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  #1  
Old 02-24-2018, 04:54 PM
Kupde Kupde is offline
 
Join Date: May 2016
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Default Bill of Sale

Any advice as to what to put in for a value on the bill of sale from Vans?
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  #2  
Old 02-24-2018, 05:15 PM
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Carl Froehlich Carl Froehlich is offline
 
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The cost of the kits, not including shipping.

Carl
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  #3  
Old 02-24-2018, 05:30 PM
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Jesse Jesse is offline
 
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Ē1 + OVCĒ is what I always put.
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  #4  
Old 02-24-2018, 05:42 PM
Kupde Kupde is offline
 
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Sorry for the ignorance but what is OVC?
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  #5  
Old 02-24-2018, 06:04 PM
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bkervaski bkervaski is offline
 
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"Other valuable consideration"

Was told also to use $1 + OVC.
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Last edited by bkervaski : 02-24-2018 at 06:09 PM.
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  #6  
Old 02-24-2018, 07:17 PM
Pat Stewart Pat Stewart is offline
 
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Jesse is correct and depending on what state you live in you made be required to download and send in the occasional sale form that basically says your not a dealer.
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  #7  
Old 02-24-2018, 08:00 PM
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Quote:
Originally Posted by Pat Stewart View Post
Jesse is correct and depending on what state you live in you made be required to download and send in the occasional sale form that basically says your not a dealer.
In Texas an "Occasional Sale" must be between individuals to be exempt from sales/use tax. Neither the seller nor the buyer can be a dealer.
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  #8  
Old 02-25-2018, 07:01 AM
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Jesse Jesse is offline
 
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The bill of sale has nothing to do with Sales or Use Tax. It is simply a formality saying that you bought a kit from Vanís and that you built the plane from a kit. Other than that you donít even need a value on the kit bill of sale. What you paid for the kit or the plane is none of the FAAís business. Your state Department of Revenue, on the other hand...it is their business, but they donít get it off the kit bill of sale. When a plane is registered with the FAA as being in FL, for example, the Dept of Revenue will send the owner a letter stating that they know you have an airplane in the State and they donít have record of you having paid Sales or Use Tax. Then you have to either show them documentation of having paid the tax or you have to tell them what you spent and pay the tax. The law in Florida is that every red cent you spend on that plane is taxable, including shipping, labor, accessories, etc. Some states just ask the basic price of the kit.
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RV Hotel (hangar, room, car) at X35 in north FL

Commercial ASEL/S A&P/IA EAA Technical Counselor

Dynamic Prop Balancing, Prebuy Inspections, Condition Inspections, Repairs and Mods, Injector Tuning, Airframe, Engine, Panel Upgrades, Ferrying, etc.
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  #9  
Old 02-25-2018, 07:20 AM
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Mel Mel is offline
 
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Quote:
Originally Posted by Jesse View Post
The bill of sale has nothing to do with Sales or Use Tax. It is simply a formality saying that you bought a kit from Vanís and that you built the plane from a kit. Other than that you donít even need a value on the kit bill of sale. What you paid for the kit or the plane is none of the FAAís business. Your state Department of Revenue, on the other hand...it is their business, but they donít get it off the kit bill of sale.
This is correct!
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A&P/EAA Tech Counselor/Flight Advisor/Nat'l Test Pilot School
Specializing in Amateur-Built and Light-Sport Aircraft
<rvmel(at)icloud.com>
North Texas (8TA5)
RV-6 Flying since 1993, 172hp O-320, 3-Blade Catto (since 2003)
Legend Cub purchased 12/2017
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  #10  
Old 05-09-2018, 10:16 PM
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sglynn sglynn is offline
 
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Location: Anacortes, WA
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Default Registration kit or parts 8050-88

I'm reading the EAA Step-by-Step guide to registration and have a question about the forms.

1. Form 8050 asks Parts or Kit. Since only the structure is from Van's kit and all the systems are bought as parts wouldn't it be okay to select the first box that it was built from parts? The Van's structure is less than half the value and less than half the parts if you add up wires, connectors, tubes, Avionics, lights etc.



thanks
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Last edited by sglynn : 05-09-2018 at 10:35 PM.
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