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Taxes and owning an airplane...

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HawkerPilot2015

Joined: 10 Jan 2006
Posts: 503

Posted: Sat Jan 06, 2007 1:27 pm Post subject: Taxes and owning an airplane...

Ok, I am not seeking specific tax advice but I figure more than one or two of you have written off some cost related to your airplane. I was asked and attended a few airshows in 2006. I am not looking for the IRA to give me rectal probe looking for leaks, but I am interested in writing off some airplane cost. I plan on attending more shows this year and doing some flying in them. I know someone who does shows in his airplane and enjoys some tax relief by doing so. 



So, based on those who do write some cost off, can you pass along some info? How, record keeping and so on. Pitfalls, flags..that would help too! 



Thanks in advance. 



Happy New Year! Good and safe flying to you all!

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