Kylie Jenner, a makeup mogul worth approximately $700 million, is an ace businesswoman. While the glamorous part of her life has always gained precedence over her other traits, one cannot ignore the fact that she was at one point the youngest self-made (debatable) billionaire in the world. Let’s not forget she bought a $73 million Bombardier Global Private Jet at only 23 years of age. Of course, her staggering $130 million annual earnings played a significant role, but it is her financial advisers that deserve a pat on the back (or a trip on her private plane).
According to financial expert Haley Sacks, who runs the popular Instagram account Mrs. Dow Jones, the private jet was a step towards taking advantage of tax deductions. One that got her a private aircraft with an entertainment room, master suite, massive closet, and pink mood lighting. She brought down her taxable income by classifying purchases as qualified business expenses. Of course, Kylie Air is employed to conduct business 30,000 feet in the air but also for vacations and attending events.
The 26-year-old regularly shares glimpses of her jet-setting lifestyle on social media platforms. The jet takes her from fashion shows in Paris and Milan to vacations with friends and family in Turks and Caicos Islands. The Tax Code 162(a) permits businesses to write off expenses if they are necessary, natural, and reasonable in the pursuit of income. All the youngest child of Kris Jenner had to do was prove she uses the jet more than 50% of the time for business purposes.
Jet-tracking accounts run by Jack Sweeney do most of the work for her team by tracking her every move, making it easy to show the jet is being used in full swing. Buying the jet was also a reasonable investment for Jenner as per IRC 179 tax code businesses can write off vehicles weighing more than 6,000 pounds. Why rely on the fleet of cars in her garage then? She once irked netizens when a Twitter user highlighted that one of Jenner’s flights lasted approximately 12 minutes, including takeoff and landing. The trip to Camarillo, California, saw the jet in the air for just three minutes, per Marca.
The socialite has been criticized on another occasion when she took her private jet on a flight that lasted just 17 minutes. The practice of taking brief journeys on luxury aircraft may be common for the ultra-rich and more so when they have to prove the asset is used more than 50% of the time for business. The icing on the cake for Kylie Jenner was that she purchased her airborne beauty in 2020, enabling her to write off a whopping 100% of the property that year, per Mrs. Dow Jones. Fortune favors the fortunate, indeed!
