Depreciating aircraft parts, dealing with taxes, etc.

"xyzzy" wrote in message
ups.com...
On May 10, 7:14 pm, "Matt Barrow"
wrote:
"Andrew Gideon" wrote in message
You can get into "trouble" if you try to expense your personal usage, so
make DAMN sure you are really doing business and have documentation to
back
it up. This is probably (though not sure) more critical when you have
corporate ownership.

Reading this I don't think you and the OP are talking about the same
concept. You're talking about your business (which is primarily
building homes, right?) owning an airplane for business use.

Andrew is talking about owning an airplane for personal use, but
owning it in a corporation that exists only own the plane -- as a
liability firewall. He's not trying to make airplane usage deductible
or a business xpense, he just wants to know how to account for the
money that is deposited to pay for future airplane expenses.

Well, his first issue was taking depreciation, which is why I used the
examples I did. Only later did he bring up the liability issue, which in his
case, was no protection for HIS mistakes.

In my case, I have some liability protection for my PERSONAL assets, but our
company may take a hit. In that case, I'm out of a job, but not homeless
(just homely).


--
Matt Barrow
Performace Homes, LLC.
Colorado Springs, CO