Thought I’d reach out to the group with some tax and general questions before I turn it over to my CPA.
Background:
I own an (electrical/solar contractor) California S-Corp company that does work throughout the state, so am constantly traveling for work. Many of the places are unique (ie - Susanville, Barstow, Delano, etc) where the RV is perfect due to speed and access. I fly 99% of the time by myself, and all the flying is for business purposes. I’m looking at building an RV-7a or 14a, either a QB or taking on an unfinished project. I would be the sole builder. 1st build, but have helped others.
Questions:
(1) Should the kits be purchased in my name and then transferred to the company after airworthiness certificate (Registration) or can they all be purchased under the company?
(2) I realize that this may take years, unless I am fortunate to pick up an advanced project. How does purchasing kits along the way effect year-end taxes before it’s airworthiness certification over a period of a couple years?
(3) Or, is there a better approach? I would prefer to have the costs run through the company, but have my name on the repairman certificate (unless it can be under the company name).
Sure, it would be easier to just buy a flying RV, but I really want to build one and enjoy the build aspect of projects.
Thank you
Paul Brunner
ws2158 at gmail dot com
415, eight, one, nine, 0668
Background:
I own an (electrical/solar contractor) California S-Corp company that does work throughout the state, so am constantly traveling for work. Many of the places are unique (ie - Susanville, Barstow, Delano, etc) where the RV is perfect due to speed and access. I fly 99% of the time by myself, and all the flying is for business purposes. I’m looking at building an RV-7a or 14a, either a QB or taking on an unfinished project. I would be the sole builder. 1st build, but have helped others.
Questions:
(1) Should the kits be purchased in my name and then transferred to the company after airworthiness certificate (Registration) or can they all be purchased under the company?
(2) I realize that this may take years, unless I am fortunate to pick up an advanced project. How does purchasing kits along the way effect year-end taxes before it’s airworthiness certification over a period of a couple years?
(3) Or, is there a better approach? I would prefer to have the costs run through the company, but have my name on the repairman certificate (unless it can be under the company name).
Sure, it would be easier to just buy a flying RV, but I really want to build one and enjoy the build aspect of projects.
Thank you
Paul Brunner
ws2158 at gmail dot com
415, eight, one, nine, 0668
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