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How does record keeping affect tax deductions for aircraft?



Aircraft deductions are subject to strict substantiation recordkeeping rules, under both the travel rules and the transportation property permissions. This means that in order to be able to deduct the trip, the taxpayer must have specific records of the date, the amount of the expense, the location and the business purpose advanced by the trip. In the absence of specific enumerated records, even if a court were to believe that the plane was generally used for business, deductions would probably not be allowed. This is why a flight log and specific trip-by-trip substantiation is essential to anyone seeking to deduct an aircraft.

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