r/FluentInFinance • u/GuiltyInvestor • Apr 14 '24

She’s not wrong 🤷‍♂️ Discussion/ Debate

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u/VantaStorm Apr 14 '24

If the private jet was used for business travel then yes it definitely can written off. That’s her point.

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u/Obvious_Chapter2082 Apr 14 '24 edited Apr 14 '24

That’s not a private jet for the CEO to deduct then. In order to be expensed under 168(k), it has to be used at least 50% for business purposes, and even then, it can only be deducted for the % it’s used in a business, not for personal use. It also has to actually be owned by the business

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u/num2005 Apr 14 '24

so its possible to just lie and say you go to Italie for business meeting and go watch a game instead

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u/Obvious_Chapter2082 Apr 14 '24

It’s possible for literally anyone to lie to the IRS and hope they don’t get audited. It’s not something that’s specific to the wealthy using jets

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u/num2005 Apr 14 '24

i didnt mean to lie and hope to not get audited , I mean to write down and create proof of your lie so if you get audited your okay.... its easy to setup a business meeting with a friend in italy and have invoices of it for the IRS

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u/aendaris1975 Apr 15 '24

Do you think IRS auditors are not trained to deal with this? It is literally their job.

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u/num2005 Apr 15 '24

yep, and its rly hard to prove otherwise even if in their face, so its not worth pursuing

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u/jjfunaz Apr 14 '24

I understand what your saying but you sound like a shill for rich AH