Aircraft tax question

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..!!!

Yeah.., well (sfb), don't give up your day job either.., it's you, and
others like you who are "working" up into July or August of the year just to
pay taxes you never owed to begin with (smile)!!
I'm sure if you can fly (and land) an aircraft, then you're able to do a
little research on the smiple definition of "income", as in Income Tax
(grin)..!!
Sorry brother, but just Goggle that question and you can cross a rabbi's
eyes with teying to define the phrase.., and believe it or not.., various
tax codes won't do it either without a P/L..!!
To the rest of you "aviators" out there.., just go down your check list
before playing a tax you can't define. If you don't understand how to fly
an aircraft, I suggest you not fly until you do!
And if you don't understand what a tax is, who it applys to, or who is
"libel" to pay it.., then don't pay it until some taxing authority shows
you, and you do understand it..!! Enough said..!!

The old fart with the wind in the wires...!!!

"81mm" wrote in message
news:nDFgf.291$Dx3.189@trnddc07...

A reply to sfb who stated:

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.

Yeah.., well (sfb), don't give up your day job either.., it's you, and
others like you who are "working" up into July or August of the year just
to pay taxes you never owed to begin with (smile)!!
I'm sure if you can fly (and land) an aircraft, then you're able to do a
little research on the smiple definition of "income", as in Income Tax
(grin)..!!

Nice evasion for a response. You an remove that foot from your mouth
anytime.

(rest of drivel snipped)

Matt.., where is the "evasion" in telling folks not to pay a tax they don't
understand..? And as far as "removing my foot", well I'll be taking it out
of your third point of contact if you insist on taking the conversation in
that direction..!! Now, go home to Mommy and get on the computer. Do a
little constructive research.., won't hurt as much as my foot (smile)..!!
Oh, and Happy T'day and XMas..!!