Deductions & credits
Yes there is a class for aircraft. It has a class life of five years under the general depreciation system (GDS) and a six year class life under the alternative depreciation system (ADS). See the image below. Also click the link below for rules that reference aircraft (simply search the publication for aircraft).
@DaveF1006 states that there is no official class life for a hot air balloon and is correct when indicating that a seven year class life should be used for any asset that has no specific class life. You will find that in the same tables.
[Edited: 04/13/2023 | 1:48p PST] @scott8
