Episode #15 | Private Airplanes: Protection, Depreciation & Savings | John Skabelund & Daniel Cheung

The Asset Protection Show: Expert Strategies by Attorney John Skabelund | Episode #15:


Join John Skabelund as he explores the combination of private planes and asset protection, its many tax benefits and the trend of fractional ownership with aviation tax compliance specialist, Daniel Cheung.


Daniel Cheung is the principal and co-founder of Aviation Tax Consultants, LLC. He is a certified public accountant who specializes in aviation tax compliance matters. Daniel is a frequent speaker at aviation events and aviation tax conferences, and a regular contributor to aviation trade journals. He received his B.S. Degree in Accounting from Indiana University in 1989. In January 2023, Daniel joined the Board of Directors for Angel Flight West, an organization that delivers health and hope using donated flights to serve those with healthcare or other compelling human needs. In 2024 he was awarded the Champion of Public Benefit Flying by the NAA for his dedication and unwavering support of charitable aviation.


In this episode, learn everything from the most common mistakes, the proper timeline to purchase with tax deadlines in mind, and more asset protection nuances when owning a private airplane.




00:00 - Intro.
02:08 - Nature of Depreciating Your Plane & Its Higher Risk of Audits.
05:43 - Tax Advantages of Purchasing an Aircraft via The Big Beautiful Bill.
08:10 - Sales Tax.
11:56 - Timing is Critical: Filing Deadlines, Inspections, Closing.
14:05 - Financing & Deductible Expenses.
18:25 - Property Tax Rules & Interstate Transactions.
22:06 - How to Shield Yourself from Audits.
26:09 - Factional Ownership Per Entity & Hobby Loss Rules.
29:38 - Tax Implications of New vs. Used.
30:15 - Examples of Common Bonus & Tax Savings.
33:10 - Common Mistakes That Will Cost You.
35:45 - Overseas Travel.
37:08 - 1031 Exchange & Tax Deferral.
38:53 - Closing Statements.







Follow Daniel Cheung:

Websites: https://aviationtaxconsultants.com/
Facebook:   / aviationtaxconsultants  
X/Twitter: @AviationTaxCo
LinkedIn: @aviation-tax-consultants
Instagram: @aviationtaxconsultants



Follow John Skabelund:

Websites: https://skabelund.com/, https://ultimateassetprotection.com/




DISCLAIMER:


This content is legal information only and not legal advice. Listening or viewing this content does not create an attorney client relationship. Mr. Skabelund is admitted to practice law in Arizona, and he may be reached at UltimateAssetProtection.com.