Part 61 Flight Training Tax Deduction?
01-19-2010, 08:46 AM
#2
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Originally Posted by NoseUpAttitude
Is it possible to deduct any expenses incurred for Part 61 PPL flight training?
01-19-2010, 08:59 AM
#3
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Are you asking if you can deduct training for a PVT certificate on Federal or State income tax? I don't do state tax. The Feds let you deduct expenses incurred in business or training you do to improve your qualifications in the field you're in. But you've got to get in first. If the entry training was a write off, med school would be free.
01-19-2010, 09:04 PM
#4
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Originally Posted by NoseUpAttitude
Is it possible to deduct any expenses incurred for Part 61 PPL flight training?
01-21-2010, 06:21 AM
#5
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If you aren't obtaining a rating that is required to maintain employment in your current field, it isn't deductible. If you are just working on something else to eventually get into that field, you CANNOT deduct the expenses.
It like asking if you can deduct all your college tuition. Answer is NO.
It like asking if you can deduct all your college tuition. Answer is NO.
01-25-2010, 06:36 AM
#6
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There used to be a federal tax REBATE for expenses incurred during a career change. This was a rebate, which is much better than a deduction...ie you subtract your training costs from the amount of tax you owe, as opposed to subtracting it from your income. With flight training's high cost you could easily pay no taxes at all, which is what I did for a couple of years.
The key to this deal was that it had to be a career change, so you had to already be employed in a different field. A recent college grad who went straight to flight training would not qualify. It didn't matter if it was 61 or 141, as the rule was not specific to flight training at all. I suspect that a PPL would qualify, but only if you could show that you were continuing your training to the commercial level.
Ask a tax accountant for details.
The key to this deal was that it had to be a career change, so you had to already be employed in a different field. A recent college grad who went straight to flight training would not qualify. It didn't matter if it was 61 or 141, as the rule was not specific to flight training at all. I suspect that a PPL would qualify, but only if you could show that you were continuing your training to the commercial level.
Ask a tax accountant for details.
01-26-2010, 08:13 AM
#7
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Originally Posted by bryris
It like asking if you can deduct all your college tuition. Answer is NO.
Actually, you can deduct some college tuition and fees. I guess if it was part of a college course, you can do it that way. But I think the limit is $2500.
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