Tax Write-Off for Flight Training
07-21-2007, 10:43 PM
#1
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Joined APC: Jun 2006
Position: C172S, PA44
Posts: 80
Tax Write-Off for Flight Training
Does anybody know about writing off your flight training on your taxes?
I've had 2 CFIs tell me it's possible. Something about a "life improvement loan". But my tax lady says you cannot because it's a career training loan, but I'm not too sure she knows exactly either.
I've had 2 CFIs tell me it's possible. Something about a "life improvement loan". But my tax lady says you cannot because it's a career training loan, but I'm not too sure she knows exactly either.
07-21-2007, 11:17 PM
#2
Are we there yet??!!
Joined APC: Apr 2006
Posts: 2,010
My understanding is that you cannot deduct primary training but you can deduct type ratings and such because you are improving your skills in a line of work you are already qualified in. Check the IRS pubs and it tell you ...i believe it is Pub 529 but not sure.
07-23-2007, 08:50 AM
#3
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Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 39,220
Originally Posted by Thedude
My understanding is that you cannot deduct primary training but you can deduct type ratings and such because you are improving your skills in a line of work you are already qualified in. Check the IRS pubs and it tell you ...i believe it is Pub 529 but not sure.
Also once you're employed as a pilot/cfi, any pilot-related expenses such as charts, tools, type ratings, professional peridiocals, AOPA membership, currency training, CFI renewal, job-search costs etc can be deducted. I think an exception is uniforms, you can't deduct them since you buy them instead of normal work attire that any worker would need.
07-24-2007, 03:01 PM
#6
New Hire
Joined APC: Jul 2007
Posts: 9
Here's a useful link I came across while researching this topic...
http://www.irs.gov/publications/p970/index.html
http://www.irs.gov/publications/p970/index.html
08-07-2007, 02:22 PM
#7
New Hire
Joined APC: Aug 2007
Posts: 2
More a Related Question Than a Reply
I am a recently retired airline guy, after an up and down career. Can anyone tell me, or refer me to someone on this: I am going to RENEW my expired CFI and work as an instructor. Will my expenses (books,aircraft rentals, etc.) be deductible? Thanks in advance.
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