- Joined
- Mar 8, 2017
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I have been a Co-Owner of an aircraft with another pilot for 20 years. The FAA registration lists my name, his name and my home address along with a status of co-owner. If I buy out his interest in the aircraft and change the FAA registration to me as the sole owner, will I have to pay sales tax? Would he have to pay capital gains tax? What if he sold his half to someone else, would that person have to pay sales tax? We are located in PA. Has anyone gone through a similar transaction? Thanks in advance.