- Feb 15, 2018
- Reaction score
"Casualty Loss" I believe is what you need to look for. Been a few years (like 25) since I used it but I wrote off a classic 911 Porsche totaled out by a drunk. Long story.Yeah, I have the Duke in a hangar. The Cherokee is on a wait list.
These two were parts planes to support the other planes, and it just doesn’t make sense to hangar a plane that’s cut up into pieces as you strip it for the parts you need and the ones you want to sell. I guess it was just too much for someone to resist.
I spoke with a buddy of mine who is also at that airport. He said he’d bet a $100 bill that those parts never see a sales ad. Said some shmuck on the field who likely has no insurance, no medical, quietly comes out and flies on nice weekends periodically and wrenches on the plane himself, may or may not have a legal annual signoff, likely came out and helped himself to everything then put it in a box in his house to use for spares when he needs them, not to sell and get caught.
He’s probably right. Wonder if I can claim the loss on my taxes - airplane is in a sales and leasing business as I plan to sell two shares of the Cherokee when I’m done and keep the other 1/3 for my son. It’ll turn a profit when I sell it from the sales and leasing LLC to a newly-formed holding company LLC for the partnership, so maybe I can write down the profit from the loss of the theft...?
Caveat: I know squat all about taxes.
On a side note if someone needs a tail section that is intact (vertical, horizontal, and elevator and trim tab), come and get it. It’s nice and sitting here. Before someone steals that too. :/