Training and Taxes

[GAcfi]

Do you guys count your flight training as deductions on your taxes? For example, I did my training at a Flight School at the local airport. It was not through a college or academy. Could one count this as education expenses? Lifetime learning credit? How about your medicals? The example situation is regarding flying on the side to build experence and one day fly for a living, however currently one holds a full-time job that is not involved with flying. Any tips or websites you could recommend that cover this subject.
Thanks.

 

[FlyJordan]

You can only deduct it after you get your commercial and start bringing income in from flying, then you can deduct the involved expenses. Until you get some income from flying you cannot take any deductions, I already tried, sorry dude.

Jordan

 

[User546]

What kind of expenses can you deduct once you have your commercial?

 

[mayday1]

nope, you can't deduct the cost of flight training... just like a med student can't deduct the cost of medical school. you might be able to deduct interest on student loans.. that will depend on various factors.. talk to an accountant.

 

[FlyJordan]

Once you have your commercial, you can deduct expenses that are incurred to keep you current (If you fly much you don’t have that problem), and I think you can deduct charts and stuff like that because they are a cost of doing business, or in this case making money. If you are a free lance commercial pilot its better because you fall under the self employed category. Then you can deduct stuff like your miles to and from and airport, hotel rooms, headsets, you name it. As long as it’s a ligit expense the IRS does not care, the deductions are there, you just have to take them. Before you go taking every deduction you can think of, you need to talk to a tax preparer, they might think of more deductions and also answer any questions that seem risky. That’s what they get paid for.