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tax deductible?

crazynut52

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I've searched around and can't find much information on this. I am currently working on my commercial pilot's license and will be getting my CFI. Is any of my training tax deductible? It is education and education is tax deductible...
 
C

ChperpltII

You can use the education deductions (hope scholarship/lifetime learning) if you itemize and meet all the requirements of those deductions.

You cannot simply deduct the training cost of the CFI. You can only deduct ratings if your current employer requires you to get them at your expense. In other words, if you were already employed as a CFI and your employer told you to get your CFII or be terminated. You could then deduct the cost of the CFII as it is now required by your employer, if you itemize your deductions that is.

As always, check with a tax professional before getting yourself in trouble.
 

TransMach

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Taxes

What Chprplt said is correct particularly the part about consulting a tax professional before getting yourself in a jam. If you get a rating or operating privilege in order to get a job, it is NOT deductible. I.e. there is a fellow on the corporate board who was talking about going out and getting a GIV type rating to help him get a job. He can do that, althought I won't help much in getting a job and it is NOT deductible.

TransMach
 

crazynut52

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Jul 26, 2005
Posts
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I guess this is the part I don't understand. Obviously people go to college to make themselves more competitive in the job market, and college expenses are completely tax deductible, but taking flight lessons and getting a multi engine, and commercial license which would make me more competitive in a certain job market does not qualify for tax deductions. Why is flight training any less important of an education that college courses to the IRS? And secondly, why are tax deduction's available for people who already have a job who are now training for more ratings, but the deductions are not available for those of us who are starting out and trying to become competitive enough to get into the job market. Just doesnt sound logical to me.
 

TransMach

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Taxes

What makes you think that the expenses of going to college are deductible from one's personal federal (and possibly state) income tax? I couldn't deduct any of mine.

You can open a college savings account and not pay income tax on interest earned by that account, until sometime in the future, I believe. But, the expense of a college education is not deductible. Not deductible that is, unless it is a course of study required to maintain qualification for current employment, required by your employer and not paid for by said employer.

Again, check with your tax professional.

TransMach
 
C

ChperpltII

College expense is not tax deductible. The federal governement has allowed certain tax credits for college expense, but at most it's $1000.00 per student per year.

You can also deduct student loan interest if you itemize.

I've got over $100K in student loans for 2 degrees and my ratings. I wish I could deduct the entire amount.
 
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