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You are here: Home / YouTube / Youtube income tax / Will the personal use disallowance be the same for the aircraft owner and the aircraft operator?

Written by jonl

Will the personal use disallowance be the same for the aircraft owner and the aircraft operator?

Transcript:

Tax rules for personal use of business aircraft apply not only to aircraft owners, but to anyone making use of an aircraft, such as a lessee or even somebody just purchasing a charter flight. It is common that a plane may be owned by one company and leased to one or more affiliated companies. In that case each company must make its own calculations as to the consequences of personal use. Each has a distinct bucket of flights that are their flights and a distinct set of expenses. This often means that a single aircraft in a single tax year requires multiple sets of calculations to determine the tax consequences to each party involved.

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.