keeping reciepts
08-06-2008, 05:00 PM
#1
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Joined APC: Sep 2006
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keeping reciepts
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.
08-07-2008, 01:34 PM
#5
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Joined APC: Nov 2005
Position: 757 Capt
Posts: 2,418
If it's under 75$, then you don't need a receipt. Just a "record" of your expense (could be as simple as a note in your logbook)
Should keep them for 3 years from the date of filing....so ball park, you can throw any receipts earlier than 2005.
(one caveat, in the event of fraud, there is no statute of limitations for when the IRS can nail you for taxes and penalties)
http://www.irs.gov/pub/irs-pdf/p463.pdf
Should keep them for 3 years from the date of filing....so ball park, you can throw any receipts earlier than 2005.
(one caveat, in the event of fraud, there is no statute of limitations for when the IRS can nail you for taxes and penalties)
http://www.irs.gov/pub/irs-pdf/p463.pdf
08-08-2008, 11:44 AM
#7
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Joined APC: Jul 2008
Position: 747 Captain (Ret,)
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Originally Posted by jsfBoat
Thanks guys! I was trying to keep them for tax purposes any ways... I'll find a more permanent place to keep them then.
Joe
08-08-2008, 01:37 PM
#8
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Posts: 35
Originally Posted by joepilot
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
Joe
08-08-2008, 02:08 PM
#9
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Joined APC: Jul 2008
Position: 747 Captain (Ret,)
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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
08-08-2008, 03:55 PM
#10
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Joined APC: Jan 2008
Posts: 127
Originally Posted by joepilot
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.
