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Tax Time - What can I write off

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GreasySideUp

Joined: 24 Oct 2007
Posts: 44

Posted: Sun Feb 08, 2009 1:03 pm Post subject: Tax Time - What can I write off

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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