Tax deduct CFII and MEI?

[outoftime]

I've been a longtime reader, but this is my first actual post.

I'm attempting to get my CFI in January. I know that I can't deduct the expenses associated with the CFI- initial. If I understand the limited info out there, however, I should be able to deduct my CFII and MEI expenses since it is to further my job as a CFI (since CFII and MEI involve the same field - not for a different profession). I have a day job that is my primary income (would this matter that I'm not CFI full time?), and make above the standard deduction - which is why I want to know if I can take a deduction on these future ratings. I hate taxes - can anyone help me out? Up to this point, I have never attempted to deduct any of my flying whatsoever.

Thanks,

Super Tax Stupid

 

[norskman2]

STS,

My understanding is that you are correct, as long as you are working and generating an income as a CFI.

However, definitely check with a tax professional on this.

Here are some places that seem to specialize in pilots and tax issues.

Edward Wetzel 800-723-7217 [email protected]

Barry Greene
Alsfeld Tax Service, INC.
P.O. Box 322
RTE 31-Wilton Falls Bldg
Wilton, NH 03086
(603)654-2874

Also, I believe AOPA has some information on this issue on the members portion of their web site.

 

[outoftime]

Thanks...I appreciate the help.

 

[bobbysamd]

CFI-I and MEI as tax deductions

You might, only might, get away with it if you are employed as a pilot and are deriving income as a pilot. Usually, add-ons to a CFI certificate are not a tax deduction. All three CFI ratings are regarded as initial training to qualify for a profession, along with your Commercial-Instrument-Single-Multi. Therefore, as such, they would not be tax-deductable.

Just the same, as suggested above, it cannot hurt to ask.

Don't forget, you have to itemize your deductions. You still might be better off just taking the standard deduction.

Pretty early to be discussing pilot tax deductions. However, while we're on the subject, such things as type ratings are fully tax-deductable for employed pilots. Also, such things as pilot magazines, uniforms, etc., unless they are supplied.

 

[Timebuilder]

Good advice.

You want a tax professional, not a tax preparer.

My tax professional is a CPA and a tax lawyer. Any problems, and I'm all set to fight off the government horde.

Get good advice, and follow it. Sometimes, this means not doing everything it is "legal" to do, as you can set off a flag by activity or deductions that, although legal, may suggest a "closer look" by our friends at the IRS.