Homebuilt tax writeoff

RobertR237 wrote:

wrote in message
glegroups.com...


So much has been said about tax writeoff for certified new plane
purchases.
Any possibility for homebuilts? When the kit is purchased? When
completed
and registered?


Business use of a homebuilt is rather limited, so the rest of the
questions
are moot. Still, assuming you could find a business use, it is when the
airplane is placed in service.



You could write it off for business if you were using it to commute on

business

but look for a hardnosed audit.

What do you mean, commute on business? If you mean commuting to work,
then that doesn't count. If you meaning flying for business purposes,
that isn't called commuting.

Matt


I know of several people who "commute" to work using their planes. It
doesn't
have to mean that you have an office job that you commute to, I could have
used
a plane to commute to work in Dallas from Houston for the last years and
could
have written off the expenses as ligitimate business expense since the
distance
is over the 50 mile limit.

What 50 mile limit? I've never read or heard about any limit for
commuting to work. Can you reference the tax code section that allows this?

Matt

Sorry, you are right, I was confusing a moving expense limit.


Bob Reed
www.kisbuild.r-a-reed-assoc.com (KIS Builders Site)
KIS Cruiser in progress...Slow but steady progress....

"Ladies and Gentlemen, take my advice,
pull down your pants and Slide on the Ice!"
(M.A.S.H. Sidney Freedman)