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You are here: Home / YouTube / Youtube income tax / What schedule do I use to depreciate my aircraft?

Written by jonl

What schedule do I use to depreciate my aircraft?


 

Transcript:

The schedule that you use to depreciate your aircraft is going to be determined by the use profile of the aircraft subject to the depreciation. Most part 91 business aircraft are depreciated on a 5 1/2-year makers schedule, accelerated schedule or a 6-year straight line schedule provided that there’s at least 50% business use and at least 25% qualified business use in the tax year at hand if you’re using the accelerated schedule. If the aircraft is going to be predominantly used for charter purposes, it contrast, it would go on a 7-year makers schedule or a 12-year straight line schedule based on that use profile. Finally, commercial aircraft are on a much longer depreciable schedule. That generally will not be applicable unless you’re operating aircraft under part 121.

Filed Under: Youtube income tax

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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.