Monitor Business Use of Aircraft in 2020
Business use necessary to avoid immediate depreciation recapture
Business use necessary to avoid immediate depreciation recapture
Due date to submit rendition is April 15, 2020
Can NOL rule changes help fund your next business aircraft acquisition?
Stimulus bill provision can benefit aircraft acquisition in 2020 – April 4, 2020
I often hear the comments that you can’t write off an aircraft because you can always fly Southwest for $99 one way.
For many years, taxpayers could “pay” for their personal entertainment use of the aircraft, or utilize SIFL income, and deduct 100% of aircraft depreciation and expenses.
When you are borrowing money to finance the purchase of an aircraft, tax basis may be an important topic as it relates to how the loan should be structured and titled.
State taxes…what you need to know