Taxes + Flight training
- Thread starter ilove747s
- Start date
bdhill1979
Gone West
Or if it is required for your degree
ComplexHiAv8r
Well-Known Member
You can NOT write off commerical training. You can only write off training that enhances your current position (license). You can not write off when it positions you for a new career.
That opens up IFR, and ME, as well as CFII and MEII.
Networking trips also can be written off (e.g. NJC!)
Seggy
Well-Known Member
That is what I said.
You can right off commercial training. If you are a CSEL, you can write off your CMEL, your CFI, CFII, and MEI.
ComplexHiAv8r
Well-Known Member
IFR can be written off. It is enhancing your current license (PPL).
Minnesota_Flyer
New Member
There are two ways flight training might be deductible (which some of the previous posters seem to be confusing):
(1) If you are a student of an accredited college/university seeking a degree, your flight training might qualify for deduction/credit if it is a requirement of your degree program.
(2) The other way is if your training is intended to improve a skill needed in your current occupation. If you are a CSEL, and working as a commercial pilot, then the cost of getting your CMEL likely would be deductible. Similarly, if you are a working CFI and then get your MEI or CFII, that training also likely could be deductible. Education/training for a new job generally would not be deductible unless part of a degree program (see (1)).
As always, consult your own tax adviser; your mileage may vary.
(1) If you are a student of an accredited college/university seeking a degree, your flight training might qualify for deduction/credit if it is a requirement of your degree program.
(2) The other way is if your training is intended to improve a skill needed in your current occupation. If you are a CSEL, and working as a commercial pilot, then the cost of getting your CMEL likely would be deductible. Similarly, if you are a working CFI and then get your MEI or CFII, that training also likely could be deductible. Education/training for a new job generally would not be deductible unless part of a degree program (see (1)).
As always, consult your own tax adviser; your mileage may vary.
Seggy
Well-Known Member
Exactly, I have a good accountant who has done my taxes for the past two year. Well worth the $85.00 to have him do my taxes.
ComplexHiAv8r
Well-Known Member
I agree on getting professional help in these matters. You dont need the IRS asking questions years down the road because you "thought" you could deduct something.