Steve VarsanoFounder at The Jet Business

Private jet expert destroys noob.

Name: Private jet expert destroys noob.
Uploaded: 2023-12-28T21:00:22+00:00
Duration: 47 s
Channel: Steve Varsano
Description: Steve Varsano, a private-jet tax specialist, explains why Kylie Jenner's $72.8 million jet purchase wasn't primarily a tax dodge. Any business can deduct…

28 Dec 2023 · 1 min

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0:47

Steve Varsano, a private-jet tax specialist, explains why Kylie Jenner's $72.8 million jet purchase wasn't primarily a tax dodge. Any business can deduct capital expenditures if the asset is used at least 50% for business purposes, and Section 179 allows a 100% write-off for qualifying vehicles over 6,000 lb purchased in 2020. The same rules apply to trucks and other heavy assets.

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Kylie bought a $72.8 million jet to avoid taxes.
Nobody buys a jet just to avoid taxes. That's the stupidest thing I've ever heard.
So Kylie earns a reported $130 million per year, but because she's a deduction queen, she's not paying taxes on all that money. She writes off purchases as qualified business expenses, which brings down her taxable income.
Anybody in business does the same thing.
Because of this tax code, she just had to prove that she used the plane 50% or more of the time for business purposes for it to be—
The exact tax code has to do with any capital expenditure for a corporation. So it's not about jets.
The Kardashians on the plane, and I'm sure hold meetings in the air for Kylie Cosmetics. And there's also this tax code which says that businesses can write off vehicles that weigh over 6,000 pounds.
So it's for trucks, it's for airplanes, it could be for any, any form of transportation.
How big of a write-off did Kylie actually get? 100%. That's because she bought it in 2020 and was able to take it