My friend would like to sell his used aircraft to me. Should I get help from an attorney for the legal paperwork?


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Question:

A friend just bought a new airplane and is selling his old one to me. Should I get help with this purchase or can I draw up all of the legal paperwork by myself?

 

Answer:

It’s always best to hire an aviation attorney for aircrafts sales. You’ll need help determining: (1) Whether the plane you want to buy will fully meet your needs, (2) If the plane can still be legally flown in its current condition, (3) If the plane you want to buy is one that the government lets businesses fully (or partially) write off on their taxes during the first year of ownership (assuming the plane will only be used for business purposes) and (4) If your aircraft financing arrangements will be reasonable, based on the specific plane you’re hoping to purchase.

Depending on how you plan to use your airplane, you’ll probably want a lawyer who’s familiar with MACRS, the federal Modified Accelerated Cost-Recovery System. It addresses the various tax issues involved with purchasing an airplane. Since the process of financing an aircraft can get rather complex, you may want to first ask your lawyer how an aviation attorney can help simplify the purchase of an airplane.

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