VRaman Posted June 8, 2014 Report Posted June 8, 2014 Hello All, I was wondering what application or app is used to track aircraft expenses. I am new to aircraft ownership so I need a way to get organized, set budget and track expenses. Thanks for your help. Vishnu Raman N750DB @KDLZ Quote
N9453V Posted June 8, 2014 Report Posted June 8, 2014 Vishnu, Everyone has their own way of doing it. I have my aircraft in a holding corporation (Delaware C-corp) for tax and legal reasons. I track most expenses (parts, labor, hangar rent, avionics subscriptions, etc...) using QuickBooks so I can easily generate the P&L and Balance Sheet at tax time. The holding corporation invoices me or my employer an hourly dry rate when the aircraft is used. When I am using the aircraft for personal use, I have a specific credit card I use for fuel purchases, landing fees and ramp fees. For business use of my aircraft that is not reimbursed, I take a tax deduction for the fuel cost and rental rate that my holding company charges me. Hope that helps. -Andrew P.S. I am not an attorney, accountant, etc... so none of this constitutes legal advice. Quote
Hank Posted June 8, 2014 Report Posted June 8, 2014 Many of us prefer to not know a very precise number . . . . 9 Quote
mike_elliott Posted June 8, 2014 Report Posted June 8, 2014 Vishnu, don't forget, 1 AMU = 1 JMU Quote
AndyFromCB Posted June 8, 2014 Report Posted June 8, 2014 That's a terrible, terrible idea. Tracking aircraft expenses that is. It's priceless, the experience that is. I have not flown in months, being busy with work and house projects (my other job for another few months before my down to studs remodel is over). Last few weeks really felt like hell, I was really about to lose my marbles. Buddy of mine called me yesterday and asked how long it's been since my last flight, I said months. He tried to get me to go yesterday and I weaseled out. He called again this morning and simply told me that I was to report to the airport by 11am. Reluctantly I did, but man was I grumpy when I got there. I had things to do, wires to route in the basement. Well, just landed, hour and half of solid IFR, good BBQ for lunch, two departures, two approaches. Feeling great. You can't put a price on that. But, yes, excel works great for me. I just don't use the sum function, my accountant does, but doesn't tell me ;-) 4 Quote
Marauder Posted June 8, 2014 Report Posted June 8, 2014 Many of us prefer to not know a very precise number . . . . Or know the number at all... Sent from my iPad using Tapatalk Quote
bonal Posted June 8, 2014 Report Posted June 8, 2014 Since I don't fly for business and can't write off any of the expense I don't need to know and really don't want to. I accept the fact That flying is a ridiculously expensive hobby and for me priceless. Did not get to fly this weekend as hoped and that makes me crazy. Some times not flying makes you love it even more. Worth every penny. 2 Quote
Wakeup Posted June 8, 2014 Report Posted June 8, 2014 A question for those that use their aircraft for a tax deduction. I am moving to VA later this month and I am keeping my two houses in Chattanooga and going to rent them out. Can I write my plane off for "maintenance" trips to my homes?? Thanks. Troy Quote
mike_elliott Posted June 8, 2014 Report Posted June 8, 2014 I don't know why not, just as you could write off a commercial tix back to CHA because of the rental properties. I am sure there are a few different ways to go about it, Troy, but possibly the simplest might be to use the GSA's POV rate schedule for personal owned airplanes. This is the sentence where I say I am not an accountant, and you would be well served to strategize with yours on this. Quote
yvesg Posted June 8, 2014 Report Posted June 8, 2014 Question: What does it take to own an aircraft and have a small fortune? Answer: A large fortune Yves Quote
chrisk Posted June 9, 2014 Report Posted June 9, 2014 I do not track expenses for my plane, house or car. I spend what needs to be spent. Quote
phecksel Posted June 9, 2014 Report Posted June 9, 2014 DON'T DO IT When I dissolved the partnership, I added up the TOTAL expenses over the previous ten year, including the doubling of capital. While I managed all the books and a huge percentage of the variable expenses belonged to me, I was SHOCKED at the bottom line. It was eye opening. Quote
DS1980 Posted June 9, 2014 Report Posted June 9, 2014 A question for those that use their aircraft for a tax deduction. I am moving to VA later this month and I am keeping my two houses in Chattanooga and going to rent them out. Can I write my plane off for "maintenance" trips to my homes?? Thanks. Troy When I owned a rental I could write off traveling expenses to and from. I don't see why the mode of travel would matter. That's a quick phone call to your tax man/woman/transexual. 2 Quote
MooneyPTG Posted June 9, 2014 Report Posted June 9, 2014 I tell my wife it cost 10 dollars an hour to fly our mooney. I don't think she is buying it. 2 Quote
Hank Posted June 9, 2014 Report Posted June 9, 2014 I tell my wife it cost 10 dollars an hour to fly our mooney. I don't think she is buying it. That's probably accurate for the ride-along cost. More weight = more fuel! right? :-) 1 Quote
Phi2005 Posted June 9, 2014 Report Posted June 9, 2014 My partner and I use QuickBooks. Seems to work just fine. It's easy and quick. I agree with a lot of these guys on here but in the back of my mind, at the end of the year I like to see exactly where I invested my money into the plane. On top of that, I like to look back to the first year we bought the plane and total up what we spent current.....radios, brakes, oil filter modification, etc, along with the time flown and see exactly what the cost per hour really is over the years (you want to be in the right state of mind when you do this.......maybe over dinner and some drinks). Just remember, when you look at the numbers, no matter what they are, think about why you started flying in the first place and why you bought a plane. The numbers seem to melt away. Quote
AndyFromCB Posted June 9, 2014 Report Posted June 9, 2014 My partner and I use QuickBooks. Seems to work just fine. It's easy and quick. I agree with a lot of these guys on here but in the back of my mind, at the end of the year I like to see exactly where I invested my money into the plane. On top of that, I like to look back to the first year we bought the plane and total up what we spent current.....radios, brakes, oil filter modification, etc, along with the time flown and see exactly what the cost per hour really is over the years (you want to be in the right state of mind when you do this.......maybe over dinner and some drinks). Just remember, when you look at the numbers, no matter what they are, think about why you started flying in the first place and why you bought a plane. The numbers seem to melt away. Invested? Funny 1 Quote
bxg007 Posted June 9, 2014 Report Posted June 9, 2014 I don't have my mooney bravo in any type of LLC or partnership. I use an app called mint to track all of my expenses to budget. Of course in my 2 yrs of ownership I've blown my budget to pieces. Hoping for a better yr 3... If I ever moved it to an LLC, I'd likely use quickbooks. Sent from my iPhone using Tapatalk Quote
ToddDPT Posted June 9, 2014 Report Posted June 9, 2014 We have our ours held in a LLC and my controller from my company that provides me the income to afford to fly tracks everything using Quickbooks. I don't ask, nor do I want to see what it costs exactly. Quote
PTK Posted June 9, 2014 Report Posted June 9, 2014 ...I was wondering what application or app is used to track aircraft expenses... I am new to aircraft ownership... Why would you want to do a crazy thing like that? Oh, I got it...you're new to aircraft ownership!! 2 Quote
EDNR-Cruiser Posted June 9, 2014 Report Posted June 9, 2014 Excel does anything... - and yes, even though I don't care I still want to know! If I had no idea what the costs are how could I ever say that "it's worth it"!!?? :-) I track in Excel whatever comes to my mind as track-worthy... - oil consumption, fuel consumption, landing fees, repairs, maintenance, whatever... Quote
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