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2008 Tax Deductions
I would like to buy a used airplane in 2008 and take advantage of the new tax laws. In the past, I have used my airplane mainly for pleasure, and when It was business related, I just paid for it out of my pocket. I felt this was the best way to keep the IRS off my back. Well, I am trying to figure a way to take advantage of the new 2008 tax laws, but I don't know if I necesserally can. Can I write off my plane for the percentage of the time that it was used for business? Is there anyway that I can legitametly
deduct the use of an airplane if it is for pleasure? What about if I set up a new LLC and let the LLC own the airplane and I just pay the LLC for my use? Any ideas, or do I just need to do as I have in the past and just pay for it out of my pocket?
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