Edward Kurdziel, Jr. spent well over $250,000 and thousands of hours restoring a rare World War II fighter plane, getting it airworthy, showcasing it at events and planning to turn it into his nest egg, he says.
Kurdziel, Jr. testified that the plane was “basically [his] retirement,” because he had lost his pension as a result of Northwest’s merger with Delta DAL, -1.26% That’s a key distinction because the IRS only allows deductions for businesses, not for hobbies that people pursue with no profit in mind. “I bought it sight unseen basically. ...I thought it was a great plane.” — pilot Edward Kurdziel, Jr. on his Fairey Firefly WB518/N518WB “I bought it sight unseen basically,” Kurdziel, Jr. said at one point in the case. “I thought it was a great plane.”
Don’t Miss: Beware, the IRS is looking for these red flags when it decides who to audit this tax season
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