Please ensure Javascript is enabled for purposes of website accessibility

Blog

What is a placed-in-service date of an aircraft?


 

Transcript:

The owner of an aircraft cannot begin depreciating it for tax purposes until it has been placed in service for business use. A common accounting rule of thumb is to require that the aircraft had been used for at least 1 business flight. Technically though, it is in service when it is ready and available for its intended business use, so an initial flight may not be the in service moment. Facts that might render it not in service although it has been purchased include if the crew is not ready, if it needs further completion work or refurbishment before it is ready for its intended purpose, and if it is not geographically where it needs to be.

Advocate Covers:

Our Results

Service Agreements

Piston Aircraft Comprehensive Service Agreement

For Piston Aircraft  – $5,000 per year

Small Turboprop Comprehensive Service Agreement

For a single Turboprop Aircraft costing less than $2,000,000 – $7,500 per year

Large Turboprop Comprehensive Service Agreement

For Turboprop Aircraft costing more than $2,000,000 – $10,000 per year

Our Team

Meet the Attorneys

Jonathan Levy

Shareholder

Suzanne Meiners-Levy

Shareholder

Joseph Quackenbush

Managing Attorney

Letisha Bivins

Managing Attorney

Do you love aircraft? Work with our team of professionals!

Contact Us

Get in Touch
With Us

Get in Touch