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
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