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Will the FAA notify owners when it is time to renew registration?

 

Transcript:

Six months before an aircraft registration expires, the FAA will mail a reminder to the address that they have on record for the aircraft. A month later, a second notice will be sent. A final notice comes only after the registration actually expires. It is important that you never reach this final notice because at that point the aircraft is not legal to fly and will have its registration cancelled if it is not registered within 60 days after expiring.

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Filed Under: YouTube Tagged With: FAA

Why would I place my aircraft with a flight school operation?

 

Transcript:

Flight school operations are commonly located at your local FBO and they’re how many of us learn how to pilot, how to fly. Most flight schools don’t own their own aircraft. That is, they use aircraft that are being rented to them by business aircraft owners. Why place your aircraft with a flight school? It can, if properly structured and mindful of the cost, be a great way to offset some of the operating expenses for the aircraft if you’re not flying it for business as often as you initially anticipated or you have limited additional business use requirements.

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Filed Under: YouTube

Why might the IRS treat my aircraft business as a passive activity?

 

Transcript:

When the IRS takes a look at our income and our expenses, they divide those income and expenses into several categories, that is, active income and expenses, passive or investment income and expenses. The IRS may be inclined to treat the aircraft expenses, even if they’re incurred in your active income-producing business, as passive because of the common nature of aircraft leasing. That is, aircraft are commonly operated under a lease agreement,

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Filed Under: Youtube income tax

Why might I want to put my aircraft in a trust?

 

Transcript:

Aircraft trusts are used for many reasons, but a common one is to meet legal aircraft registration requirements. US law restricts ownership of US registered aircraft by non-citizens. For companies, US citizenship relates to who owns or controls the company. One type of trust registration, known as a voting trust, involves a company which desires to own an aircraft, but is not a US citizen in effect becoming a US citizen by transferring enough control over the company to a US citizen trustee.

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Filed Under: YouTube Tagged With: FAA

Why is the tax depreciation on aircraft accelerated?

 

Transcript:

Aircraft are subject to tax depreciation that is very accelerated based upon, in contrast, the actual loss of value of the aircraft. That is makers for part 91 aircraft which is the modified accelerated cost recovery system, is a recoverable life of about five and a half years. This is a purchase and investment incentive built into the tax code. That is if you purchased a new aircraft or a used aircraft even and it only lasted you five and a half years there’s something wrong with your machine.

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Filed Under: Youtube income tax

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Latest Article

Corporate Jet Investor Town Hall – Finance, Tax and All That Jazz (Webinar Replay)

View a replay of the town hall by clicking the video above, or following the link here.

As you know, these are unprecedented times for business aviation. We invite you to join the Corporate Jet Investor Town Hall as a way of staying connected and informed during this period.

Moderated by Alasdair Whyte, co-founder Corporate Jet Investor, each week CJI will tackle a different issue or topic through the knowledge of as many expert participants as possible.

 » Read more about: Corporate Jet Investor Town Hall – Finance, Tax and All That Jazz (Webinar Replay)  »

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Advocate Consulting Legal Group, PLLC. 3555 Kraft Rd. Suite 240 Naples, FL 34105 and 1300 N. Westshore Blvd. Suite 220 Tampa, FL 33607. Suzanne Meiners-Levy, Esq. (239) 213-0066. Tax Disclosure. We inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under federal tax laws, specifically including the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Privacy Policy. Terms of Use.