Tax Considerations When Buying an Aircraft

The Cirrus Aircraft and its advanced capabilities matches well with business owners that need fast reliable transportation. Many Cirrus owners are business owners, real estate developers and investors and entrepreneurs. Some Cirrus owners that simply don’t fly their aircraft often enough or wish to recoup some or all of their cost of flying place their aircraft on leaseback with a flight training facility. All of these uses can constitute “business use”, and permit an owner to obtain significant tax savings by structuring his aircraft purchase correctly.

Prior to purchasing an aircraft, no matter if you plan to use it primarily for business use or personal flights, it’s a smart decision to consult professionals regarding the best way to structure the ownership of the aircraft and to plan for the tax implications of your purchase, from income tax to sales/use tax and property tax point of view.

Platinum Aviation is a one stop, full service facility for all of your aircraft needs. To that end we have partnered with Advocate Consulting Legal Group, PLLC, one of the leading U.S. firms specializing in aircraft taxation and legal matters. We highly recommend Advocate Tax and suggest you speak with them early in your aircraft acquisition decision-making process. We invite you to explore this section to learn more, and then consult with Advocate (or another tax advisor of your choosing), as well as your CPA to optimize the tax structure for your aircraft.