability to personal liability and insurance, they will probably save you money but, more importantly, can save you a lot more in time, headaches and hassles when dealing with these matters. Mike's example is a good place to start: He built an aircraft classified as "experimental", he bought a kit and a lot of materials, let's say he also paid his home state's sales tax at the point of sale each time he purchased materials used to build that aircraft. Let's also say that he paid a sales tax on the aircraft kit at the point of sale, but, it was paid to a state that is not his 'home state'. You can see just how complicated all this can get and if you are not careful you can lose a lot more money and time just trying to straighten out minor mistakes. Get help.
@aadrew102 жыл бұрын
Maybe this is a good time to point out the immense publicly funded resources enjoyed by GA pilots at minimal cost to them such as public use airports, Air Traffic Controller staffing, and upkeep of NavAids to name a few. Our hobby is HIGHLY subsidized.
@scotthanson93022 жыл бұрын
Be honest, aviation fuel is highly taxed to fund these things. Your zero cost to pilots is complete BS. Granted, airlines burn the most fuel and therefore pay the most for our system.
@aadrew102 жыл бұрын
@@scotthanson9302 so there aren’t any public funds directed to GA activities beyond what’s collected in fuel tax? The % contribution from 100LL taxes is a matter of research, not debate. In addition, I have 5 friends who operate on an Auto gas STC. If you claim GA is not highly subsidized and you claim we pay our share of resources through 100LL tax, I respectfully disagree. My opinion is further strengthened by having flown GA in other countries and seen first hand the 2-5x operating cost through fuel taxes and landing fees at even small untowered municipal airports. Claiming my comment as absolute BS is somewhat disrespectful, I might add. We should work to communicate our thoughts without insult or hostility.
@scotthanson93022 жыл бұрын
So when I call out your BS you twist words. You said pilots pay Zero and I called you out on it...own it
@aadrew102 жыл бұрын
@@scotthanson9302 I changed no to minimal. Now we can be friends.
@ConvairDart1062 жыл бұрын
What an idiotic statement! My money pays for Ferries that I never ride, stadiums I've never stepped foot in, along with bridges, busses, subways, playgrounds, skate parks, etc. etc. So, what is your point?
@BURNETTWEALTHGROUP2 жыл бұрын
That’s some GREAT INFO that I’m sure most ppl don’t know. I sure didn’t
@patrickdunn72252 жыл бұрын
Very similar scare happened to me. I bought in California, transported to my home state, and paid my state taxes. California came after us with a big tax bill anyways. I believe we would have been liable, if we had purchased and then taken one joy ride California to California or returned to California within some huge period of time. Be careful when buying and transporting!
@MrPaige2222 жыл бұрын
When I sold cars, I remember the tax thing was really tricky when someone was buying out of state. The ONLY way I could avoid charging an out of state customer CALIFORNIA sales tax was to have the vehicle TRANSPORTED out of state. As a DEALER, I couldn't even get a one trip permit for the customer allowing him or her to DRIVE it to their home state. FORTUNATELY, ifthey did decide to drive it home, the California state tax would be DEDUCTED from the home state taxes so they wouldn't pay TWICE, and the home state was SUPPOSED to collect the money from CALIFORNIA. Unfortunately, sometimes California didn't want to return the money, so if would be a gigantic pain in the ass making them return monegthey had collected but weren't entitled to. I hated out of state transactions.
@patrickdunn72252 жыл бұрын
@@MrPaige222 Fortunately we trailered out of there. I simply lacked the experience in type to comfortably/safely pilot the aircraft at that point.
@paigehunt33872 жыл бұрын
@@patrickdunn7225 You did exactly the right thing. California is disgraceful when it comes to shaking people down for money.
@landtuna80612 жыл бұрын
@@paigehunt3387 You apparently don't live in VA. Their annual property tax bill is supposed to include EVERYTHING you own personally - including your furniture, lawn mower etc. The happiest day of my life was Virginia in my rear view mirror.
@deani24312 жыл бұрын
Also keep on mind that airports report the tail numbers to the counties that they are in each year for tax purposes.
@senecapilot48782 жыл бұрын
Mike if you need help with your tax problem let me know because that is what i do daily fight for our rights on taxation issues
@samchampion9122 жыл бұрын
I truly hope you told them to go take a hike!!!
@EJWash572 жыл бұрын
Yeah. That always works...
@j.angelis69342 жыл бұрын
So I'm really not going to watch your channel anymore since you seem to think it's okay to use clickbait about the IRS coming after your plane, which you don't even discuss... really disappointed in you brother.
@Soca472 жыл бұрын
Lol nearly thought you had to change the name to Doja Grip🤣🤣🤣
@thatguy62072 жыл бұрын
I didn’t know you were at Gwinnett or PDK. PDK is where I first flew 45 years ago
@FCKP20232 жыл бұрын
Thank you for sharing those tips. Love your business and hope I will be able to buy from you
@jhmcglynn2 жыл бұрын
Write off the full value year one? I don’t think so. I would think it has to be depreciated over the life of the aircraft and I know there is something called accelerated depreciation but year one? Also, if you depreciate it to zero and then sell it, the income from the sale I think is taxable. Of course, I won’t tell anybody if you don’t😎
@gaflyer73292 жыл бұрын
This title is misleading. The IRS did not and does not come after you when you buy an airplane. The individual states do, not the federal government.
@EJWash572 жыл бұрын
A LITTLE misleading???
@erikdisomma17592 жыл бұрын
The IRS vs State tax vs County has already been covered so I'll stay away from that. One thing I WILL SAY, is be VERY CAREFUL about the discussion of tax avoidance and assets in the State of Georgia. They recently cleaned house with many exotic car owners with out of state registrations and actually issued arrest warrants. I lived in both states (GA and FL) and had assets registered in each. I understand the "IRS" in the title is clickbait, but be sure you have a clear understanding about dispensing advice and especially about openly discussing your personal situation. One hiccup and GA WILL make an example of you.
@marcs9902 жыл бұрын
I agree but I don’t know 🤷♂️ what MojoGrip expects? He had people build the majority of the aircraft for him but he still managed to get self built status. He built around 10% of this as u can see in his videos maximum, plus all of that was done under supervision, he got the aircraft at nearly half price as he had a deal with the manufacturer that he would video log it all for KZbin to act as an advertisement. He knew that he had to pay taxes but I think he thought after reregistering in Ohio that they wouldn’t do any homework & land him with a bill.
@mauriceevans65462 жыл бұрын
He paid 300000 for the aircraft. That is not half price. That is actually full price! I spoke with the sling builders in Michigan and they told me the same price as he paid
@marcs9902 жыл бұрын
@@mauriceevans6546 I’m sorry but that’s incorrect
@mauriceevans65462 жыл бұрын
@@marcs990 so what did he pay? A new sling TSI will be 280000 to 340000 depending on the avionics and he is allowed by faa to do what he did concerning the build, as I an in the process of building a sling 2. Did u watch his how much he paid video?
@mauriceevans65462 жыл бұрын
He actually paid well above 300,000
@Zuckerpuppekopf2 жыл бұрын
Under current section 179 write-off limits, most GA craft can be partly or fully written off of income in that year to the extent of its business use. The current full cost write off limit is $1,050,000, so that would likely include most GA craft, unless you are buying jets. It would essentially be like any business vehicle write-off, so there may be a special form for it, however generally speaking the amount of deduction is simply limited to the percentage of business use that you claim. And according to the AOPA, "a Section 179 deduction can be used when you purchase a used aircraft." Also the state use tax likely can be an itemized deduction. The IRS actually is your friend here. The state sales tax is what was at issue here due to it's up front cost.
@nothingtoseehere40262 жыл бұрын
This is good information. There are states that have a fly away tax rule. Things are difficult dealing with California. Taxes are already out of control.
@joemason91872 жыл бұрын
They had his eyes out
@usernameunknkown2 жыл бұрын
A new item, or from a retailer. If you buy a used plane from a person to person, you don't pay sales tax. (plane owner in California).
@flubbyhog2 жыл бұрын
Always learn something new watching MojoGrip. I would push a plane out of California into Nevada and take off before I paid their tax rate.
@eghosaidufueko56412 жыл бұрын
🤣😂🤣😂🤣 !!!
@landtuna80612 жыл бұрын
Would not help. The receiving state is very likely to tax you upon registration whether you paid CA or not (and ind this case, NOT, because you are de-registering (no tax on that).
@frankpriolo77352 жыл бұрын
Someone please correct me if I am wrong but I think that the state of New Jersey screwed up even though it is one of the highest taxed states in the nation. If you buy a used aircraft, there is no sales or use tax. The government completely forgot about that. And as far as everyone saying that the title of this video is click bait. Each state has an Internal Revenue Service even if officially it is titled differently.
@EJWash572 жыл бұрын
"Each state has an Internal Revenue Service even if officially it is titled differently." Er, no. It doesn't. The IRS stands alone as a U.S. FEDERAL entity. Ask Al Capone.
@MrBarbuster2 жыл бұрын
also if you buy one thru your busines you should be able to get a tax exempt number thru tour state and you will pay no sales tax on a purchase. or i did years ago.
@AlJay00322 жыл бұрын
Thanks about making this.
@jenniferwhitewolf37842 жыл бұрын
FYI, zero sales tax in Oregon. You might want to arrange legal transfer with a broker based in Oregon.
@geoffreygraham2902 жыл бұрын
In Florida there is no state income tax. There are lots of taxes in Florida.
@EJWash572 жыл бұрын
THANK YOU!!!
@0100page2 жыл бұрын
Found out the county where I live looks at the fuel pump log to get their ownership research to start taxing- you know that thing where you put in the tail number after you swipe your card.... don't put in your tail number
@dougwright1112 жыл бұрын
Didn’t you pay sales tax on the components you purchased? Wouldn’t that offset a state tax bill? Did you have to pay tax on labor?
@garymccann29602 жыл бұрын
Tax is OK but the government is a very poor custodian. Goverment get 95% of there wages for retirement. We go hungry working our butts off while goverment lives high on the hog. Goverment is totally out of controll.
@gmcjetpilot2 жыл бұрын
In most states if you build EAB (experimental amateur plane). kit plane you pay tax on VALUE BUT... you get to deduct the taxes paid for all the parts. It is like buying a CAR. You pay sales tax. You also pay yearly road and state tax with your registration. All this applies to Airplanes and Boats. Some states are BAD and some don't tax planes or tax at a onetime low rate.
@Skiridr222 жыл бұрын
That’s a great service for firs time buyers
@patriotkieler97502 жыл бұрын
So how did they calculate tax? ON the kit cost or an appraised finished value?
@geneharrel7732 жыл бұрын
Thanks Grip. Forgot about those private transactions. Good luck.
@michaelsmith546310 ай бұрын
QUESTION: Would airplane flight training (~$100k) be deductible if I was able to work as a contract-for-hire pilot (1099, or billed through the LLC); and not as an employee at an airline?--Could I roll-over the remaining deduction for 3 years? 2) Would it still be deductible if I got a loan for all or partial amount?
@henryostman57402 жыл бұрын
Location of purchase issue. I bought an airplane that was located in another state, I live in PA, the seller brought the plane to my state so I could look at it and have a prepurchase done, he then returned to his home state, I agreed to buy it and got my financing arranged, and the plane was delivered to me, I never set foot in the other state. PA sent me a sales and use tax bill that I paid. Well over a year later the other state sent me a tax bill on the sale, I declined payment with the above information stating that the sale took place in PA and taxes were paid there, I could document this location based on the prepurchase report. Last I heard of them. Be careful of situations where you actually do the purchase in one state and take delivery there yourself and then move the article into your home state, this might be OK for things that aren't officially registered, say like a piano, but cars and planes are registered and your home state can then charge you for the 'use' portion of the sales and use tax, leaving you with two bites out of your wallet.
@thepacketnarc76344 ай бұрын
FYI; There’s no sales tax on food / groceries. But I get the point.
@loupitou06fl2 жыл бұрын
One thing not clear to me is that the sales and use tax also apply to used airplane ? It's crazy to think that the government would get the sales tax every time the asset change hands.
@philipancell5162 жыл бұрын
Love that magical word "Gifted"
@Bazerkly2 жыл бұрын
The company you purchased the "KIT" from should have collected taxes...
@jcoghill22 жыл бұрын
You should have paid that when you bought the kit.
@Karl__Pierre2 жыл бұрын
Awesome information!
@thebluesbrother2 жыл бұрын
Surely if you are buying a 2nd hand aircraft where the original owner has already paid the tax, do you still have to pay the tax?
@MrPaige2222 жыл бұрын
It's SALES tax. Every time you buy a big ticket item in a SALES TAX state, the state board of equalization (that's what the sales tax people call themselves in California) come for 10 percent of the purchase price. Every time.
@landtuna80612 жыл бұрын
@@MrPaige222 Not true. Some states tax every time a buy-sell takes place but others do not. Some apply sales tax only on the new basis instead of the total sell price. My state does not charge sales tax if the buyer and seller are private citizens (does not have a business license for the product).
@paigehunt33872 жыл бұрын
@@landtuna8061 If it's a big ticket item, such as a five figure boat, motorcycle, car or airplane, don't they tax it? If it's not a TRACEABLE item, like a gucci purse, for example, they wouldn't be able to find out. So even in California, such a sale between private parties would be almost impossible to tax.
@MichaelCarterShow2 жыл бұрын
That's messed up my gud brotha. Thx for shairn said info. I would like to buy my own G550 soon & also start a flight school. #staypositive #salute!!!!
@johankriel88832 жыл бұрын
This reminds me of the book by Richard Bach, The Bridge Accross Forever.
@Cerventis2 жыл бұрын
Good job Mike. Remember that depreciation comes off the basis so when you depreciate to zero and sell it you owe taxes on the gain from zero to the sales price.
@matthewbrice7372 жыл бұрын
Only if he is able to write depreciation off. If he does, then even worse though is it is depreciation recapture and not capital gains. Recapture is taxed at ordinary income levels. But rare to depreciate a plane down to 0. Usually always a salvage value in there.
@EJWash572 жыл бұрын
"The IRS Came After My Plane For Taxes". I missed the part in this video where the IRS came after your airplane for taxes. Reference? Although, I'm sure you'll change the title - as usual.
@radioace318la2 жыл бұрын
It's called clickbait. you watched the video. job done. is it inappropriate, shady, underhanded? absolutely but it works. Sort of like all those great deals on cell phone plans but for New Customers Only. Unsubscribed. Cheers from Louisiana.
@skyserf2 жыл бұрын
They sent him a bill. Did you miss that part‽
@EJWash572 жыл бұрын
@@skyserf NO - he did NOT say that the (U.S.) Internal Revenue Service sent him a bill. He said that the county taxed him. Carry your own water.
@1cardinalflyer2 жыл бұрын
Look for a used aircraft in a state that offers a "fly away exemption" and hopefully you live in a state that has a "casual sale tax exemption" (if purchasing a used aircraft from an individual [not dealer/broker].) Ohio has annual registration fee, which is $15 per seat on the TCDS (not per seat installed; you can't remove seats and lower the fee).
@silverhorder19692 жыл бұрын
That guy in Seattle took it for a test flight first, did some loop de loops and deferred his tax bill into the spirit realm..
@MerlinSilk2 жыл бұрын
have the plane owned by an entity in Oregon - no sales/use tax there.
@karlhungus89462 жыл бұрын
7:05 - What kind of aircraft was that, and what's that huge duct stuck to the cabin like a lamprey?
@jm321452 жыл бұрын
The IRS didn’t do anything, but I’m sure the title will be good for the algorithm.
@abbreviateTome2 жыл бұрын
I wish you well man. We ( people who wear prescription glasses) would like an update video on your Lazik surgery. Does it affect night vision or cause dry eyes..etc
@tommyk10732 жыл бұрын
I assume taxes only apply to new aircraft? If a used aircraft is purchased, because sales tax was already paid at the time it was bought new, are you safe from being double-taxed? Or is the government gonna stick it to me twice?
@dodgeplow2 жыл бұрын
You never bought or sold a used car? It gets taxed EVERY time it changes hands
@tommyk10732 жыл бұрын
@@dodgeplow nope..only buy new.
@dodgeplow2 жыл бұрын
@@tommyk1073 that's a luxury most of us don't have. When you sell that car (or other large item) however, the purchaser will pay taxes on it.
@tommyk10732 жыл бұрын
@@dodgeplow don’t take that the wrong way! I’m by no means wealthy..I just hold vehicles till they’re done. My last truck was a 1997 full size bought new..sold it for $1000 to a. buddy in 2016, then bought new again.
@dodgeplow2 жыл бұрын
@@tommyk1073 nice. i keep mine until they're used up too, but I buy them used also lol. I'm too much of a cheapskate. My "new" vehicle is a '14 Jeep. My oldest is an '85 Dodge truck
@antoniog98142 жыл бұрын
I guess Mike doesn't know the state and the IRS are two separate entities.
@pb97622 жыл бұрын
I believe Stevie Ray Vaughn wrote a song that summed this up perfectly, “the taxman”
@mister_ray2 жыл бұрын
Click bait title. The Internal Revenue Service does not collect sales or use taxes.
@EJWash572 жыл бұрын
Truth, schoomth! What's you point?
@StudioRV82 жыл бұрын
Many states are sales and use tax free for aircraft. I paid zero.
@7100warhawk2 жыл бұрын
What if you never registered the aircraft in Atlanta but hangered it in Atlanta and only paid hanger rental.❓❓❓
@davied54962 жыл бұрын
You should also talk about what is the depreciation on the airplane but then if you sell at a profit and you may have to pay back that depreciation to the government and then pay taxes on the gain, so it’s not all a free lunch either
@rogerreimer242 жыл бұрын
That is one of the best video I have heard in a long it not only applies to airplanes boats trucks cars and anything you use for business. Some times the laws will be in conflict sate province country city and federal get good advice always. I really like this guy he has more common sense than most on You Tube. I am 74 I wished I could afford to fly again but I love watch videos of the those who still can.
@pycontiki2 жыл бұрын
Briscoe Field in da house 🙌🏼👊🏼💪🏼🇺🇸✈️
@insidepossie2 жыл бұрын
What about if I bought an experimental aircraft for example in California, and no tax was included in my purchase price, However I live outside the USA and the aircraft is now registered in the Caribbean, would the IRS be hunting me down for that tax cheque?
@jasonsigler85002 жыл бұрын
Great video as always Mojo! Would love to see a video on your LASIK.
@muletowndumpsters2 жыл бұрын
Was the experimental kit tax bill significantly lower than a fully certified plane purchase rate?
@robtheaccountant Жыл бұрын
That's why people should hire an accountant. 🙂
@ChipDavis1602 жыл бұрын
I live in Ga as you do and my county sends me a ad valorem tax bill every year for my boat so I have to assume a plane would be the same.