George Patterson wrote:
Matt Whiting wrote:

Last I knew, capital losses could be deducted up to $3000/year and the
excess loss could be carried forward a number of years. I haven't
checked this lately as I haven't had the need, but I haven't heard of
this being changed.


That meets with what happened when I sold my last house. So. Does the
purchase and later sale of an aircraft fall in the capital gains/loss
category?

I believe it does based on my reading of the IRS rules, but I'm not a
tax accountant or attorney, so you'll want to check with a pro to be sure.

Matt