Just go buy a plane already

Bonus depreciation ends on 12/31/2011.  I glommed the following from an Aviation Tax Consultants Web site.

“New aircraft purchases and new equipment purchases for used aircraft can now be expensed in the year of purchase through December 31, 2011.  For 2012, 100% bonus depreciation returns to 50% bonus until it expires on January 1, 2013.  In addition, new aircraft purchases (but not new equipment on used aircraft) will receive a one year extension on the placed in service requirement under certain circumstances.  The additional first year depreciation deduction is allowable both for regular income tax purposes and alternative minimum tax purposes.  Qualifying property must be new, used primarily for business purposes, and meet other tests necessary to qualify for modified accelerated cost recovery system depreciation (MACRS).  The new bonus depreciation excludes property acquired under written binding contract in effect prior to January 1, 2008”.
Airplanes are the cheapest I’ve ever seen since I started flying and the interest rates are also at historic lows. Our airplane is possibly my most prized possession. An hour or two in the Mooney is the best therapy I can think of for diminishing the stresses of the day to day. So what are you waiting for?   If you think you won’t use your own aircraft enough to make it worthwhile let me suggest this.  Its 7:30 on Sunday morning, the sky is clear with high cirrus and light winds and the forecast is it will stay that way. I’m going to take Judy over to Westhampton Beach (KFOK) for breakfast at the Diner in the terminal and we’ll be back to watch the Buffalo Bills and Dallas Cowboys game at 1pm. That plan wasn’t even a thought until I sat down with my tea and laptop this morning and looked at the sun streaming through the kitchen window.
If you’re renting airplanes from a school or club, chances are the airplanes are already booked today. Owning your own means your airplane is waiting for you when you’re ready.