81mm wrote:
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..!!!

You are correct it isn't real estate, but the capital gains rules
aren't limited to real estate (if it was, I want some serious money
back on my other investments from the IRS).

From the IRS's own web page:

Almost everything you own and use for personal purposes, pleasure or
investment is a capital asset. The IRS says when you sell a capital
asset, such as stocks, the difference between the amount you sell it for
and your basis, which is usually what you paid for it, is a capital gain
or a capital loss. While you must report all capital gains, you may
deduct only your capital losses on investment property, not personal
property.