Type rating
01-25-2017, 01:52 AM
#1
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Joined APC: Jul 2014
Posts: 168
Type rating
Trying to figure out if my type rating cost is deductible. I worked for a company with a promissory note that obligated me to pay a prorated portion of my type rating if I left before 2 years.
I left and paid what I owed. Is that amount deductible as an education or job related expense?
I left and paid what I owed. Is that amount deductible as an education or job related expense?
01-25-2017, 10:32 AM
#2
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Joined APC: Jan 2017
Posts: 3
Originally Posted by jeffmjohnson53
Trying to figure out if my type rating cost is deductible. I worked for a company with a promissory note that obligated me to pay a prorated portion of my type rating if I left before 2 years.
I left and paid what I owed. Is that amount deductible as an education or job related expense?
I left and paid what I owed. Is that amount deductible as an education or job related expense?
I'm not sure that your type rating cost is deductible, be carefull with that, it's very expensive if you leave your compagny ; You can have a lot of problems after, however It's just my opinion.
Best regards.
01-27-2017, 08:29 AM
#3
On Reserve
Joined APC: Jan 2015
Posts: 19
That's a tricky situation. I'm no tax professional, so take this advice for what it's worth. You're actually repaying a debt you voluntarily entered into with your previous employer. In order for you to claim it as a business expense, it needs to be a necessary expense for your present job. If your new job uses the same type rating, it could be argued that the only reason you had the previous job was to earn the rating for the future job (sketchy at best). Still best advice is to discuss the situation with a tax professional (that means you need to pay somebody some money). However, my gut feeling is that the expense is not tax deductible.
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01-29-2017, 07:41 AM
#4
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Joined APC: Dec 2016
Position: Working on multi add-on
Posts: 38
Originally Posted by jeffmjohnson53
Trying to figure out if my type rating cost is deductible. I worked for a company with a promissory note that obligated me to pay a prorated portion of my type rating if I left before 2 years.
I left and paid what I owed. Is that amount deductible as an education or job related expense?
I left and paid what I owed. Is that amount deductible as an education or job related expense?
03-27-2017, 10:27 AM
#5
Gets Weekends Off
Joined APC: Dec 2005
Posts: 1,408
Originally Posted by jeffmjohnson53
Trying to figure out if my type rating cost is deductible. I worked for a company with a promissory note that obligated me to pay a prorated portion of my type rating if I left before 2 years.
I left and paid what I owed. Is that amount deductible as an education or job related expense?
I left and paid what I owed. Is that amount deductible as an education or job related expense?
My guess is no, since your type rating represented a training event to meet a minimum standard. As always, it's up to you.
As for tax advice, keep two things in mind. Shop around long enough and you'll find an expert that will agree to anything you want.
Two, what is the cost/benefit to taking the deduction? Are you a roll the dice guy or does the thought of an IRS audit scare you? What kind of money are you going to save if you take the deduction verses how much will you spend if you get audited.
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