Originally Posted by
UGBSM
Bonus depreciation tax laws were never never meant to be used by rich pilots to avoid W2 income tax. Good luck to you and your CPA with your inevitable IRS audit in 18 to 24 months.
An audit would be about as dramatic as a sick call verification. Here's my paperwork.
The tax laws were meant for investors and developers who risk capital in support of economic growth. The fact I have a W2 from an air line is irrelevant. The tax code is a rule book. Just like the PWA, the better you know the rules and follow them the more you can benefit.
The tax code was written by rich politicians with lots of earnings from capital gains and passive income. Earned income, especially from high W2 earners gets hit the hardest. It's an easy target. Risking capital to provide housing or a place of business is rewarded. Come on in, the water is fine.