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Should I depreciate my aircraft?



If you’re operating your aircraft for business and otherwise taking deductions for that business use of the aircraft, it is a good idea to also take depreciation deductions. Some business aircraft owners think they’re being prudent or conservative on their tax return by only taking deductions for the operating expenses, but depreciation is what is called an allowed or allowable deduction. That is the IRS could deem that you took the depreciation, even if you didn’t recognize the benefit of it on your tax return. What does this mean? This means that at the time that you sell the aircraft, your basis in the aircraft would be reduced and you may be required to pay taxes on the depreciation that you never took because it would have been available to you as a deduction on the return. So, generally, if you’re operating and deducting a business aircraft, depreciation should be on the list of those expenses that you’re taking on the return.

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