Will I get audited by the IRS?

As with any business, there’s always the risk of an IRS audit.  However, if you follow the leaseback rules and keep good records you have nothing to worry about.  The tax savings you’ll enjoy are not exclusive to aircraft leasing.  Your airplane is business equipment and like any other piece of equipment (tractor, copier, press, etc) there are procedures set up to depreciate and deduct your business equipment.

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