Pilots N Paws

[WacoFan]

All of the variable costs are deductible, just none of the fixed costs. So you can't deduct things like hangar space, insurance, or annual inspections, but you can deduct anything that you pay as a result of doing the flight, such as fuel and FBO ramp fees. There's some disagreement among accountants on whether you can deduct engine and prop reserves, but most seem to believe you can, and I doubt the IRS would make an issue of it.

Set your plane up as an entity perhaps - perhaps limit liability and you can come up with an hourly rate including reserves, some allowance for fixed costs, etc and "pay" that amount to the entity when you fly - be it PnP or not. Plus, if you sell the Mooney to upgrade to a 195 the entity is selling it, so if some Bozo crashes it on the way home the entity is a potential target, not you personally. Of course talk to a lawyer, I'm spitballing.

 

[SlumTodd_Millionaire]

Already spoke to lawyers and accountants before purchase. It's only doable if more than 50% of the flying is for business/charity purposes.

 

[WacoFan]

Already spoke to lawyers and accountants before purchase. It's only doable if more than 50% of the flying is for business/charity purposes.

Sooooo......what's the problem? You're in real estate.... don't you scope out lots of real estate while flying? Every flight is in some way a business flight. Get with the program dude.

 

[SlumTodd_Millionaire]

Sooooo......what's the problem? You're in real estate.... don't you scope out lots of real estate while flying? Every flight is in some way a business flight. Get with the program dude.

I don't lie. You must have me confused with a Republican.

 

[mikecweb]

Has Muffin flown with you yet?

 

[SlumTodd_Millionaire]

Negative.

 

[CirrusMonkey]

@ATN_Pilot I have a 3 year old Bengal tiger In the Seattle area. He's sick (doesn't like people and hates being pet). He needs a ride to the Miami zoo. Any help?

 

[FloridaLarry]

Does he like the pet earmuffs? How do you put 'em on the kitty?

 

[SlumTodd_Millionaire]

@ATN_Pilot I have a 3 year old Bengal tiger In the Seattle area. He's sick (doesn't like people and hates being pet). He needs a ride to the Miami zoo. Any help?

Sorry, I hate cats.

 

[WacoFan]

I don't lie. You must have me confused with a Republican.

True, I'm confused. I forgot you were a Democrat, like those paragons of honesty Bill and Hillary Clinton...I stand corrected...

 

[CirrusMonkey]

Sorry, I hate cats.

But they have paws!!

 

[Tommay85]

"Soon..." *evil face*

 

[FLflyer]

Very cool. That little Bo looks like he loved the ride!

 

[FloridaLarry]

CirrusMonkey said:

Pilot I have a 3 year old Bengal tiger In the Seattle area. He's sick (doesn't like people and hates being pet). He needs a ride to the Miami zoo. Any help?

Bengal Tiger kittens (from a BBC/PBS documentary)

Best example today of the Ogden Nash couplet:

The only trouble with a kitten is that
It eventually becomes a cat.