moparrob66
Pre-takeoff checklist
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- Mar 31, 2024
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Moparrob
I searched the forum but couldnt find anything. Im building a kit but considering the purchase of an old 172 to fly until the kit is done and hopefully get instrument rated along the way.
We arent super rich, but we try to limit our tax liability whenever possible and clearly legal. My wife is an RN and she is often tempted to work in California as a traveling nurse or permanent employee of a higher paying hospital there. She could easily triple her pay by doing so.
Naturally, getting to and from california (from idaho) and staying there during her work week will significantly reduce the gains, but after airlines and hotels she would still be ahead.
The hamster wheel between my ears starts turning...
If airlines, taxis and hotels would be tax deductible business expenses as she works outside of her tax home, why wouldnt the airplane and its assorted expenses not be? It was suggested that I would need my CPL for her to pay me to be her pilot, but what if the plane belongs to an LLC and she pays the LLC for the expenses, not my private pilot time. Annoying her is all the reward I need.
I suspect she could then submit her payments to the LLC as her business expenses, and the LLC would be operating at a break even point and thus not have any taxable income. I wouldnt be paid for my time, so no CPL required.
I dont expect free legal advice, but I'd rather have a better understanding before I pay a tax attorney to tell me I'm crazy.
We arent super rich, but we try to limit our tax liability whenever possible and clearly legal. My wife is an RN and she is often tempted to work in California as a traveling nurse or permanent employee of a higher paying hospital there. She could easily triple her pay by doing so.
Naturally, getting to and from california (from idaho) and staying there during her work week will significantly reduce the gains, but after airlines and hotels she would still be ahead.
The hamster wheel between my ears starts turning...
If airlines, taxis and hotels would be tax deductible business expenses as she works outside of her tax home, why wouldnt the airplane and its assorted expenses not be? It was suggested that I would need my CPL for her to pay me to be her pilot, but what if the plane belongs to an LLC and she pays the LLC for the expenses, not my private pilot time. Annoying her is all the reward I need.
I suspect she could then submit her payments to the LLC as her business expenses, and the LLC would be operating at a break even point and thus not have any taxable income. I wouldnt be paid for my time, so no CPL required.
I dont expect free legal advice, but I'd rather have a better understanding before I pay a tax attorney to tell me I'm crazy.