keeping reciepts
08-08-2008 | 06:10 PM
#11
Line Holder
Joined: Jul 2008
Posts: 810
Likes: 0
From: 747 Captain (Ret,)
Hi Big.
Yes a dispatcher is employed in the field, but the training qualifies you for a new trade or profession, pilot, therefore trianing for a private or commercial license would not be deductible. A CFI who is already flying for pay, (even if it is not his primary job), could deduct the costs of an ATP, or a type rating course on a B-737.
Joe
Yes a dispatcher is employed in the field, but the training qualifies you for a new trade or profession, pilot, therefore trianing for a private or commercial license would not be deductible. A CFI who is already flying for pay, (even if it is not his primary job), could deduct the costs of an ATP, or a type rating course on a B-737.
Joe
08-08-2008 | 07:58 PM
#12
Line Holder
Joined: Feb 2008
Posts: 35
Likes: 0
From: Window Seat
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.
Joe
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.
Joe
08-17-2008 | 04:21 PM
#13
Thread Starter
Gets Weekends Off
Joined: Sep 2006
Posts: 1,317
Likes: 0
From: Lovin' life at .4 (ish) mach
So I'll scrap them until I start getting a paycheck... either flying jumpers, or being a CFI...then when I get my CFII and Multi and MEI then I could deduct those? Since I was in a College program, the tax agent said that my mom could have it deducted from her taxes... Thanks anyways...-JSF
