Willie

I’m in Encinitas shopping for a Mooney. Did you follow through on your license?

Thank you. I’ll do some more digging around.

Good to know. I also can probably get free O2 from my work if I buy the correct adapter

Regarding taxes: I thought I could buy a plane and depreciate the plane fully in year one.

That may be an option if it’s VFR but I’m more comfortable flying IFR. Maybe as I get more in the hang of being back in a small plane I will get more adventurous and do part VFR and part IFR. Thanks, Will

Thanks for everyone’s help and suggestions. What I figured out through this thread and then further research and digging is that I would be happy with most Mooney’s for my mission. I also discovered the tax advantages are essentially non existent and I was totally wrong about what I could do or not do regarding taxes. So now I’ve decided I would rather have a partner . My schedule is flexible enough that I could make a partnership work because I have the ability to either fly commercial or the Mooney. If anyone in KCRQ or KMYF has any interest in taking to me about a partnership please let me know. Thank you, Will

I’m referring to federal only. I’m not familiar with any of the individual state rules

Yes. Like kind exchange is gone. Google Search “tax changes airplanes 2017 “ and a bunch of info comes up. Basically you can’t exchange anymore but you can bonus depreciate 100% in year one.

Thanks for the link. Greg got me on Jimmys email list as well so I can see what’s coming up.

I was told you can no longer roll proceeds from a plane sale into the next/more expensive plane. If this is true then I would be smart to spend more now and plan to keep it.

Understood. It’s like buying a house and paying more for the countertops they chose but don’t necessarily care for.

This one has my eye. There is another Missile on trade a plane for 90k that needs a panel upgrade big time . That one could be cool too.

Apparently Mooney’s are flying off the shelves. This J as well as the other 4 Mooney’s they had for sale are all pending. All their planes were priced well so that makes sense. The idea of buying something like that and doing the panel upgrade you mention is cool. However it does go against the traditional advice of not adding your own avionics. Maybe that advice is changing a bit with some of these more reasonably priced upgrades like the G5’s and GFC500.

That’s funny!

Appreciate the thoughts on this fatal crash and I agree no Mooney or plane in my budget should have departed that day from Jackson on that route. Now let’s move this thread from sad to happy again.. I’m leaning towards normally aspirated models. I’m thinking a J with an updated panel and good autopilot would probably be good for me. It would be awesome to get the IO 550 Engine but I would have to increase my budget. But maybe it’s worth the increasing my budget not to deal with selling and buying again later. Or I get a partner and keep it in a hangar and get a more expensive newer plane...

Bob, You are the man. I’m not smart enough to know if what anything you are saying is accurate but it sure sounds legit!

Thank you Greg for over an hour of your time on the phone today. You educated me on many subjects!

It wouldn’t be in a calendar day but it would be about 24hrs apart. I have a very regular Wednesday work trip that I would go up for Tuesday afternoon/evening. Then return about same time next day.

And!! If I ever move from here it won’t be to a place even more expensive. I would go to someplace with low taxes. But thank you. I do hear where you are coming from. During Covid I’ve had nothing but time with the family so I’m good for a while. I’ve banked at least a couple years of family time in the last 6 months.

That’s good living and cool stories of dad flying base over the school! I love where I live now. I grew up in the Bay Area and I’m happy down here and my family is happy. Don’t mess with a good thing.

I hate hearing stories like that. Better pilots than that guy have done similar. I can’t spend that kind of money on a FIKI. I would need a partner for anything like that.

I see. So performance is similar but takes more care on takeoff power. That’s not a huge deal to me but I could see why that hurts resale. Thank you for explanation.

My commute is about 380 miles so seems I’m in between

You’ve really thought about this! Thanks for the analysis. Makes sense

Appreciate the real world numbers. Thank you