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I have kept all of my reciepts from my first flight as a student pilot through my Commercial/Instrument ride. Is it necessary to keep these? Looking to lighten the paperwork in my apartment.
Thanks guys! I was trying to keep them for tax purposes any ways... I'll find a more permanent place to keep them then.
I'm a little confused on this. You said that you kept the receipts from your private training, but I don't believe that this would ever be tax deductible. To be deductible the education has to be to better your performance or job prospects in your current field of employment. If you were already employed as a professional pilot and were seeking extra ratings, then yes, this would be deductible. Interestingly, the IRS has ruled that a grade school teacher who decides to take flying lessons to become a CFI can deduct the lessons because that is staying in the same profession, teaching.
Joe
I'm a little confused on this. You said that you kept the receipts from your private training, but I don't believe that this would ever be tax deductible. To be deductible the education has to be to better your performance or job prospects in your current field of employment. If you were already employed as a professional pilot and were seeking extra ratings, then yes, this would be deductible. Interestingly, the IRS has ruled that a grade school teacher who decides to take flying lessons to become a CFI can deduct the lessons because that is staying in the same profession, teaching.
Joe
When I went to do my taxes they asked me if I was training for fun, I said I was enrolled in a professional program (which I really am) so they said it was ok for me to deduct flight training for that reason... If you're just working on your private and not planning on making it a career then as far as I know, it's not deductible.
I have no doubt that your tax preparer told you that the training expenses are deductible, but he was wrong.
Go to www.irs.gov, and get Pub. #970, Tax Benefits for Education. Look at pages 59-63. This clearly states that unless you are already employed in the field, and it improves your qualifications without qualifying you for a new trade or business, that you may not deduct the educational expenses. If you are not audited, great. But just because you may manage to get away with it does not mean that others will not get caught.
Go to www.irs.gov, and get Pub. #970 .... This clearly states that unless you are already employed in the field, and it improves your qualifications without qualifying you for a new trade or business, that you may not deduct the educational expenses.
Ok, so if one is a dispatcher, does that count as being "already employed in the field"?
keeping reciepts
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