Among the many reasons to buy an airplane are the tax advantages of owning an airplane. The best tax advice comes from your own tax professional, but the advantages cited here may help you guide the discussion at tax time. If your business is the owner of an aircraft, you are entitled to modified accelerated cost recovery system (MACRS) depreciation, which allows you to deduct greater amounts during the first few years of aircraft ownership. There's a lot of fine print-but as an aircraft owner, it's likely that MACRS affects you positively. Some of the expenses associated with aircraft ownership and usage are deductible as part of a business's operating deductions. If you own your aircraft as an individual, you may still benefit from these deductions when your aircraft is used in pursuit of business.
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