How to enter Aircraft Operating Expenses

[MickH]

Hello,

I have started a sole member LLC to provide services to Light Sport Aviation, Ultralight and Hang Gliding.

I used my Light Sport plane to tow hang gliders for compensation.  I will receive 1099's for the payment received for towing services which I have entered in business income, but where should I enter the operating costs for my aircraft such as fuel, spare parts, maintenance and special tools etc..

This year (2020) I plan to use another Light Sport Aircraft to provide flight instruction and presume the operating costs should entered the same as for towing operations.  

Thanks & regards

Mick

[tagteam]

Refer to the first screenshot and simply select the expense category for fuel, parts, maintenance, and the like. If a particular expense does not quite fit, enter it under Other Miscellaneous Expenses.

For assets, refer to the second screenshot and enter those in that section. You should have the opportunity to select regular depreciation, bonus depreciation, and possibly Section 179 expensing.

[MickH · Accepted solution]

Thank you for your feedback and help.

I was wondering if there were specific expense categories for aviation related expenses?   Since there are no categories in the TurboTax business expense to cover my common expenses (fuel, aircraft parts, aircraft repairs, maintenance, purchasing special tools, inspections etc.) it seems that almost all my business expenses will have to be entered under Repairs and Maintenance Expense or Other Miscellaneous Expenses. However, the information in the TurboTax Examples suggest that the Repairs and Maintenance Expense is related to buildings and facilities while Other Miscellaneous Expenses seems to cover answering services, bank charges, business-related gifts, though in reality it’s probably a catch all category. I am just very concerned about the possibility of making incorrect or inaccurate entries, which would be the case if for example Repairs and Maintenance Expense is as per the example only related to buildings.

Thanks again for your help.

Mick

[tagteam · Accepted solution]

---

@MickH wrote:

I was wondering if there were specific expense categories for aviation related expenses? 

---

There are not, actually, and they do not exist on Schedule C of Form 1040 either. You are probably better off listing those expenses in the miscellaneous category since you can provide an exact description.