Write Off Flight School Expenses??

[🦈💜]

If you have to pay to get checked out in another airplane, does that qualify as a deductible expense? What about books, magazine subscriptions, etc...? Are those items deductible as a CFI?

Whoa... I did a double-take at your username.

-Fox

 

[drunkenbeagle]

Incorporate and show a LOSS every year! :nana2: Just ask any airline!

Even as a schedule C, you can show losses. But the current tax law is far more favorable for a CFI losing money as a corporation.

For what it is worth, my CPA prefers that all income and expenses be as a corporate entity, not as schedule C. If it is a company engaged in any aviation enterprise, I doubt the IRS expects it will ever show a profit.

 

[ComplexHiAv8r]

Even as a schedule C, you can show losses. But the current tax law is far more favorable for a CFI losing money as a corporation. For what it is worth, my CPA prefers that all income and expenses be as a corporate entity, not as schedule C. If it is a company engaged in any aviation enterprise, I doubt the IRS expects it will ever show a profit.

Or a sub S owning a plane. 8)

 

[drunkenbeagle]

Or a sub S owning a plane. 8)

Sub S is the only way to go, man

 

[bafanguy]

Deduct it all; Let God sort it out.

Well, that should work out nicely cuz the IRS thinks they ARE God !!!