What do private jets and breast implants have in common?
I know. I know. It sounds like the set-up for a bad joke. But I’m being serious here.
The answer: you can write both of them off on your taxes!
A story from ABC News revealed some of the unusual items that taxpayers are able to write off.
One exotic dancer was allowed to deduct her breast implants after a judge ruled they were stage props.
Pet food can be a deduction if a dog or cat keeps a business property safe.
But here is the paragraph that grabbed my attention the most.
If you have a private jet, you probably don’t need the extra cash. But if you use the plane to tend to a second home, you may be able to deduct it.
I found this intriguing. Everything I’ve ever read about why you might go with fractional ownership over chartering a jet speaks to the tax benefits, but they always point out that this only applies to those that use the jet primarily for business.
This is the first time I’ve seen mention of a tax deduction in relation to personal jet use. It got me wondering what other loopholes there might be.
If you’re considering fractional jet ownership and you’re looking for a tax break, it seems like a good idea to consult a tax attorney before making a decision–no matter how you plan on using the jet.
