Aircraft tax question

TripFarmer wrote:

If you bought and sold a 4 wheeler and made a few bucks would
you report it? What about a car? See where I'm going?

Yeah, I see where you're going, but I'm running a small business. I make very
little money at it and write off quite a bit of stuff, which makes me a target
for an audit. I use TurboTax to calculate my returns, and they don't seem to
have considered aircraft ownership in their package.

As it turns out, the total cost of the aircraft and added equipment is well over
the price I got for the plane, so I don't have a tax liability there. When I
asked the original question, I felt there were three possibilities there. One
would have treated the entire selling price as income, one would allow me to get
a capital loss on the sale, and the third is this one. This is satisfactory.

George Patterson
Drink is the curse of the land. It makes you quarrel with your neighbor.
It makes you shoot at your landlord. And it makes you miss him.