How to Get a MASSIVE $2.7 Million Tax Write Off
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- Опубліковано 20 вер 2024
- In this video I’ll tell you how you can get a massive write off on your taxes by putting a small amount down! I’m explaining how a bonus depreciation combined with a section 179 deduction can work to your advantage. I’ll also show you how you can buy an airplane and make money leasing it so stay tuned!
Leave a comment if you have more questions and I’ll help you out! If you enjoyed this video, like, subscribe and ring the bell and I’ll see you next time!
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Bill Allen is actively doing nearly 200 deals a year in 5 different markets. He is passionate about helping others succeed by showing them the exact strategies he followed. 7 Figure Flipping provides a way for determined, hard-working entrepreneurs to surround themselves with industry leaders in real estate who are currently using proven strategies and systems to unlock the freedom they want. Join us on your journey to becoming financially free!
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CONGRATS ON THE PLANE .....HOPE YOU ENJOYING IT ...GREAT VIDEO
Congrats on your success. Beautiful plane and love the breakdown.
Thank you so much! Wishing you success!!
So cool, thanks for breaking it down. Might need to upgrade my plane this year before next year
Thanks for checking out the video! That would be awesome!
Not exactly, 179 must be taken first and there is a cap/limit on it, then the excess is subject to bonus depreciation.
Also, if you "lease" out your aircraft you can only use 50% for personal use.
If the lease company flew your aircraft for 1000 hours, then you would have 1000 hours to use. However, for example, if the aircraft had a rotax engine, which requires a 2000 hour overhaul, then technically the lease company cannot use it after those 1000 hours. You wouldn't have to overhaul it or use the remaining 1000 hours.
On top of that, if you do not own a business, in which leasing is a part of that business, then you cannot lease out the aircraft.
Additionally, under FAA rules, the owner of the aircraft is responsible for all the maintenance, etc. So you have to fuck the cost of all that if you lease out to a school, let's say for flight training .
there's many more aspects and I have seen many people feel very confident. Once they get an aircraft in two or three years down the road. But five years later when they get hit with an audit, and they have to provide all their aircraft and maintenance records along with financial statements they end up, swamped in a rabbit hole plus interest....
Off the bat, so to speak. Since the aircraft at this moment is registered to an individual, and not a corporation/business, then there would be no 179, deduction, because 179 deductions are only for businesses and not individuals...
Don't believe everything on the Internet folks ...
Smart decision buying the TBM over the Vision. Although a turboprop TMB performance outperforms the Vision Jet by far.
Totally agree!!
Just bought a Piper Cherokee cash and have own my own business. I’m assuming I can do something here?
QUESTION: Would airplane flight training (~$100k) be deductible if I was able to work as a contract-for-hire pilot (1099, or billed through the LLC); and not as an employee at an airline?--Could I roll-over the remaining deduction for 3 years?
2) Would it still be deductible if I got a loan for all or partial amount?
Hey Michael! It's always best to talk to your tax professional about how to maximize deductions. Good luck with training!
How does the recapture work? Thx
Do you have to have an LLC?
I recommend checking out this video: ua-cam.com/video/vlfDC6Tv8Do/v-deo.html!
Who did your loan?
@j McCoy can I ask you a few questions? In a scramble to buy before 12/31 sr22 g6 and definitely hesitant on pulling trigger. Wouldn’t take more than 5 min of your time I promise!
Why are you hesitant on pulling the trigger?
@@7FigureFlipping as much as I want the plane. My objective is to make money make money. I have a large tax burden and trying to find ways to offset it but a plane is a very big responsibility and I won't lease it to a flight school as they will destroy it and getting a part135 could take up to 3 years. Even if you get that then you have to start a business sort of speak. It is great to be able to use the plane no doubt as well as write it off for business!