Flight Instruction in Experimental Aircraft
I'm kicking around the idea of getting an Experimental (RV-8; F-1 Rocket) to do aerobatic flight instruction in when I retire from the Air Force.
I'm fairly certain this can be done legally. I know you can't charge for the aircraft per se, but can "share expenses." As I understand it, that would mean I could have students pay for the fuel, and I would charge for my instruction.
This would not be a sole-source of income idea. Rather, an augmented hobby, so I could justify the expenses of owning an airplane.
The question: could any portion of the aircraft's expenses (hangar/tiedown, annual, insurance, Ads, repairs) be written-off as business expenses?
On the one hand I think yes, and on the other, maybe not, since I would not be able to charge a profit for the use of the aircraft. More of an "incidental to business fee"........albeit a rather LARGE incidental fee.
Anyone with experience in this area, I would appreciate your insight.