Don't give up your day job to do taxes.

Topic 409 - Capital Gains and Losses
http://www.irs.gov/taxtopics/tc409.html

Almost everything you own and use for personal or investment purposes is
a capital asset. Examples are your home, household furnishings, and
stocks or bonds held in your personal account.

"81mm" wrote in message
news:fyugf.1247$Tr3.367@trnddc08...
Sorry guys.., but an aircraft is not real estate..!! It is not real
property for tax purposes. If you are a private individual the IRS
needn't know a damn thing about it unless you are flying it for hire,
using in a business.., and bring drugs into the country.., AND it
certainly is not part of a P/L statement unless it's registered to a
corporation. If you hear anything from the IRS ask'em how they got
involved, where's the profit in owning an aircraft..?? Believe me..,
I haven't had'em answer the question when I last ask'd back in
1982..!!!