Buying an Airplane

[Flapjacks]

First of all, I caught the bug, currently getting my private pilots license and I'm transitioning to full time locums as 1099 worker. Some questions:

Anyone here buy a plane as a locums doc and fly to assignments? Can you deduct this for Schedule C? Buy it as an LLC, will this give you a deduction?

[ENT Doc]

I love the creativity. This one should be a hoot.

[Tim]

https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-deloitte-private-aircraft.pdf

A plane is can be a very fun venture. The problem is that it is very expensive. If one thinks a boat is a money drain, think of a big whirlpool with cash circling around and going down.

[CordMcNally]

Gulfstream or bust.

[Shant]

A guy I know with a flying hobby went to a financial planner. The planner reviewed his financial info and asked if he had gotten divorced recently. He had not.

[burritos]

You only live once. I say do it. It'll be a great experience or a learning experience. Both experiences are valuable. Just don't crash(into an innocent bystander).

[Flapjacks]

https://www2.deloitte.com/content/da...e-aircraft.pdf

A plane is can be a very fun venture. The problem is that it is very expensive. If one thinks a boat is a money drain, think of a big whirlpool with cash circling around and going down.

I'd like to counter this point that although it is relatively costly I would not say its expensive. Piper or Cessnas can be had at the price of a Toyota Highlander at the low end and a Model S at the high end (50k-75k) without going for the the >100k models. The start up will be expensive, schooling and the upkeep will be like 100-200 a month for tie down, insurance. maybe 36-50$ an hour for inflight costs.

[White.Beard.Doc]

First of all, I caught the bug, currently getting my private pilots license and I'm transitioning to full time locums as 1099 worker. Some questions:

Anyone here buy a plane as a locums doc and fly to assignments? Can you deduct this for Schedule C? Buy it as an LLC, will this give you a deduction?

If the primary purpose of the plane is to get you to locum jobs, and you use the plane more than 50% for business purposes, it would be a legitimate business expense. Any personal use becomes taxable income, and you have to maintain records documenting the purpose of each use of the plane, business or personal.

[OldSoul]

I'd like to counter this point that although it is relatively costly I would not say its expensive. Piper or Cessnas can be had at the price of a Toyota Highlander at the low end and a Model S at the high end (50k-75k) without going for the the >100k models. The start up will be expensive, schooling and the upkeep will be like 100-200 a month for tie down, insurance. maybe 36-50$ an hour for inflight costs.

Don't delude yourself. Once you've got the flying bug, it won't stop at the Piper or Cessna. One of my surgery colleagues recently laid out $500k for turbos on his twin engine.

https://www.flyingmag.com/get-most-turbocharging/

[AR]

If the primary purpose of the plane is to get you to locum jobs, and you use the plane more than 50% for business purposes, it would be a legitimate business expense. Any personal use becomes taxable income, and you have to maintain records documenting the purpose of each use of the plane, business or personal.

Are company retreats business expenses? How about when the company is one person?

[TheDangerZone]

Not much to add except to say, be careful out there.

[Tim]

The maintenance and any refurbishment is much more expensive. Total cost to own is probably what needs to be considered.

Likely $200/hr from a quick search.
”On average, a $75,000 financed Cessnawinds up costing $200 per hour, if flown 100 hours per year, with $80 going toward fuel, oil and maintenance. Similar aircraft may be rented for about $125 per hour.”

An instrument rating would help if you plan on using it to commute.

“Maintenance and Inspections
The Aircraft Owners and Pilots Association (AOPA) recommends establishing an escrowfund for maintenance to pay for engine, propeller, avionics, and airframe overhauls.1”

If you are buying it anyway, use it.

[Bellescamp]

I’ve heard them referred to as “single engine doctor killers”
seriously

[childay]

I’ve heard them referred to as “single engine doctor killers”
seriously

I think that's one particular plane. I'm sure someone will know

[Zaphod]

small planes do have issues and incidents and def people die. The cirrus line is pretty cool with a parachute for the whole plane that actually works. If you had a bunch of money now the same company even has "autoland", which is super cool.

Planes are expensive for sure and theres plenty to be said for safety and just greatly increasing your risk. It would def be cool to fly, not sure if its smart. There is probably no small element of just not being properly trained and having a ton of consistent experience, but hey, we're doctors.

Probably a cessna 172 is the plane Im sure, but its also the most produced plane in history, very common. I remember there was a rash of crashes a while ago, and I kept hearing cessna and when I looked it up, they just have a ton of market share.

I just bought microsoft flight sim 2020, not a pilot nor planning to be.