Well, we’re less than a month away from the 2008 tax deadline. I had the opportunity to ask Daniel Cheung, of Aviation Tax Consultants, LLC, a few questions that Pilot Advice readers might find helpful at this time of year. Daniel is a certified public accountant (CPA) who specializes in aviation taxes.
PilotAdvice.com: What kinds of tips can you give to student pilots? Are flight training expenses tax deductible?
DC: Flight training expenses can only be deductible if there is a legitimate business purpose and profit motive for incurring the expenses.
Generally, it is difficult to find a reason to deduct training expenses to acquire a private pilot license.
It is equally difficult to deduct the cost to obtain an ATP rating as this training can lead to a new profession.
PilotAdvice.com: What kinds of aircraft expenses are tax deductible? How do you take these kinds of deductions?
DC: Once you can answer the question that there is a business purpose to deduct aircraft expenses, where you deduct these expenses will be determined by the aircraft ownership structure.
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