Do you PNE?
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.
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