0:00 I was able to get this $1 million airplane for free. So in this video, I'm gonna show you how I use the tax code to get my airplane practically free, how you can use this tax code and not just for airplanes, how I rent my airplane and the pros and cons of…
1:27 I've flown in Cessnas, but I've never actually flown one. I picked a Cirrus because they're faster, they have more automations, and I bought a 2019, which means it's a G6. So it's got more safety features, it's got more automations, and it's just got more…
3:06 On top of that, I was in California. There's an interstate tax law that allowed me to not have to pay sales tax. I'm not going to get into that in this video, but if you're in a state that has taxes, there may be rules and regulations on how to not pay sales…
4:37 Now buying the spare plan, of course you have to put a down payment down. So my down payment was 150,000. So the net effect was $343,000 that basically went in my pocket because of the tax savings.
6:14 My typical income is between six and $12,000, which pays for a good chunk of this airplane. Some of you may be thinking, I don't have a million dollars to spend on an airplane. Well, what if you took a zero off that and spent $100,000? If that's too much,…
7:57 So if you have a business and you do not know about accelerated or bonus depreciation or section 179, you need to check into those codes. I actually do this for real estate all the time where I will buy a property, I will fix it up and I will rent it and I…
9:45 And another great thing is that it keeps flying. There are things that if you don't fly it often enough that the airplane just kind of deteriorates and there's more maintenance involved. So I like that someone is typically flying it every single week. So now…
11:14 If there's a maintenance issue, if there's something with the registration that needs to be done, they take care of it. So I hope I inspired you if you're thinking about buying an airplane to really take it seriously and look into it and realize that it may…
