Fearless Tower
Touchdown! Greaser!
I'm currently prepping for my Commercial and at the same time looking into possible time building options from a tax standpoint and I am a little confused between the FAR and the various study materials out there.
Here is the scenario:
I have a successful real estate investment business that requires some travel. Being a pilot, I naturally like the idea of using the business travel expense as a way to build time. Costs more than airline travel, but the expense deduction while building time and experience is more beneficial. One of the options that I am looking at is to rent planes to fly myself on business trips and claim the rental expense as a tax deduction.
Now, it seems to me that my investment company compensating me to fly myself could be construed as a commercial operator engaged in private/non-common carriage.
As a commercial operator, the LLC would need a Operating Certificate and Op specs. But, reading through the Part 119 requirements for Op specs for non-common carriage operators, it seems a bit difficult to include all of the required information when the operation is utilizing rental aircraft (ie op spec requirements call for specific details on all aircraft used by the operator).
Seems like I am missing something and unfortunately while there is plenty of material out there to explain common carraige, private carriage seems a little vague. Has anyone seen similar situations?
Thanks,
Andrew
Here is the scenario:
I have a successful real estate investment business that requires some travel. Being a pilot, I naturally like the idea of using the business travel expense as a way to build time. Costs more than airline travel, but the expense deduction while building time and experience is more beneficial. One of the options that I am looking at is to rent planes to fly myself on business trips and claim the rental expense as a tax deduction.
Now, it seems to me that my investment company compensating me to fly myself could be construed as a commercial operator engaged in private/non-common carriage.
As a commercial operator, the LLC would need a Operating Certificate and Op specs. But, reading through the Part 119 requirements for Op specs for non-common carriage operators, it seems a bit difficult to include all of the required information when the operation is utilizing rental aircraft (ie op spec requirements call for specific details on all aircraft used by the operator).
Seems like I am missing something and unfortunately while there is plenty of material out there to explain common carraige, private carriage seems a little vague. Has anyone seen similar situations?
Thanks,
Andrew