Aircraft in Corporation or LLC?

I was told if I may be able to use my airplane for my commercial flight
training or use it strictly as a time builder to help obtain further ratings
it may be able to be used as a valid educational expense for new career
training write off or something like that. My tax attorney is looking in to
this a little further for me will find out more after the holidays.


"Dude" wrote in message
...
Get a different accountant.

Unless you find the many possible ways to make your plane into a non-hobby
not practical, its a simple thing to do. The IRS cannot label your
aircraft
as a hobby or luxury as easily as they can other things do to the fine
work
of Bob Dole and other congress members. Your plane is presumed to be a
perfectly legitimate business asset unless you make it otherwise. This is
much differrent from raising animals, parachuting, and other expensive
hobbies.

How much flying do you do? What for? What's your profession? Would you
be
willing to rent your airplane to a few friends or even strangers?

If your CPA didn't go over this with you, he was not qualified to answer
your question.




"Harry Shin" wrote in message
...
Uh, never mind...I just got off the phone with my friend who is a CPA.
This
won't work since the corporation is not formed as a business.
Apparently
there are rules, called "Hobby Laws" which discourage people trying to
write
off personal, recreational activities as corporation costs...

"Harry Shin" wrote in message
...
Hi Guys,

I was wondering if anyone has their aircraft in a Corporation or
Limited
Liability Company? If so, can you write off maintenance/hangar costs
(vs
State corporation fees), and also protect your personal assets more
effectively?

Thanks,
Harry