Please ensure Javascript is enabled for purposes of website accessibility

Blog

Why is tax record keeping for aircraft different?


 

Transcript:

Tax record keeping for aircraft is different because the IRS says that they want us to meet a higher standard in showing the use of the aircraft and why it should be deductible. Therefore there are specific regulations that govern what the IRS is going to be looking for if you’re going to take deductions under the listed property rules under which aircraft apply. Additional documentation, like a tax flight log and support for those trips is necessary in order to avail yourself of full deductions for the aircraft.

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