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ByronMFox(at)aol.com
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 Posted: Sun Feb 08, 2009 4:05 pm Post subject: Tax Time - What can I write off |
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Good subject. I don't know if the group has an tax specialists, but here's what I've learned from Craig Ekberg who's done this for several years without an IRS audit. Craig tells me that he maintains a complete record of his expenses to fly his CJ to and from OSH and participate in the event. That's fuel, oil, housing and food. The argument goes that the EAA is a 501c3 and the event and his participation is charitable. Moreover, this year the RPA, another 501c3, was honoring the Nanchang's 50th anniversary at OSH. So, I will attempt the same charitable deduction for 2008. ...Blitz
In a message dated 2/8/09 1:05:03 PM, greasysideup(at)hotmail.com writes:
| Quote: | Tax Time!!! I'm still new to aircraft ownership and I'm looking for the bennies. What can I write off, does anyone use Turbo Tax to do this or am I better off going with a pro?
In a nutshell,
I bought the Aircraft this time last year, Financed about 80%.
I am set up as an LLC for Airshows
I flew 1 Airshow last year for no pay
I bought a bunch of gas and oil
I flew a bunch of training flights for the Airshow
I flew a couple XC's
I have memberships to AOPA, RPA, ICAS and a few others
I've bought items for the plane
I've bought mx for the plane
I have a hangar at 300/month (Gotta love Jersey!)
I bought a Medical
I had a few training flights to get checked out before purchase
Airlines out to pick up the plane
I'm sure there are some other things I'm not thinking of right now but these are the main ones. How do I make ownership an advantage?
Thanks!!
-j
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A Good Credit Score is 700 or Above.18550342x1201216770/aol?redir=http://www.freecreditreport.com/pm/default.aspx?sc=668072%26hmpgID=62%26bcd=febemailfooterNO62) [quote][b]
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mgdimarco
Joined: 20 Apr 2006
Posts: 23
Location: Kissimmee, FL
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| Posted: Fri Feb 13, 2009 8:18 am Post subject: Re: Tax Time - What can I write off |
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I'm not a tax pro, but I have been doing corporate and personal taxes for quite some time.
Since the airplane is experimental and not eligible for hire, your LLC has to be a not for profit or a charitable organization of some sort (501c3). You could also form a foundation, but there are more specialized rules there.
Being a member of Red Stars (a 501c3), and participating in a sponsored event might qualify as a charitable donation like any other charitable donation. The sponsored event will have to be directly related to the mission of the Red Star 501c3 qualification.
You will be careful to log how each and every expense (fuel (or hourly operating cost if you establish a basis), fees, lodging, food) is related to participation or preparation for participation. You will have a real hard time claiming (except as part of an hourly expense basis) annuals, flight currency, insurance or repair items prior to the event. Anything you receive as compensation as result of participation like admission, fuel, food, lodging, etc. reduces the basis for your deduction.
Let me know if you learn something different from this.
Mike
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HawkerPilot2015
Joined: 10 Jan 2006
Posts: 503
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| Posted: Fri Feb 13, 2009 11:51 am Post subject: Re: Tax Time - What can I write off |
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I know a couple of people writing their Yaks off. The airplane is experimental-exhibition. If you are "exhibiting" the airplane at an airshow for hire, does that not count?
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jlpartington(at)att.net
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| Posted: Fri Feb 13, 2009 11:56 am Post subject: Tax Time - What can I write off |
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l39parts(at)hotmail.com
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| Posted: Tue Feb 24, 2009 3:11 am Post subject: Tax Time - What can I write off |
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Go ahead and deduct everything. You can always pay it back if Obama nominates you to be in his cabinet...
From: ByronMFox(at)aol.com
Date: Sun C 8 Feb 2009 19:04:01 -0500
Subject: Re: Tax Time - What can I write off
To: yak-list(at)matronics.com
Good subject. I don't know if the group has an tax specialists C but here's what I've learned from Craig Ekberg who's done this for several years without an IRS audit. Craig tells me that he maintains a complete record of his expenses to fly his CJ to and from OSH and participate in the event. That's fuel C oil C housing and food. The argument goes that the EAA is a 501c3 and the event and his participation is charitable. Moreover C this year the RPA C another 501c3 C was honoring the Nanchang's 50th anniversary at OSH. So C I will attempt the same charitable deduction for 2008. ...Blitz
In a message dated 2/8/09 1:05:03 PM C greasysideup(at)hotmail.com writes:
| Quote: | Tax Time!!! I'm still new to aircraft ownership and I'm looking for the bennies. What can I write off C does anyone use Turbo Tax to do this or am I better off going with a pro?
In a nutshell C
I bought the Aircraft this time last year C Financed about 80%.
I am set up as an LLC for Airshows
I flew 1 Airshow last year for no pay
I bought a bunch of gas and oil
I flew a bunch of training flights for the Airshow
I flew a couple XC's
I have memberships to AOPA C RPA C ICAS and a few others
I've bought items for the plane
I've bought mx for the plane
I have a hangar at 300/month (Gotta love Jersey!)
I bought a Medical
I had a few training flights to get checked out before purchase
Airlines out to pick up the plane
I'm sure there are some other things I'm not thinking of right now but these are the main ones. How do I make ownership an advantage?
Thanks!!
-j
|
**************
A Good Credit Score is 700 or Above.18550342x1201216770/aol?redir=http://www.freecreditreport.com/pm/default.aspx?sc=668072%26hmpgID=62%26bcd=febemailfooterNO62) Windows Live™ Hotmail®…more than just e-mail. See how it works. [quote][b]
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