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The Trump Tax Returns For Aircraft Owners

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MojoGrip

MojoGrip

Күн бұрын

Пікірлер: 85
@dewholdingsllc1050
@dewholdingsllc1050 Ай бұрын
Use aircraft in a business or for a business purpose then you can use bonus depreciation. IRS requires 51% business use. Non business use. You can form a flight club. Flight club is a Private Non Profit entity in my State and most other States. Members of a flight club can be in the same family. Mom Dad Sister Brother. Do not pay sales tax, don’t pay use tax (flying in and out). FAA is reporting use to the State’s tax authority. Local tax entities have property tax on aircraft. Flight clubs are exempt.
@InterestingStuffAdventures
@InterestingStuffAdventures Ай бұрын
People actually base their planes in states that only have purchase tax for this reason. Those states that tax property annually are forgetting all the money that pilots spend in these communities and the tax on fuel. It’s sad that the birthplace of aviation (NC) does this.
@brianperry4754
@brianperry4754 27 күн бұрын
Do you happen to have a list of those states? I may know someone in need of a new plane home...
@kevinfehskens9775
@kevinfehskens9775 Ай бұрын
Hey Mike, I think the bonus deduction is only available for business use of the aircraft
@experimental_av
@experimental_av Ай бұрын
Yeah small detail. You can’t just write off private usage form your taxes lol.
@robertcooper6289
@robertcooper6289 Ай бұрын
Yes only if you use it for business can you write it off. Most aircraft owners will not qualify so you may want to amend this video to state that.
@phillipzagotti4462
@phillipzagotti4462 Ай бұрын
Great video, but I would add that some jurisdictions might also charge annual personal property tax. Also, generally speaking, depreciation relates to business/income-related assets. There are a number of ways for aircraft owners to derive income from their aircraft, but they should talk with an attorney or CPA.
@AndrewIrizarry
@AndrewIrizarry Ай бұрын
I was gonna say, business craft are exempt from use tax
@challenger2ultralightadventure
@challenger2ultralightadventure Ай бұрын
Sales Use Tax, sounds like "taxation without representation" from my vantage point in Canada. Didn't America have a Tea Party in 1773 in Boston because of this?
@AC-jk8wq
@AC-jk8wq 29 күн бұрын
More like taxation, with representation… This is why AOPA is in every pilot’s mailbox… 😃
@Rich-Flies
@Rich-Flies 23 күн бұрын
Taxation is theft. Our founding fathers never intended for the federal government to get anywhere near as tyrannical as it is now. If we had half the resolve that our founding fathers had, we would have stormed Washington, armed, DECADES ago.
@erinschlameus3628
@erinschlameus3628 Ай бұрын
Taxes suck!!
@FlyingSenior
@FlyingSenior Ай бұрын
There's a tax on that!!!
@NovejSpeed3
@NovejSpeed3 29 күн бұрын
Taxes suck because we don't see what our tax dollars are going to. Our roads and infrastructure sucks our schools suck (which by the way the lottery is supposed to also benefit).
@erinschlameus3628
@erinschlameus3628 25 күн бұрын
@@NovejSpeed3 Don't get me started on the crappy public schools.
@dewholdingsllc1050
@dewholdingsllc1050 Ай бұрын
Best to know what your mission is. Business use or personal use. Then form a formal entity (LLC or Private Nonprofit Corporation) before you purchase an aircraft or boat or vehicle. Title any risky assets in the entity name. Never own risky assets such as aircraft or rental property in your own name.
@EDLEEPHOTO
@EDLEEPHOTO Ай бұрын
Thank you for providing this insight, Mike. Considering that getting into aviation blindly can end badly without the information you're providing,
@flyer617
@flyer617 28 күн бұрын
Good thing to talk about and people to think about. Make sure to get a tax accountant knowledgeable in these matters.
@gtm624
@gtm624 29 күн бұрын
I’m in a good spot buying my Plane. I’m buying it in a state that has no sales tax and I live in nj and we have a way out to not pay sales tax on a plane purchase. When nj sends the mail out to collect their tax there’s a letter I’ll send them. Idk all the details on this. I learned from my friend who’s bought and sold many airplanes here in nj. His accountant made the letter and I’ll be using it.
@enigma6482
@enigma6482 29 күн бұрын
Is this only for business use aircraft or do personal aircraft count as well?
@mojogrip
@mojogrip 28 күн бұрын
Only business use.
@steveconaway774
@steveconaway774 25 күн бұрын
These videos are best watched at 1.5 x speed.
@gingrichboys
@gingrichboys Ай бұрын
Help : I'm purchasing a new plane and sell my old plane privately. Can I do a "trade-in" sale to save the difference on Pennsylvania Sale tax? The Dealer is selling me the plane w/o tax collect, so it is a "fly-away" state. Its then up to me to register and pay the tax in PA. How do I save the difference? Who can help?
@AC-jk8wq
@AC-jk8wq 29 күн бұрын
Check with your local tax guy… the guy who fills out your tax forms annually, should be familiar with the rules, or how to look them up. Both the sale price of the old plane, and the sale price of the new plane need to be nicely documented to minimize your hassle… And you may have a limit to how much time can pass between the two events…. Sell to one person, buy from another…. Each state is different… 😃
@larrymiller1426
@larrymiller1426 9 күн бұрын
Thanks
@joeshmooo5327
@joeshmooo5327 Ай бұрын
Cut the tax on private jet travel and REMOVED the Deduction from truckers for per diem. Its a Con, ya'll fell for it.
@hamsterbrigade
@hamsterbrigade Ай бұрын
Did people really think he was pushing for regular folks?
@erich5265
@erich5265 Ай бұрын
Wait for toll roads. People great I hardly drive. Wait everything is delivered by truck. Plus government doesn't do anything anymore. Now states pick up needed slack and raise taxes. Get taxes and tariffs.
@briank3754
@briank3754 Ай бұрын
Truckers can still claim per diem, what are you talking about?
@joeshmooo5327
@joeshmooo5327 Ай бұрын
@@briank3754 The **Tax Cuts and Jobs Act (TCJA)**, signed into law by the Trump administration in December 2017, eliminated the ability for company drivers to deduct per diem for meals and incidental expenses (M&IE) as an itemized deduction starting in 2018
@gtm624
@gtm624 29 күн бұрын
@@briank3754another troll running their mouth with no facts to back it up.
@purelightlove8888
@purelightlove8888 Ай бұрын
FYi~ private jet tax deduction 2024 for Alaska, Connecticut, Delaware, Massachusetts, Montana, New Hampshire, Rhode Island, Oregon… 🇺🇸
@DanFrederiksen
@DanFrederiksen Ай бұрын
I googled around and asked GPT, it seems tax deduction is still only for business use. What Trump added and which Biden is rolling back is that you can deduct a purchase fully right away instead of prolonged over a number of years. I always felt it was a stupid accounting practice that you spend the money but only get a fraction counted per year, greatly complicating accounting for no good reason. What Trump did in this case was only sensible and didn't really change that you can only deduct a plane for business use, not personal and if it's mixed use you deduct by usage which may not be simple calculations.
@SkyBaum
@SkyBaum 26 күн бұрын
Come on Mike! Aircraft or did you forget about helicopters, gyros, ultralights & other flying machines 😂
@Miner-dyne
@Miner-dyne Ай бұрын
A good heads up. Everyone who has the money to buy a plane, should have professional tax help, but it is good to know the basics. Some parts of the TCJA will expire. Maybe they will be extended or made permanent? Hard to predict the future. (some of the more angry commenters might need professional help of a different sort. Jus say'n)
@Americanamusements1970
@Americanamusements1970 28 күн бұрын
No you don't have to pay taxs get a Montana llc no sales tax. And look at what Stat you keep it hangered Missouri trust to collect use tax but they legally can't collect the tax keep that in mind Heggen Law Office will set up a llc and save you all the taxs I use them bought one sold 2 airplane and no taxs
@stephenreese5921
@stephenreese5921 Ай бұрын
Why do I believe that this is not a real concern?
@mojogrip
@mojogrip 28 күн бұрын
Of course not. It's just a youtube video 😛
@MatthewBrown-fx4vm
@MatthewBrown-fx4vm Ай бұрын
What is the aircraft @1:05?
@FlyingSenior
@FlyingSenior Ай бұрын
If I'm reading the registration correctly (I-X005) that's a Tecnam P2002 Sierra Mk.II.
@mojogrip
@mojogrip Ай бұрын
That’s a TECNAM 2002, similar to the TECNAM Astore
@MatthewBrown-fx4vm
@MatthewBrown-fx4vm Ай бұрын
Thank you!
@brianperry4754
@brianperry4754 27 күн бұрын
As a Victim of Taxes in two states (FL and VA) I am nowhere near versed in all of the rules. Florida Sales Tax is 6%. Some airport operators (County or municipal) can charge the Sales Use Tax. I am still learning all of these locations. Florida has a system where they record all of the places your plane lands. I received a pretty monumental tax bill, which added to my $300 Hamburger runs. The State of Virginia has a registration fee. It is only $5, but you have to prove that you have paid a Sales Tax to wherever it is/was registered. If your plane is inside the boundaries of the state of Virginia for more than 90 days in a calendar year(or 365 days) you have to register the aircraft. The local airports report all tail numbers to their tax boards and you will get a SUT notice from that location. My plane had an "event" that required maintenance and the parts were delayed enough that I also decided to just have the shop wait and just do the annual at the same time...BIG MISTAKE. The county tried to ring me up for Sales Tax(paid in FL), SUT, and other fees. I had to prove that my plane was not in VA permanently, as it is registered in VA. I had to prove the plane had a maintenance issue. I had to prove that it was not my intent to stay their any longer than necessary. Taxes Suck!
@MR-co2ti
@MR-co2ti Ай бұрын
Remove all taxes in fed and state level and just put 100% tariffs on airplane purchase. Done! Think about it...Taxes are not needed in today's modern world with all the convenience. Just have Amazon deliver your toilet paper rations. THINK ABOUT IT!
@XX-166
@XX-166 Ай бұрын
Stay out of those dispensaries
@ry3788
@ry3788 26 күн бұрын
Tax the billionaires, and give the people atax a break.😊Trickle down is a lie.
@videogameplayer0552
@videogameplayer0552 26 күн бұрын
Most billionaires don’t have billions in cash sitting around. Most of their money is in stock holdings.
@AK-ky3ou
@AK-ky3ou Ай бұрын
Bros trying to sway toward “KZbin financial guru grifter”
@leecoleman822
@leecoleman822 29 күн бұрын
✅️
@HMac411
@HMac411 Ай бұрын
This is a speculative and misleading video. You can only write off an airplane if it's a business expense, and even then only the portion that's actually used for business.Trump won't even been sworn in for two months. Why are you rambling about what you THiNK might happen. Unsubscribed.
@MikeB-in1nd
@MikeB-in1nd Ай бұрын
The creative thinks everything is a business right off
@ItisOKtobewhite
@ItisOKtobewhite Ай бұрын
Relax ,deep breaths .
@jfs116
@jfs116 27 күн бұрын
Even my new van is registered as a commercial vehicle. I’m using it for personal use, but it doesn’t matter because of the vehicle size and weight. It is listed as a commercial vehicle with all the deductions I can take off of it. I still don’t get enough deductions to write off any of it.. the company I work for is not in my name. I do not have a company in my name now I might change that in 25 but that has nothing to do with who is our president today and who is our president tomorrow that is the laws of the state and the tax laws with the federal government.
@johnqdoe
@johnqdoe Ай бұрын
Poor explanation.
@komi8954
@komi8954 Ай бұрын
I can't wait until all these trump supporters find out he was full of shit.
@mythoughtsonfaith1031
@mythoughtsonfaith1031 Ай бұрын
Well after 4 years for being served up the S from biden, even if youre correct, at least it will have a different taste.
@keithwaynemacgregor
@keithwaynemacgregor Ай бұрын
Is it a ridiculous idea for all to let Mike use his channel for aviation conversation, and move our other dialogue to other channels, as appropriate? 🤔 Love to all! Happy, safe flying.
@BigMikeRobinsonFJB
@BigMikeRobinsonFJB Ай бұрын
@@komi8954 right! Lord forbid we put America and Americans first 🤡
@bradrichards8122
@bradrichards8122 Ай бұрын
You didn't watch the video. The tax implications under Trump are an ADVATAGE. Maybe be prepared before you take off.
@BigMikeRobinsonFJB
@BigMikeRobinsonFJB Ай бұрын
@@komi8954 right! I mean heaven forbid we put America and Americans first 🤡
@MaxNeal-tl9bd
@MaxNeal-tl9bd 29 күн бұрын
Must be a Trumper! 🙄
@mojogrip
@mojogrip 28 күн бұрын
Lol You gathered all that from a video about sales tax?
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