keeping reciepts - Page 2 - Airline Pilot Central Forums

#11

joepilot , 08-08-2008 06:10 PM

Gets Weekends Off

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

#12

ny311 , 08-08-2008 07:58 PM

Line Holder

Quote:

Originally Posted by joepilot

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

It's alright... "I got people" hehe get it

#13

jsfBoat , 08-17-2008 04:21 PM

Gets Weekends Off

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