HeyEng
Well-Known Member
This is for those out there that do the freelance thing with their own plane. I am doing some research on the airplane ownership and freelance CFI deal.
My question is about LLCs or INCs in general. Have you been able to use a LLC to avoid tax implications? I am looking at the possibility of purchasing a plane that is in Florida and brining it to Texas. I will not be doing the CFI thing for at least a couple of years, but I would like to get the plane paid for before I retire from the AF. I already have a LLC out of Delaware and would most likely put the airplane in the LLCs name (protecting assets) but am not sure how that works for the taxes. The sales tax in TX in 8.25% and would be a nice chunk of change to fess up.
So, any advice or experience out there that can help out? I am sure this will eventually involve an attorney, but just wanted to see if there is anyone out there that have dealt with this already!
My question is about LLCs or INCs in general. Have you been able to use a LLC to avoid tax implications? I am looking at the possibility of purchasing a plane that is in Florida and brining it to Texas. I will not be doing the CFI thing for at least a couple of years, but I would like to get the plane paid for before I retire from the AF. I already have a LLC out of Delaware and would most likely put the airplane in the LLCs name (protecting assets) but am not sure how that works for the taxes. The sales tax in TX in 8.25% and would be a nice chunk of change to fess up.
So, any advice or experience out there that can help out? I am sure this will eventually involve an attorney, but just wanted to see if there is anyone out there that have dealt with this already!
