I don't think this is correct.
Originally Posted by
DiveAndDrive
Yes. 2 years from completion of your FO checkride.
My promissory note says 2 years from completion of IOE.
Originally Posted by
DiveAndDrive
It’s prorated 1/24 monthly. Correct me if I’m wrong,
This is correct
Originally Posted by
DiveAndDrive
but I believe you’re only liable for the gross money you received.
The language in my agreement indicates you are liable for ...payments previously paid by ....
This makes me think you'd be liable for the full amount, it would come out even at the end of the next tax year as you would be able to amend the previous tax return, which would be a PITA. I think you would still be out the difference in the mean time.
But...things change very quickly, this is just what my agreements says and your mileage may vary....