Training Contracts - Tax Deductable?

[rightrudder]

Not to open up a discussion on the legality of training contacts here, but thinking that pehaps any payments made on a training contract would be tax deductable.

It seems to be logical, since signing the contract is a condition of employment.

Anyone know if this is true? I haven't asked a tax pro about it at this time.

 

[bobbysamd]

Training Contracts

I did my taxes myself for years and I have a B.S.B.A. in Accounting, but I am not a C.P.A. or a tax professional. Having gotten that out of the way and thinking about it carefully, I'd say, yes.

Initial training to qualify for a profession is not tax deductable. Training to continue in an existing profession would be deductable. A training contract certainly falls under that heading. I'd say, yes, you can deduct payments on a training contract.

Hope that helps a little.