PatriciaV
Expert Alumni

Deductions & credits

The hangar itself is Rental Property for Schedule E. The land rent is a rental expense. Property taxes on business assets would be a business expense (this is not ad valorem, which the landowner should be paying).

 

If you dedicate a portion of the hangar for your personal use, report the property as an "owner-occupied" rental. This allows you to enter 100% of the shared expenses and have TurboTax allocate them to the rental portion. 

 

No vacation / personal days would apply in this case unless you had to store your aircraft in the rental portion of the property for some period of time.

 

@sightseer 

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