[Porsche-O-Phile]

Another thing to consider (if you have the money) is that you can deduct the depreciation of an asset used for a business. A lawyer friend of mine handled acquisition of a Lear 35 for one of his clients recently - after the depreciation adjustments their annual costs are the crew salaries, mechanical upkeep and operating (fuel, tiedown, etc.) costs. That's it.

But perhaps more applicable to your situation - the above advice sounds very good. Consider putting your plane on leaseback with a local flight school. I know a few guys that do this and although they don't make a lot of money off it, it usually is enough to cover the cost of the plane, the required inspections and give them an occasional couple hours of free flight time. The downside is you have students "learning" (translation: beating on) your airplane.