Is the aircraft seller or the aircraft purchaser required to report the transfer of an aircraft?
The aircraft seller and the aircraft purchaser are required to report a sale or purchase of their aircraft to the Indiana Department of Revenue within 31 days of the transaction. Failure to register within 31 days will result in a late penalty being charged to the purchaser and may result in tax liability not being transferred from the seller. (The FAA must be notified by both parties as well.
The aircraft seller and the aircraft purchaser are required to report a sale or purchase of their aircraft to the Indiana Department of Revenue within 31 days of the transaction. Failure to register within 31 days will result in late penalty being charged to the purchaser and may result in tax liability not being transferred from the seller. (The FAA must be notified by both parties as well.
The aircraft seller and the aircraft purchaser are required to report a sale or purchase of their aircraft to the Indiana Department of Revenue within 31 days of the transaction. Failure to register within 31 days will result in a late penalty being charged to the purchaser and may result in tax liability not being transferred from the seller. (The FAA must be notified by both parties as well.
