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Anyone own AND manage a plane part 91?

dhc8fo

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I am putting my feelers out for the right way to organize a group of business people who want to buy an aircraft and have me manage it. The catch is that I will also be one of the owners and will be the paid pilot for everyone else.

I can see how we can keep it Part 91 pretty easily, but what I am having trouble with is how to make my part work tax-wise. Do I need to start a management company and have IT buy my part of the plane so I can get the tax benefits? Or can I buy my share personally and, because flying it for the others is my source of income, take advantage of the tax benefits??

So confused. Any help or guidance would be greatly appreciated.
 

FN FAL

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dhc8fo said:
I am putting my feelers out for the right way to organize a group of business people who want to buy an aircraft and have me manage it. The catch is that I will also be one of the owners and will be the paid pilot for everyone else.

I can see how we can keep it Part 91 pretty easily, but what I am having trouble with is how to make my part work tax-wise. Do I need to start a management company and have IT buy my part of the plane so I can get the tax benefits? Or can I buy my share personally and, because flying it for the others is my source of income, take advantage of the tax benefits??

So confused. Any help or guidance would be greatly appreciated.
If you are money savy enough to risk a flying club with others, you should find a good aviation attorney to find out where your flying clubs tax breaks begin and end.

As far as your club partners paying you to fly them when they want to use their share? You got that privy...if you are a commercial piloto. It's called "pilot services"

Just remember, if you get a profit from your share...or if any member gets a profit from their share, you got problems.

However, a club member can hire you to fly for them, just like they have a right to hire any commercial pilot to fly for them.
 

PaulThomas

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Why do you have to own the plane to fly part 91? If the person who hiring you to fly them own the plane, it part 91.
 

FN FAL

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PaulThomas said:
Why do you have to own the plane to fly part 91? If the person who hiring you to fly them own the plane, it part 91.
Because he's not some stint looking to build time to get on with a regional you dunce. Put on a different pair of blinders for a change.
 

PaulThomas

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FN FAL said:
Because he's not some stint looking to build time to get on with a regional you dunce. Put on a different pair of blinders for a change.

I don't agree with you in one thread and you start looking up others to make personal attacks. If you have an issue with me, use the PM button. Explaining people their incompetence in public rarely does any good. It just angers them. If that's what you felt when I disagreed with you, then I apologize.

I'm just trying to find the logic behind his thoughts. Is he trying to make money on the operation of the aircraft, while getting paid to manage and fly it? It would seem a pretty significant use of capital for not much in return.
It's a lot easier to have a 20% ROI in the stock market than on a plane that you are basically leasing a part of.
 

dhc8fo

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FN FAL said:
Because he's not some stint looking to build time to get on with a regional you dunce. Put on a different pair of blinders for a change.
:D sorry, that made me chuckle.....

More info:
I am really struggling between just being a 135 single plane/operator (which would limit us to a decent Baron) or going in with the group and staying part 91 (which would allow us to MAYBE move up to a King Air or a REALLY nice Baron).

The goal is to create a tax shelter for my daughter's God Father (yeah, wish that was MY problem) and to provide my wife (and me sometimes) with a way to keep flying while taking care of our daughter. She sets aside a couple of days a week for contract flying, but we want our own gig.

Also, the goal is to POSSIBLY break even on the expenses, but at the worst, take a mild loss. Nothing to get rich with. Just something to provide us with a nicer plane to fly and a way to offset some of the expenses until the kid(s) are grown and she can go back to a regular schedule. Then we could re-evaluate the situation and see how we can make some decent money, or just get out.

Any ideas now?
 
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